The future of eCommerce looks bright: It’s estimated that over 15% of all retail sales on a global level will be eCommerce by 2021.
eCommerce is growing rapidly and there is no sign that this trend is going to stop any time soon. Which is why now is the best time to own an eCommerce business. However, setting yourself apart from the competition can be really challenging. If you want to make your business successful, earn some real cash, and maybe even put your eCommerce website for sale, you’ll need to have a solid strategy in place.
In this article, we’re discussing 7 ways that will help you grow your eCommerce business in 2020.
#1 Optimize for mCommerce
According to RescueTime, people spend an average of 3 hours and 15 minutes a day on their smartphones. But despite this fact, many eCommerce websites don’t work well on mobile devices, which is the main reason for conversion rates on mobile. So, if you consider yourself to be a serious eCommerce retailer, you need to have a responsive website.
But while having a responsive site is a good start, mCommerce optimization requires taking your site’s mobile UX to another level. From testing your mobile checkout to using mobile payment processing, mCommerce is a process that will definitely pay off in the future.
#2 Check Your Site’s Speed
Today, consumers’ attention span is very short, whereas their expectations for superb customer service are higher than ever. Studies have shown that about 40% of visitors will leave your website if it takes too long to load (on average, if your website needs more than 3-4 seconds to load, people will get annoyed and go to your competition). Luckily, there are ways to increase your site’s speed and potentially boost conversions. Here are a few ideas:
- Optimize your images
- Use a content distribution network
- Consider faster hosting options
- Use caching and in-memory technology
- Compress data
- Optimize platform configuration
- Monitor site speed.
#3 Post-Purchase Automation
Marketing automation tools allow you to nurture and upsell to customers based on their behavior and actions.
Post-purchase automation tools can be used for a plethora of purposes. For instance, you can use them to send abandoned cart coupons.
Surveys have shown that over 75% of customers abandon their shopping carts before completing a purchase. The good news is that not all of these sales are lost forever. One of the most effective ways to save them is by sending abandoned cart emails. Why? Because nearly 50% of abandoned cart emails get opened and more than 30% of them lead to purchases.
Luckily, this can be done easily with the use of automation software which is readily available on major eCommerce platforms like Shopify and Magento or Elementor if you’re interested in a WordPress-online store. If you decide to take advantage of triggered cart abandonment emails, be quick because 90% of these leads will go cold about an hour after the cart is abandoned.
#4 Work on Attracting New Customers
Attracting new customers and converting leads is important for every eCommerce business. To achieve this goal, you can choose from various marketing techniques and strategies like email marketing, content marketing, social media marketing, etc.
Most marketing experts agree that email outreach campaigns are the best option. However, when you have hundreds of cold emails to craft and send, things can get a bit challenging.
To help yourself out, you can use an outreach automation tool that will not only provide pre-designed email templates, auto follow-ups, tracking, etc. but also streamline cooperation, manage reports, and provide an overview of the response rate. In addition, it will improve your website traffic, online reach, and sales and make sure that users are willing to open and respond to your emails.
When it comes to content marketing, experts say that people who discover your e-store through organic search are 8 times more likely to make a purchase than people who find you via paid ads. The best way to boost your SERP rankings and make your site more visible is by producing long-form, high-quality content.
According to experts, content pieces between 3,000 and 8,000 are most efficient for boosting traffic, increasing social engagement, revenue, and email subscribers. Customers want to read word guides created around a specific product category and containing lots of visuals. The beauty of written content is that it is a one-time investment that will keep bringing you traffic in the long run.
Finally, don’t forget about SEO (yes, SEO is still alive and kicking in 2020). In general, websites that rank higher in SERP see much more traffic from search engine searches. That’s why search engine optimization plays a vital role in digital marketing. The best way to attract organic traffic and boost sales is by producing long-form content that is optimized for relevant keywords.
#5 Boost Customer Loyalty
One of the most efficient ways to build customer loyalty is by automating your seasonal, birthday, and anniversary discount coupons. Use an automation tool that will send customers personalized messages on their birthdays and after making a purchase from your e-store.
According to a study by Alliance Data, 40% of customers are more likely to buy products from businesses that acknowledge their birthday.
Another study conducted by Experian CheetahMail found that open rates for personalized birthday emails were more than 3x higher (over 55%) than mass-promotion mails (a little over 16%). Open rates for anniversary campaigns were also 3x as high.
#6 Affiliate Marketing
Implementing an affiliate program is one of the most efficient ways to attract traffic to your website. Affiliate marketing takes advantage of content produced on third-party sites by paying a commission for every referral that results in a sale from your eCommerce site. If you want an example of an affiliate marketing site, just take a look at Blow My Budget. Alternatively you could sign up to Amazon’s affiliate program. It’s one of the oldest affiliate marketing programs and has played a huge part in Amazon’s growth and success.
Even though many e-store owners might think that affiliate marketing is difficult or expensive, it is not so. Major eCommerce platforms like Magento and Shopify make it very easy for you to get started.
The best part about affiliate programs is that you only have to pay your affiliate after a sale is made. In other words, there are no upfront costs you need to stress about. Just think about how much your website’s reach might increase if you have a network of people talking about your products and referring others to your eCommerce store to make a purchase.
If you decide to give affiliate marketing a try, make sure to offer a generous commission in order to incentivize affiliates to become a part of your program and genuinely help you boost your sales. In most cases, about 80% of affiliates will promote the highest-paying products and affiliate programs in a given niche. Another strategy to attract (and keep) affiliates is by running affiliate contests. Many companies give away free holidays, iPhones, and other gifts to keep their affiliates loyal.
#7 Consider Expanding into New Markets
If your e-store continues growing and generating revenue, you’ll need to consider expanding your business into new markets.
In order to figure out which markets would be worth giving a shot, think whether your products could be appealing to people in non-English speaking markets. Conduct thorough research of competitor companies that are already operating in those markets. If you still believe your products are a good fit, consider translating your website.
Research has shown that about 75% of consumers are more likely to make a purchase if the product description is in their own language.
It’s worth noting that while most major eCommerce platforms offer dedicated translation add ons and plugins, hiring a specialized translation service is always a better option. Tools like TextMaster and Gengo specialize in eCommerce website translations. They have thousands of translators working worldwide and offer fast turn around times.
If you do decide to target a foreign market, don’t forget about search engine optimization strategies, like geo-targeting URLs, that will help you attract organic traffic. In addition, make sure that your payment processor accepts payments from the country’s main currencies.
To make sure that your eCommerce business is constantly growing, you need to figure out what your customers want and expect. Experiment with different approaches and tools in order to improve the overall UX and the way you operate.