The Ecommerce economy is expected to continue its rapid growth for the years to come. Just look at the statistics, from 2010 to 2013, total retail Ecommerce sales (in US alone) increased from $167 billion to $263 billion. In 2014, that number shot up to $304 billion. For a better perspective, the total estimated retail sales (in US alone) is around $3.2 trillion in 2014. That makes Ecommerce 9.5% of total retail sales (in US). And that share is expected to grow much more in the years to come.
Analysts had predicted that in 2016, 2017 and 2018, total retail ecommerce sales will be some where around $393 bilion, $440 billion and $491 billion respectively. That will be more than 41 percent growth year-on-year towards the end of year 2018.
With the Ecommerce economy set for significant growth in the upcoming years, it is important to make sure that we approach it the right way, so as to ensure success for our Ecommerce store.
1. Implement a Loyalty Program
Incentivizing customers works. Whether the offer is a promotion or discount, providing a little extra for your customers can help increase word-of-mouth referrals, and build a more positive brand affinity.
2. Reach out to Customers in their Native Languages
This is important especially when you are selling globally. If you are not selling globally now, you should seriously think about it now. Think about the number of markets and customers you can reach by selling globally.
Reaching out to customers in their own native languages provide the additional familiarity and comfort, which warm them up to your brand. For most ecommerce platforms, it comes with translation settings so that you do not exclude people who doesn’t understand your language.
3. A/B Test your Ecommerce Checkout Process
Always test to make sure it takes the least number of steps for customers to get what they want. The longer or complicated the steps are, chances are they will drop out even before they complete the process. You do not want this to happen, do you?
4. Optimize for Mobile
According to Goldman Sachs, Tablets and mobile devices will play an increasingly important role as worldwide consumer spending via mobile jumps from $204 billion in 2014 to $626 billion in 2018. According to them, it is estimated that 535 million consumers across the globe will be making a purchase via mobile this year alone.
If so many users are buying via their mobile devices, are you missing out all these potential transactions but not having a website that loads well on mobile devices?
Consider implementing a responsive web interface so that your ecommerce website loads beautifully for devices like tablets and smartphones.
5. Make How-To Videos to showcase your products
Original content like product videos is another way to connect with your customers. Video gives a visual illustration on how your product looks or feels like if they owns the product.
On top of this, Video content are highly favorable in search engines. It helps customers find you in the big world of internet.
6. Upsell Your Products
Customers like your product and bought it. So what’s next? Are you showing them that accessory that best compliment that dress? Or maybe that skirt that goes perfectly with that top? Are your customers missing out what you have in your store?
Show your customers with relevant products while they shop online. Do this in moderation without being too hard-sell.
7. Launch Stores on Multiple Platforms
These days, you can sell your items on various platforms (Facebook, Ebay, Amazon, Etsy, Carousell, Lazada, Qoo10 and more). All these have new markets or customer groups that brings new revenue streams to your business. Expand your reach beyond and connect with these new marketplaces.
8. Email Newsletter & Social Media
Engagement with your Customers or Potential Customers is crucial to any online business. Humans loves interaction. For Ecommerce, you do not have a physical person that can interact with the customer.
There are many ways to engage customers on your online storefront. Newsletters, Facebook, Twitter and more. Send them out regularly to remind them on the latest activities and products. Get them involved as much as possible
Wishlist are often forgotten when something new or distraction comes along. However, wishlists shows you the items that your customers are thinking of buying but not yet.
Have an item on sale that’s been put into wishlists? Will it be sold out soon? Send out an email and let your customers know. This may just be the trigger needed for them to make that purchase.
10. Invest in Onsite SEO
As the Ecommerce economy experience rapid growth, more businesses will be entering this increasing crowded space. This means it will be ever more important to stay on top of SEO in order to stay ahead of competition.
Bonus 11. Customer Feedback
It is critical that you collect customer information, feedbacks and reviews along the way. These information will help you evolve and grow as a company to better meet customer demand. Remember, Customers are the main reason why you stay in business!
This post has given you a list of good tactics to generate more online business. Let us know in the comments which of these tactics worked out well for you.
Tecso Solutions (SG) Pte Ltd