In today’s highly competitive e-commerce landscape that counts not less than 24 million e-commerce sites across the world, increasing sales is a top priority for businesses looking to survive and thrive. While there is no one-size-fits-all solution, several marketing strategies can help e-commerce ventures attract and retain customers while driving revenue growth.
One thing to remember about e-commerce is that not even one million of e-commerce sites achieve more than $1,000/year and that only a few can expand to full-size standalone business. In short, there is room for growth. That being said, growth in a competitive environment is not easily achieved. In fact, the main enemy to growth for e-commerce sites is customers’ tech savviness. People are quick to research the best option, compare products and prices, and consider the most trustworthy brand before committing to purchase. In other words, small businesses don’t stand a fair chance in the e-commerce market. That’s precisely why you need a good marketing strategy to get noticed and grow.
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Know your audience
Understanding your target audience is fundamental to success. Market research plays a vital role in identifying the right audience, their needs, preferences, and shopping habits. So, it pays off to conduct thorough market research to know who your audience is.
This will help tailor your products, marketing messages, and overall strategy to meet the specific demands of your target customers. Additionally, your market research will ensure your efforts are focused and impactful, leading to increased conversions and customer satisfaction.
Have a pricing strategy
Pricing is a critical element in e-commerce sales. Indeed, customers are willing to spend time comparing their options online, which means that your price strategy will be part of the decisive factors.
One important thing to remember when it comes to prices: Cheap is not necessarily better. Indeed, for many customers, inexpensive bargains tend to translate to ineffective garbage. Low prices mean low quality, so while you want to keep your pricing strategy competitive, you need to be careful not to be too aggressive in setting up your cost-saving prices.
Ideally, it is important to strike a balance between competitiveness, profitability, and quality status. Pricing products too low may raise suspicions about quality, but also affects your product margin. Yet, pricing them too high can deter potential customers. So, it can be helpful to use smart tools such as this Amazon repricer which helps compare competitors prices and set up quality discounts that makes you offer competitive and still recognizable as a quality product.
Implement a smart remarketing strategy
Remarketing or retargeting, involves reaching out to potential customers who have previously interacted with your brand but did not make a purchase. Nowadays, with customer data and data tracking, you can twig your remarketing strategy to reach customers who have not purchased in a long time, web visitors who have checked specific product offerings, almost customers who placed products in their baskets but didn’t convert, etc.
Remarketing strategies can be sophisticated, including email marketing, personalized offers, and targeted digital advertisements to re-engage these prospects and encourage them to purchase. Remarketing can significantly improve conversion rates and customer lifetime value, as it capitalizes on existing interest and nudges customers toward completing their purchase journey.
Harness the power of social media influencers
Social media platforms have become powerful tools for e-commerce businesses to connect with their target audience. Developing a smart social media approach involves creating engaging content, fostering meaningful interactions, and utilizing paid advertising to expand your reach.
Additionally, businesses of all sizes can benefit from partnerships with influencers. Indeed, social media influencers whose values align with your brand and who target a similar audience to yours can help amplify your online reach. Contrary to common belief, working with influencers doesn’t have to cost you an arm. Partnerships with micro influencers, who are hyper local influencers with a small follower base of a few 1,000s users, can prove highly successful and high value for money. Influencers enable you to leverage user-generated content and endorsements to build trust and credibility, which enhances your e-commerce revenues.
Cultivate an authentic brand image
In a crowded marketplace, it is essential to establish a unique and authentic brand identity that resonates with your target audience. Therefore, as an e-commerce market, you want to clearly define your brand’s core values, mission, and vision, so you can consistently communicate these across all touchpoints.
It can be helpful to develop a strong emotional connection with your customers, focusing on sharing your truths and business culture, so you can differentiate your e-commerce brand and encourage repeat purchases and referrals.
In the ever-evolving e-commerce landscape, increasing sales requires a holistic approach that encompasses understanding your audience, their expectations, their value system, and leveraging strategies techniques to drive purchases.