Are you trying to boost sales for your eCommerce store to compete in a highly competitive marketplace? By using the right strategies, you can elevate your store to another level, making it stand out and attract more customers. NASDAQ estimates that by 2040, eCommerce stores will facilitate 95% of shopping.
Therefore, the competition to fight for each sale will increase. You need to be up-to-date on the latest and best strategies to grow sales. The stakes for high-volume stores are huge because small adjustments can increase profits significantly.
Target Your Existing Customers
Increase profits by 25-95% by increasing customer retention by just 5%. That is an obtainable percentage increase for any business, so how can you achieve that? Here are 3 methods for selling to existing customers:
1) Send regular emails: During the checkout process, customers are required to provide their email address. Use this asset to market your products repeatedly. It costs nothing to send thousands of emails to a buyer’s list. In contrast, marketing channels such as pay-per-click advertising can be expensive and hurt your pockets.
2) Memberships: Offer a membership program that provides regular customers with rewards for shopping in your store. For example, you could offer cash back, free samples, and unique discounts. The membership should be free of charge to increase the rate of sign-ups.
3) Suggest products: Highlight related products to your buyers and they may purchase more than planned. Amazon is an example of product suggestions done right. High volume websites have enough data to figure out what related products customers want. Offer the product suggestions at various stages of the customer journey. They include the checkout page, thank you email and personalized emails.
Existing customers can be the backbone of an eCommerce store in the long-term. Focus on improving the customer experience and you’ll establish a foothold in competitive industries. The stakes for increasing repeat customers are higher for high-volume eCommerce stores. That’s because they help reduce marketing costs that hurt the budget.
Invest In An eCommerce Platform
eCommerce platforms allow you to improve sales dramatically and scale operations. High-traffic websites need an enterprise eCommerce platform to deal with huge transaction numbers. Here is an overview of how they can help:
* Website enhancements: Improve the functionality of your website to give it a professional feel. Customers expect a certain level of performance from modern eCommerce websites. With eCommerce platforms you can add metadata, landing pages, site search, multiple stores and various languages. Giving customers the tools to explore your products improves the shopping experience.
* eCommerce features: The platform you choose allows you to add eCommerce specific features. These include product alerts, product recommendations, tiered pricing, product bundles and much more. The eCommerce platform gives you the tools needed to scale and improve your virtual store.
* Customer management: Don’t underestimate the value of customer management and how it impacts sales. Customers can forgive problems if they can get help quickly and conveniently. eCommerce platforms help track orders and customer history. Therefore, customer service staff can provide actionable assistance quicker.
There are a lot of great eCommerce platforms to choose from. Do your research to come up with a list of the best options for your business. Pay close attention to the features and choose a platform that provides the ones to help your business grow.
Invest In New Marketing Channels
Marketing channels can be very competitive, which means your profit margins will go down dramatically. Are you tired of your eCommerce website not hitting the top page of Google for relevant keywords or are you paying too much for PPC ads? The solution is to find new marketing channels that are not fully appreciated by your competition.
Cold email is a viable marketing strategy that can increase sales by bringing in new customers. You may think that cold email is spam, but that’s not the case when executed correctly.
Before sending them out you need to gather the recipient’s full name, other relevant personal information, the reason for contacting them and personalized content. Avoid clickbait in the subject line or making your email sound too much like a sales pitch. Instead, use a soft tone that’s not aggressive to avoid the cold email coming across as spam.
Referral and affiliate programs are another way of generating sales. It’s a great choice for businesses with good profit margins and can afford to give up a small portion. These strategies are advantageous because they require no effort on your part. The affiliates do the work of driving traffic to your product pages.
Chatbots Are Scalable
High-volume websites require a scalable approach. Chatbots are essential to engage customers and help with buying decisions. Effective chat bots allow you to reduce your customer service department's size while not sacrificing the quality of help.
You may have noticed that chatbots on eCommerce websites in the bottom right-hand corner. Research competitor websites for implementation ideas. Chatbots can increase sales by helping customers find the right products and answer questions to overcome hesitations. Provide an option to escalate the query by bringing in a live agent.
The myriad of ways that you can increase sales can be overwhelming. Start with one strategy and see the implementation through to the end before moving on to the next. Utilize in-depth analytics to monitor the success and failure of new strategies. It’s vital to figure out how you are acquiring new sales to do more of the same.