With the mass adoption of the internet over the past two decades, eCommerce has revolutionized the way customers buy and businesses sell.
People can now buy almost anything online with just a few taps, 24 hours a day, 7 days a week.
Consumers have never had so much purchasing power, which is why ecommerce marketing is so important. Today more than ever, e-commerce companies have to implement diverse marketing solutions and tactics on all digital channels in order to gain new leads and retain existing customers.
To stand out from the increasingly fierce online competition, here are five well-founded ecommerce marketing strategies that can really drive your sales up.
1. Use multiple channels
Using the right marketing strategy for your brand on the most effective channels is key to the success of any ecommerce business. All marketing efforts should be clearly and concisely targeted to your preferred demographic and convey your goal. But your marketing budget should also be used strategically for the best return on investment. For this reason, you should always have various online marketing channels such as image and sound material at your disposal in order to achieve the greatest possible reach.
Research has shown, for example, that implementing upselling and cross-selling can add 10 percent to average sales for most companies. While an estimated 16% of all new ecommerce buyers find businesses through organic online searches, effective SEO is also vital.
Content marketing with a blog is another effective way to retain your customers. Remember that by leveraging different marketing channels, you can meet potential customers at relevant touchpoints for maximum brand visibility.
2. Analyze the competition
While competition is always good for business, you should always keep an eye on your competitors. Just like in boxing, racing, soccer, or any other professional sport, studying competition to learn all about them in order to be at the top is crucial.
Profiling your competitors is particularly important in e-commerce as it enables you to understand their processes and marketing strategies. You will also find out where your company stands in the competitive landscape of the current market.
Before you can start gathering information, you need to identify your main competitors. Once identified, you can analyze your competitors and analyze their skills and health by conducting thorough surveys of your main competitors.
Determine their strengths and weaknesses, identify threats or opportunities, and evaluate products or services. A thorough competitive analysis helps to attract new customers by identifying and closing market gaps. And since the market is constantly evolving, the competitive analysis should never end.
3. Brand awareness
Brand awareness is a variable measure of how well your identity stands out from the competition through your target market. Empirical analyzes of seven European countries showed a significantly positive correlation between brand awareness and eCommerce sales.
They concluded that companies should implement strategies to increase their brand credibility and awareness. In order to generate demand, companies must send clear messages about their brand identity and corporate goals without compromise.
It takes an average of 5 to 7 impressions for consumers to remember a brand. And with the adoption of e-commerce accelerating, it’s never been more important to differentiate your brand’s identity from that of your competition.
Start by reviewing your ecommerce brand’s content and message to make sure it extends to all of your touchpoints. By promoting your ecommerce brand and maintaining consistency, you will increase your competitive advantage.
4. Know your customers
While knowing your customer inside and out is extremely valuable for any business in general, it is absolutely essential for increasing sales and customer loyalty in e-commerce.
For this reason, the most successful companies usually value a customer-centric mentality. When you research everything about your customer base, you can develop a well-rounded strategy to increase visibility across all channels for much higher sales.
Fortunately, understanding consumer behavior has never been easier. While customer feedback is still important, advanced analytics is a newer tool that is vital to market research and that gathers a lot of valuable and actionable data.
In addition to Google Analytics and Facebook Ads, you can also examine social media comments and track online trends to understand your customers and optimize their experience with your brand.
5. Make it easy for yourself
While your product or service will obviously have a huge impact on your ecommerce business, it is rarely enough to survive, thrive, and thrive in the long run. When you consider that 73% of ecommerce customers say that experience is key to making a purchase decision, it is just as important to deliver a valuable overall experience.
Make sure that every touchpoint and interaction between consumers and your brand is as simple as possible, from making it easy to navigate your website to accepting multiple payment methods like virtual cards at checkout.
It is therefore necessary to offer your customers simple experiences in order to build trust and loyalty while retaining your target audience. And simple experiences not only impact brand awareness and customer loyalty, but also encourage more positive online reviews and word-of-mouth.
Ultimately, the companies that offer the best experiences will win their customers the next time they shop online.
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