December 12, 2023

Grow eCommerce Business Revenues with these Marketing Strategies

Uncover digital marketing strategies for ecommerce business!

Digital marketing is more than aesthetic and attitude. Of course, those still have a place in my heart. But the online world is driven by analytics and the kinds of precision unimaginable without digital insights.

That’s why, when it’s time to grow an eCommerce business, it’s best to look beyond simple email marketing and sales efforts. Our job will be identifying new customer and user opportunities in every possible medium. Digital tools will be vital for this, as we optimise our website features. From chatbots, checkout processes, product reviews, customer services, and everything in between – there’s a world of possibilities.

Let’s examine the methodology used to help you grow your eCommerce business to its fullest potential.

A marketing strategy eCommerce businesses need

There’s an endless list of angles to take when looking at the best way to grow eCommerce activities online. But for a sure-fire way to boost your online presence, we’ve identified seven key business practices you can apply to grow your ecommerce site.

1. Customer acquisition - employing techniques to bring in new buyers.

2. Market identification - seeking and engaging with a target audience.

3. Nurturing your business - applying service to bolster value and fostering a strong rapport .

4. Expanding average order size - leveraging page content and user experience to build customer engagement.

5. Product line expansion - widening your content assortment to cater to evolved consumer demands.

6. Price marketing practices - driving each sell with creative pricing.

7. Multi-channel marketing - direct and indirect customer engagement through multiple channels.

Sell Sell Sell!

There are many more of these kinds of schemes in existence but combining the above seven would offer you tremendous headway into scaling your eCommerce business.

With that said, let’s try to explore this with some more detail. It’s time to view this with some additional information and understanding. Let’s take advantage of these ways to grow ecommerce business and entice potential customers!

Customer acquisition

Where your eCommerce store begins is through bringing in potential buyers to purchase your goods or services. This process takes customers through the sales funnel from right at the top, and all the way through to the bottom. Customer acquisitions are essential to obtaining new buyers.

You can achieve this through a series of marketing tactics, such as referrals, advertising and content marketing. An online presence is crucial, as is every time you launch Facebook ads or make an organic post.

Content is key, from traditional paid ads, to making a free social media post, every single effort will help drive traffic to your website and increase your conversion rate.

Market identification

When we look for a target audience to identify, it takes some broader perspectives and searches to properly determine the optimal demographics for your eCommerce business.

You’ll need to identify why a customer would even want to purchase from you in the first place. Then, you’ll need to highlight certain characteristics of interest, such as buyer behaviours, associations, and more. Understanding these will help decide the most lucrative and viable individuals in which to invest time and resources.

An awareness of whether they are internationally, or more domestically located will influence you to broaden your search for new markets. What’s more, is it will also help you to decide as to what extend to apply omni or micro-channel service.

Nurturing your business

The path of least resistance to boost sales is through building on existing customers with purchase histories on your eCommerce site. Your task will be to ensure that your brand remains a consistent presence, does not disappear, and fosters a relationship with the user.

Updating your offerings and identifying their previous purchases to upsell follow-on merchandise is a popular strategy. But make sure that your online store also remains a strong presence, through customer loyalty schemes, and follow-ups with customers.

You will have a range of tools at your disposal. These range from remarketing efforts to promotional campaigns, to loyalty and retention programmes as well as seasonal offers to email list subscribers.

Expand order size

Successful relationship-building will create new opportunities to cater to the demands of your customers. With more attention and rapport, it is possible to investigate selling complementary products or services based on the users’ past purchases.

Consider employing upselling to increase the purchase value from your customers. On the other hand, cross-promotions can also give possibilities to offer goods that align with the unique selling points of similar products. These are just some of the possible inroads to boosting the customer’s shopping cart.

Free shipping, dedicated service, and ads encouraging users to make an up-sell are all excellent strategies to grow eCommerce revenues.

Product line expansion

Systematic approaches are necessary to refresh and update your brand. As such, customers will expect a continuous update to your range of goods and services.

The first possible action is the addition of all-new product lines. What’s more, through interpreting website traffic data on sales and conversions, you can seek new product varieties that cater to the needs of your evolved customer base.

You can undertake these product line expansions in two different ways; broadening or deepening your product assortment. Broadening your product range, or giving them access to reviews can help buyers make a purchase with more information at their disposal. Deepening the assortment, on the other hand, allows a online store to make upsells and cross sells with complementary products.

Cross selling is a sales process that would rely on a well-stocked selection of merchandise.

Pricing practices

Increasing conversions and revenues can often come down to applying a series of enticing price marketing practices. Pricing is a good idea to increase sales and establish additional characteristics to your products.

Here are two of the most popular methods out there:

- Premium pricing: using ‘whole or round numbers’ to apply value: 55 USD, or 100 RMB.

- Economy pricing: using odd numbers, to imply bargains: 99 EUR, or 89.99 AUD.

What's more, is add-ons such as free shipping, discounts, and loyalty programmes all imply value within the structure of pricing.

Multichannel and content marketing

This refers to the practice of reaching out to users using affiliate channels. The approaches to this vary greatly, as they can be using direct or indirect practices.

With an abundance of choices for online shoppers, it’s important to establish and distinguish market presence through several different channels. Importantly, does your eCommerce store maintain an online presence? Have you considered using paid campaigns, or working with Facebook or Instagram influencers, for example.

That’s why it’s essential to identify if these are online, or instore hybrid experiences.

Multichannel measures include digital approaches such as search engines, social media, websites, email campaigns, mobile engagement, or promotional events. Additional methods include traditional approaches such as instore advertising and window displays, as well as print, billboard, as well as television and radio.

Guiding them to the checkout process

Whether you're a large retailer, or a small business, your e-Commerce store site loves data. That's because business decisions that affect your page can be done with accuracy and business-like precision. Sites like H&M, for example, have embraced data and social media in recent years, to drive traffic to their online store.

Through combining research-based approaches with digital insights, it’s easier than ever to boost activity on your eCommerce platform. Researching and identifying a prospective audience is the first step, while applying promotional activities will entice customers to your site.

New customers will require additional care and attention but hold the key to easier revenue generation. Through building your store’s assortments, and adopting a user-centric environment, it’s possible to create a stronger presence online.

Pricing and promotional activities will ultimately help distinguish your brand and allow users to engage with your eCommerce platform. Consult these strategies to help bring greater revenues to your company, and boost revenue projections for even greater returns on investment!

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