The introduction of ecommerce has brought disruption to the traditional markets and marketing techniques. Traditional market tools and concepts such as STP, 4P’s, and advertising doesn’t seem to be sufficient to excel in the world of ecommerce. Today, a marketing manager has a foray of tools available to succeed in the ecommerce marketspace. E-mail marketing, Google Adwords, remarketing, SEO, and affiliate marketing are some very powerful promotional mediums to name a few. Such tools weren’t in existence or unheard of a decade back. So how can one master ecommerce marketing and grow their online customer base driving their business revenues?
Connect with one of our experts to find out what factors impact business growth in the ecommerce industry.
Growing your e-mail list
E-mail marketing is still the most cost-effective marketing tool available out there. The best part of this tool is that e-mail is free, the sender only needs to incur a fee to get hold of e-mail database or for automated e-mail services. By paying a nominal fee, a marketer can get their message across a large number of audience. However, the email open rates and click-through rates are relatively lower. So it is essential to growing the email list in order to increase your chances of success. E-mail marketing can work wonders when people browse specific items but not complete the purchase. In such a case, email marketing can serve as a reminder or provide an incentive to the customers to complete the purchase. So it is essential for ecommerce websites to place opt-in forms in the right place and use exit-intent popups. Additionally, they can also use giveaways to urge people to give away their email address.
Upselling and cross-selling
Upselling and cross-selling opportunities have been limited in the traditional retail setting. However, with the advent of ecommerce, such activities have been made a lot easier. Ecommerce websites upsell products by listing similar high-end products that meet the specifications. It also provides an option to choose a higher specification or newer model of the same product. Additionally, features such as “Customers who bought this also bought” and “recommended for you” provides a list of complementary products which can be bought alongside the intended product. Also, ecommerce websites such as Amazon also show bundled pricing for products and its complementary items.
Garner product reviews
Today’s consumers are very smart and do a lot of in-depth research before buying the product. They tend to trust and base their purchase of customer review for the product they are looking to buy. Greater the number of reviews and its positivity, higher the chances of conversion. Additionally, for technology-related products and new brands, people are not willing to take the risk, which is why they go through numerous product reviews before finally deciding to buy. The reason is straightforward, customers trust words of other customers than the brand itself. To increase product reviews, ecommerce companies should send out an e-mail and in-app reminders to ask if they liked the product and are willing to write a review for it. If that doesn’t work out, then a good ecommerce marketing practice is to send out a discount code for their next purchase for leaving a review.
In eCommerce marketing, it is much easier to sell to past customers than to acquire new ones. The average conversion rate for a repeat customer is much higher than a first-time customer. Additionally, if people buy from your website, they are likely to buy again given they have a positive experience with their past purchase. Consequently, it is essential to retain a customer and introduce loyalty programs to persuade them to buy more. Loyalty rewards can be in terms of points gained against spends, discount coupons, free shipping, complimentary gift, early access to new products, or upgrade to premium membership.
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