Events — 05 May 2023
Ecommerce Growth Marketing Concepts
Worldwide ecommerce sales have practically skyrocketed in recent years. Globally, the ecommerce market is predicted to increase in size by more than half a trillion dollars in four years, from 4.9 trillion to 7.4 trillion by 2025.
People are more inclined than ever before to purchase online. This indicates that regular strategy optimization and extra efforts are crucial for businesses to gain and retain online customers in the coming years.
As the competition heats up, you may be asking yourself, “How can I increase my ecommerce business and generate more sales for my online store?”
The solution to this dilemma is growth marketing. This post addresses some of the most effective ecommerce growth marketing concepts and sales techniques. But first, let’s go over the basics.
Growth marketing is a digital marketing concept in which the focus is on the entire funnel—the entire lifecycle of a customer—and strategies are developed to drive sales based on the insights.
It is a data-driven strategy for acquiring leads, converting them into customers, retaining them, and ultimately transforming them into brand champions. Marketing must focus on more than just the top of the funnel because growth without retention cannot be considered actual growth.
By creating and delivering highly tailored, individualized messaging aligned with your customer’s needs, you will be able to optimize your ecommerce store’s rapid growth through various channels, particularly those that are most important to your customers.
What exactly does growth marketing imply for the fiercely competitive and rapidly expanding ecommerce domain? It entails maintaining a laser-like focus on acquiring, engaging, and retaining customers.
“Traditional” marketing activities such as email blasts and online campaigns are no longer used to define ecommerce marketing. Growing your user base, decreasing churn, and increasing lifetime value are all components of effective growth marketing—and lead to greater profitability.
Personalization in ecommerce marketing, for example, has cut customer acquisition costs by 50% while increasing revenue by 15%. Despite the industry’s focus on digital transformation, overall success rates continue to be low. 47% of businesses have yet to embark on their digital transformation journey, and only about a third have been successful.
For online businesses to thrive, all metrics must be addressed. Here are some ecommerce growth marketing tips and strategies for you to try and see the fantastic results they will produce across the board.
You must ensure that your product appears in search engine results for all potential customers looking for it. Paid advertising is like spending to earn the top spot on the results page when someone searches for a product. Done right, particularly in the ecommerce market, it can be efficient and straightforward.
Aiming for high intent search keywords is a good place to begin. To drive the most qualified traffic to your site, you must be specific about the keywords you bid on.
For example, bidding on the keyword ‘novel’’ is ambiguous if you sell psychological thriller novels. Instead, concentrate on ‘buy psychological thrillers’ or ‘buy psychological thrillers novels.’ This will bring people to your website who want to buy psychological thrillers. Your leads are more refined, and your conversion rate is higher when you use appropriate long-tail keywords.
Google Shopping ads account for 85.3 % of all Ads and Google Shopping paid campaign ad clicks. Because of their relevant, clever positioning and visuals on mobile and computers, they are the best option and a critical ecommerce growth marketing strategy.
A quick and easy checkout process is just as necessary as a good landing page, homepage, or product page. Shopping cart abandonment is a real issue, and one of the most common causes is a complicated checkout process.
According to the Baymard Institute, it is the third most common cause of cart abandonment.
If a customer finds your checkout or payment process difficult, you can lose them. To avoid this, use a straightforward checkout process with various payment options. Local payment options and consolidation of all payments onto a single platform can be ideal for global businesses. A third-party service provider can assist you in avoiding regulatory issues.
With so many sellers selling the same items in the vast world of ecommerce, it can be difficult for buyers to choose the best product. If you want them to choose you and your product over your competitors, you must be transparent. Testimonials, referrals, and social proof are excellent ways to accomplish the same.
Customers want to hear from others who have used the same product. We always rely on product reviews before purchasing something, so having customer reviews about your product on your website can significantly impact a potential customer. Even enlisting the help of experts to review your products and provide feedback can make a significant difference.
Using social media can be one of the key ecommerce growth marketing concepts. Millions of individuals using social media platforms daily make it a great place for marketing and sales purposes.
Social media has become so much more than a place where people make connections or connect with their friends and family. Thanks to the links between online retailers and social media networks, customers can now also make purchases through social media platforms.
With buying options added to platforms like Instagram and Facebook, retailers can easily use their social media platforms as online retail shops. Brands can now broaden their target audiences by using social media and influencers as a marketing tool and marketing strategy.
Aside from this, influencer marketing is also a clever marketing strategy since your potential customers find it easier to trust people they admire or relate to rather than strangers.
A simple Instagram/Facebook post from the right influencers might act as social proof and attract new loyal customers. Social media platforms are also beneficial for a/b testing, conducting polls, surveys, testimonials, etc, that ultimately help you recognize what’s best for your growth.
Before completing a purchase, 88 percent of consumers undertake an internet search, with the majority of searches ending on page one (with a rising number of zero-click).
If you want to reach out to your target market organically, you should prioritize the creation of SEO content in your marketing plan.
Optimizing your content, whether it’s for your ecommerce website, social media postings, or blogs, may help them rank better on relevant SERPs, making your business more visible to a larger audience.
Furthermore, combining content marketing with a social media storefront can significantly expand your reach and exposure. To enhance sales, your marketing efforts should include regular posting, valuable and relevant content, and user-friendly postings.
The content should be written so that it does not immediately promote your brand, but gradually piques readers’ interest in your current and upcoming items. It is an excellent method of reaching your target audience while increasing the visibility and popularity of your business on social media.
While websites may employ pop-ups to attract users’ attention, your content marketing tactics must contain relatable photos, videos, and instructions across social media platforms.
For instance, if you own an online coffee business, you may want to add recipes or instructions on “how to brew the ideal cup of coffee.” You could even hold polls to decide the ‘most popular taste’ or ‘most popular food’ and then pair that snack with your coffee. (Customers enjoy being heard.)
You can also establish your own blogs. You are free to upload quizzes, recommendations, instructions, or anything else you desire. Just make sure it’s engaging, relevant, educational, and profitable in some way.
Email segmentation is an excellent marketing tactic for achieving significant growth. Segmentation helps you organize your email list depending on certain criteria, like their interests and search history.
After all, you cannot keep on recommending lipsticks and mascara to a person interested in shoes and hope they will become a devoted customer. On the contrary, they will be more irritated by such pointless suggestions and refrain from even going through your emails.
So, segment your email list to attract more customers to your online business by delivering tailored and personalized emails based on the receiver’s requirements and interests.
Email marketing tips: Before segmenting and sending out email marketing campaigns, make sure to validate your email lists. You want your company to flourish, not be labeled as spam merchants. You also don’t want to annoy your consumers by flooding their mailbox with emails.
It is no secret that people are more likely to shop with brands that know, recall, and provide relevant offers or product recommendations. In fact, as per McKinsey, personalized shopping experiences enhance their sales conversion rates by 10% to 20%.
In terms of customer experience, ecommerce companies must provide their customers with as much personalization as possible.
Data analysts utilize artificial intelligence (AI) and machine learning technology to compile data and develop customer profiles instead of manually evaluating client information. These profiles and insights give personalized suggestions and relevant content based on customers’ interests.
Although AI performs much of the analytical work, market research analysts apply their own insights and expertise of customer behavior to provide recommendations and enhance ecommerce systems.
Retaining your customers by creating an effective growth strategy is critical in ecommerce. One-time purchasers account for a sizable portion of your online revenue.
According to a Forbes 2021 survey, 75% of consumers said they would not buy from the same online business again. Think how beneficial it would be if you devised marketing techniques to retain and convert those mountains of new customers into loyal customers.
Determine areas where you can establish a large customer base and get a higher conversion rate. It’s critical to identify the weak points and strengthen the strong ones.
Providing exceptional customer service, rapidly addressing their difficulties, rewarding their loyalty, and thanking them for selecting you are some strategies to help you create stronger connections with your customers and keep them with you for a longer period.
Affiliate marketing is another tried-and-true growth technique that links businesses with marketers who can promote their products; increasing reach and, eventually, revenue. It is a low-risk, performance-based ecommerce marketing strategy.
It is best to start with a higher commission percentage to motivate the early affiliates in the early stages to get your product out and then gradually reduce the commission as your brand exposure grows.
Reaching out to prominent sites, individuals, or influencers in your industry and connecting with them is the best way to go. Although influencers necessitate some personalization, they may be highly beneficial in encouraging your growth.
Multichannel selling is anticipated to gain even more traction among ecommerce companies. Though it may be challenging to maintain, it is time to transition your ecommerce platform to a multichannel platform.
Change and growth are unavoidable for ecommerce businesses. And as they expand, they will need to expand their inventory as well. Companies that use an omnichannel business communication strategy have greater retention rates than companies without such solutions. As an online merchant, you should look for additional marketing channels to reach out to new customers, and multichannel selling allows you to do so.
According to emarketer, marketplaces like Etsy, Amazon, and eBay account for 46.7% of all internet searches because of their personalized multichannel selling approach. Personalizing customer interactions has become an integral part of the selling process. It enhances the customer experience and has become a common strategy among ecommerce companies.
Personalization can, however, be used in a variety of ways. Consider merging this concept with multichannel selling. We now know that multichannel selling brings up a host of new opportunities to communicate with potential consumers.
What if you could improve it by providing personalized interactions? Certainly, it would boost consumer loyalty and retention. Such arrangement ensures that each customer receives the same tailored brand experience regardless of the channel they utilize.
This also ensures that the consumer experience is relevant, avoiding disturbing them with extraneous information. On the other side, many marketers have failed to implement such marketing strategies, restricting their ability to create a seamless customer experience.
We have all experienced retargeting. An example? Do you ever notice that right after you search for a certain product, say a bag, then visit an ecommerce site or scroll through your social media, you keep seeing ads for the same bag over and over again? That’s retargeting advertising.
These advertisements are designed to keep you, the potential consumer, thinking about that particular product. They target warm audiences rather than cold audiences and, as a result, are more likely to attract new consumers.
Cart abandonment is inescapable, regardless of how well optimized your site is or how fantastic your products are. In the ecommerce market, an average of 69.82% of customers abandon their cart after filling it with items.
One of the most effective methods to combat this is by retargeting. If you have your customers’ email addresses and they have finished the purchase process, you may retarget them with emails. Retargeting emails result in an incredible 40% of purchases being completed.
There are several ecommerce growth marketing tactics to consider to expand your firm. It may appear scary and complicated at first, but as you go more into the realm of ecommerce marketing, it will become much more attainable.
To ensure the long-term viability of your ecommerce platform, make decisions based on your own requirements rather than what everyone else is doing.
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