In this digitally advanced, tech savvy world it is no big deal to make an ecommerce website and platforms like Shopify has made it a matter of just few clicks. 2016 proved to be quite a promising year for e-commerce and it will continue to prosper, according to Statista. Online shopping is a thriving market and the numbers can prove it: retail e-commerce sales worldwide amounted to 1.08 trillion U.S. dollars in 2013 and projections show growth of up to 2.48 trillion U.S. dollars by 2018.
It is quite a known fact that communication is at the heart of e-commerce and Community, and what else but marketing is all about communication and conviction. So how do you propose the idea of brand or deliver on the desirability of the brand? As a self-funded e-commerce, how do you stand out and reach to your audience.
SEO: Let SEO be your CEO of the brand for a good headstart
Optimizing site is the crucial step in getting business started. You need to make sure that your page loads do not take time. Attention span of a consumer is that of a bee. They are quite impatient and a few seconds delay in site load or page load can cost you a fortune. To start with SEO work,
You should first work on Keywords!! The reason being research is an integral and important part of SEO. If you land up with wrong keywords for your campaign, God help you!! It will lead to lower traffic and minimal conversion and zero business too.
Contrary to paid traffic, the organic result is “free” as in no cost imposed per click or cost per conversion or impression. Without paying hefty you can actually generate quite a quality traffic. Integrating this strategy with marketing is immensely beneficial because a) it increases the impact of marketing while increasing your visibility b) It will let you save on both time and money in terms of cost per conversion.
While dealing in e-commerce, it is important to see if the generic keywords as well as the incoming traffic is actually helping the business or not, as not every business goals are alike.
Initially it is difficult to understand if the traffic is actually leading to any purchase or not and what sort of traffic you are gaining, is it relevant or not. Precisely why SEO is the popular medium to track the metrics that leads to success as well as measure the Revenue.
Go Social Go Global
Social media advertising budget is likely to reach 11 billion by next year. The fascinating part is how cost efficient is social media getting compared to other means. For instance, Facebook advertising can implement budget caps either by day or per click, making it easier for you to reach targeted audience for quite a less. Infact most traffic comes from facebook.
A picture says thousand words:
This definitely sounds promising. I foresee Google, indexing more social media content which will likely affect the search result. This makes a wonderful opportunity for making the most of optimizing strategy to increase visibility. We have already seen how social media has taken over when it comes to brand names. For instance, if you search “Zappos” on Google, the company’s Facebook page, Twitter profile and the YouTube channel appear as the top listings. See for yourself!
Upsell and cross-sell products
“I want those muffins” the kid said stubbornly as the mother was ready to check out with paid bills. The shopkeeper grinned as the mother cringed, after all she just got cross sell. Upselling and cross selling is a popular sales strategies used by top notched companies in boosting sales, by encouraging to buy more expensive product or supplement initial purchase with the product that complements. This works for all sorts of small/large e commerce business.
Amazon attributes up to 35% of its revenue to cross-selling – both the “Frequently Bought Together” and “Customers Who Bought This Item Also Bought” sections promote products related to the item that you are currently viewing on the site.
A well thought and executed upselling or cross selling strategy is impactful and fantastic. Let alone those impulsive buyers, most of your customers buy to solve an issue/ problem. For instance, your customer is looking for a shaving machine, but he doesn’t the best or suitable among all listed products . So he is likely to pick up what you suggest or offer.
Here is where your Upselling and Cross selling is the last nail in coffin, as converting the customer who has come to your site is easier and beneficial to your company as it saves you the cost of acquisition. It is the most cost-effective method for self-funded business, especially e-commerce as acquiring customer has always proved costly and exhausting.
Steve Jobs once said “People don’t know what they want until you show it to them”. If this is to be believed, Upselling or cross-selling done right helps the customer in getting more than what he had expected and might end up becoming a long term associative.
These are just the kind of associatives you want as they bring into 43% of revenues.
Look for Affiliates
Affiliate associates, are one of the many stepping stone in boosting your e-commerce sales. Affiliates are the commissioned agents who helps you move product ahead. The increase in sale is worth the share of profit you have to give away initially.
As an Entrepreneur Affiliate marketing risk is quite low compared to the rewards gain, one of the many reason being you just pay for the converted purchase not the referral traffic generated.
So should you consider Affiliate marketing? Of Course you should!! Wall Street recently published an article on how Gawker Media earned millions through affiliate marketing. The article explains how Gawker Media sought a viable revenue stream outside of display advertising…enter Affiliate Marketing. Gawker Media began including links to products for purchase on Amazon and achieved success with it.
An excerpt from the article:
“The commission rate on Amazon varies based on product and quantity. When asked by a reporter on Twitter, Shane Roberts, Gawker Media’s director of commerce, said in a tweet that the company’s “normal commission rate is 4%.” That could give Gawker about $74,000 in revenue for shepherding sales of the Anker charger. Mr. Roberts’ tweet was later removed.
Consider a joint venture and/or partnership for your e-commerce site
Businesses of all kinds are able to grow through joint ventures or key partnerships. Successful e-commerce sites often look for partnership opportunities. One of the biggest success stories is how eBay and PayPal were able to work together to grow.
Well who better than eBay and PayPal can show how fruitful it can turn into. It is the best partnership that offers win win situation for both the parties. In one way or the other you will actually find the mutual benefits such as packaging products together with manufacturers or retailers or pairing up for payment process.
E-commerce is booming and with advanced tools out there it’s easier to move ahead and explore more strategies and grow more with aforementioned steps. With integration and advanced softwares making e-commerce a broad platform to attain, its important to make the most of it in whatever minimum budget you get off with.