Revenue growth is the propelling medium of every business and lies at the very heart of them. As the business landscape lurches towards recovery following the COVID outbreak, a prominent trend seen among buyers worldwide is the astronomical adoption of e-commerce. The rise of the internet, coupled with the outbreak of COVID, has made e-commerce hugely popular and vital to every business’s success. In fact, the medium is so rampant that e-retail revenues are projected to grow to $6.54 trillion by 2022.
As e-commerce gains more momentum, an increasing number of people are spending money online. In fact, 50% of Americans prefer buying from virtual stores, of which 67% are millennials, and 56% are Gen Xers. The online buying frequency is quite high too, with 95% of American consumers shopping online at least once annually. That being said, as online marketplaces proliferate, retailers wanting to cut through the market noise find their work cut out for them.
As e-commerce keeps shifting and evolving, it is absolutely essential that e-commerce businesses adopt the proper e-commerce marketing strategies to stand out from the competition. In this post, we’ll take a look at the six strategies you use to increase the sales revenue of your e-commerce business.
6 Strategies to Increase E-Commerce Sales in 2021
It’s already been established just how huge 2020 was for e-commerce given the rise and impact of COVID. The outbreak accelerated changes across numerous verticals, something that is forecast to continue in a greater capacity as we step into 2021. Given below are six emerging trends that you can capitalize on and modify your strategies around to boost your online sales this year.
1. Focus on personalized experiences and easy customer support
As per a Segment study, 71% of customers feel annoyed when their buying experience isn’t personalized. That is why it’s vital to provide the best possible personalized service that you can. With such strategies, you can target users with tailor-made and diverse offers, discount coupons, and even personalized emails & recommendations to encourage them to purchase more.
It’s incredibly simple to incorporate a hint of personalization into your customer interactions. By integrating a live chat tool with your CRM, you can retrieve customer details like email address, product browsing history, and chat history. Armed with this information, you can customize services to ultimately provide a better experience.
You can also couple the live chat tool with a chatbot to provide easy and uncomplicated customer support to your users. According to CrazyEgg, doing this can cause 38% of consumers to buy more from you and increase your sales consequently.
2. Omnichannel shopping will be the new normal
As the penetration of smartphones and voice-enabled virtual assistants increases, omnichannel marketing will assume greater prominence this year. According to an HBR survey, 73% of marketers already use various channels while shopping online. This shift is already apparent with cloud-based platforms migrating to this space with tools such as Pinpoint and Amazon Personalize.
This could possibly be groundbreaking in an intriguing way, but what this means is that omnichannel will be more accessible and cheaper in 2021. As demand beyond 2021 dramatically increases, brands can keep themselves in the running by capitalizing on this movement. Through the espousal of increasingly advanced virtual reality innovations, brands can improve the overall shopping journey of customers and dramatically increase their revenue in the process.
3. Visual commerce will get bigger
The fairly stagnant AR/VR technology suddenly experienced a quantum jump last year with the onset of the pandemic. As the world went virtual, e-commerce too was swept along by the tidal wave of novel technology. In fact, as per the 2020 IBM Retail Index, the pandemic accelerated the transition to virtual buying by approximately five years.
In a time when a relatively large number of people rely on shopping online, retailers will do good to harness the power of visual tech to provide a better customer experience. The improved experience can help retailers increase their sales massively, evident from the fact that as many as 40% of customers are willing to pay a higher price for products they can preview by AR.
4. Social media influence is at the heart of e-commerce
When it comes to e-commerce marketing, social media is one of the most efficient platforms to successfully run strategies that fetch a high ROI. In fact, social media marketing is so profitable that the average social media CPM was $4.33 in the second quarter of 2020. This is largely due to the fact that social media channels like Facebook and Instagram make it possible to target specific audiences by linking to particular pages on your website.
You can also employ influencers to promote your website on these social media channels. With 78% of people perceiving brands on Instagram as popular, you too can capitalize on this trend and see an inordinate rise in the number of users visiting your online store.
5. Affiliate marketing for brand awareness
An e-commerce marketing campaign would be incomplete without a great affiliate program. Such programs can augment your reach and spread greater brand awareness. In order to implement affiliate marketing, look for highly-regarded affiliates that can endorse your products on different platforms.
Affiliate marketing is also an extremely cost-effective marketing strategy for e-commerce stores since it is performance-based. What this means is that you only end up having to pay those affiliate partners that deliver results. While implementing this strategy, ensure that you:
- Concentrate on providing value to your customers
- Avoid extensive use of email links
- Advertise quality goods
- Work on developing a successful relationship with your users
6. Google shopping ads are an increasingly important e-commerce marketing channel
The last entrant on this list might be the most remunerative. Google Shopping is one of the best marketing strategies for e-commerce brands due to its ability to deliver greater conversions. In fact, Google Shopping ads are so prevalent that they comprise 76.4% of all retail search ads and earn 85.3% of all clicks.
The wonderful thing about this particular strategy is that brands that employ it appear at the top of Google SERPs whenever a customer searches for a query relevant to the brand’s offerings. This makes brands seem credible despite customers not being familiar with them.
E-Commerce Examples You Need to Steal From
Running an e-commerce business is often an uphill battle for marketers who also have to dedicate themselves to analyze website data, identify funnel leaks, and more. With that in mind, here are a couple of examples of how you can implement simple strategies to increase your online sales.
1. Kettlebell Kings’ Instagram leads to thousands of dollars in revenue
Kettlebell Kings, a fitness equipment startup, were left scratching their heads when their Google Ad campaigns didn’t give them the results they were hoping for. In response to this, they switched to a more organic approach by creating and promoting instructional content on Instagram that taught their users how to use their products to get the best out of their workout sessions.
When engagement began to rise, the brand also started promoting user-generated content on their Instagram after noticing that some customers were creating their own content featuring Kettlebell Kings’ products. According to Buffer, this helped the brand’s Instagram presence soar rapidly and lead to hundreds of thousands of dollars in revenue, ultimately enabling the company’s profits to rise to the 7-figure mark.
2. Shoplet.com doubles its top-line growth with an affiliate program
A B2B e-commerce company, Shoplet.com, ran two affiliate marketing programs after facing stiff competition from brick-and-mortar stores. The first program that was run through Commission Junction was full service where account managers helped Shoplet with optimizing its marketing efforts. The second program was run through Google Affiliate Network as a second-tier service.
Since exclusivity is an essential part of Shoplet’s affiliate campaigns, the idea behind these programs was to keep them relationship-based where Shoplet would provide exclusive offers to its top-performing affiliates. The brand spent a significant amount of time customizing exclusive offers to its affiliates and tied them to its marketing calendar, along with Shoplet’s custom collateral. This maneuver saw gain an 80% increase in reportable sales and achieve a 100% top-line growth between the two affiliate programs.
E-commerce companies wishing to gain a foothold in the market and increase sales should mold their strategies around the latest trends as early as possible. If you wish to outperform the competition in 2021, the strategies mentioned above will help you do that. Before you do implement these strategies, make sure that your mobile optimization, social media marketing, and site experience are strong to enjoy a successful marketing campaign.
Ashwini Dave is passionate about Business, Entrepreneurship, E-commerce, emerging technology and Digital Marketing. She is working with Acquire as a digital marketing expert. She is a free soul and adventurous scholar who spends her free time with herself, loved once, music, as well as watching & playing sports. She is ocean addicted and on roads being a thrill-seeking traveler to get new experiences as she looks at life as our very own works of art.