Industries and services are realizing more than ever before that traditional business models and dated marketing strategies are not doing enough to increase sales and boost revenue. With e-commerce attaining a 23 percent growth trajectory this year, and with 95 percent of Americans claiming at least one exposure to an e-store in the previous year, online gateways for revenue generation can’t be ignored.
It’s time for your business to grab a bigger piece of a potentially huge and expanding market in e-commerce.
Here are four fundamental strategies businesses are exploiting to boost online revenue:
Integrating social media as a key marketing strategy
Recent surveys explored the potential of social media in propelling e-commerce business. In a path breaking finding, it was revealed that 20 percent of Facebook users, 14 percent of Instagram followers and 10 percent of the Snapchat community expressed willingness to explore online buying options.
Any marketing campaign that ignores social media is missing a huge (and growing) market of potential online shoppers. Live videos (Facebook), high-definition product imagery (Instagram), informative product descriptions (Snapchat), commercials (paid channels) and live chats features (in landing pages) are the techniques to convert consumers to customers and boost revenue.
Redefining products to suit customer preferences (and not vice-versa)
Surveys suggest that 51 percent of Americans shoppers are reaching out to e-stores. Supplementing this report is the finding that 55 percent of all e-commerce transactions are being processed through e-stores. To grab a lion’s share of this fantastic opportunity, businesses need to tailor their products to suit customer preferences.
Nearly 78 percent of online buyers are influenced by powerful product imagery, and the best way to corner that market is to position your product in Instagram and Imgur. Over 69 percent of consumers say they never fail to read customer reviews, so ensure your landing page has enough reviews and customer feedback to hold this crowd. Adding a boost to revenues would be an active 24/7 live chat interface as that attracts not less than 22 percent of online browsers.
Facilitating the art of killing abandoned carts and closing online deals
According to the Baymard Institute, cart abandonment has peaked at 69.23 percent which represents a huge loss of business and revenue. You are more likely to lose consumers if they’re left grappling with complicated and time-consuming payment channels. Ensure your site is fast and mobile-friendly and is ready to offer net banking services, credit cards, debit cards and popular mobile payment wallets to seamlessly transition consumers to loyal customers. Don’t waste consumers’ time by compelling them to register with you. Checkouts should be as smooth as possible.
Enabling quick conversions through cost effective pricing and faster shipping
Are you aware of the two biggest factors propelling buying decisions of American online shoppers? They are pricing and shipping. Nearly 87 percent of Americans say pricing is a key influence followed by 80 percent that demands faster shipping. If you can price your product competitively without compromising on quality, and ensure same day delivery, you’ve hit the jackpot as far as satisfied customers are concerned.
The last word
Internalizing the four key strategies that we have outlined is the gateway to sizzling sales and rave revenues. Increasing visibility across social media, incorporating mobile friendly technologies and payment mechanisms, and personalizing products to meet customer needs will ensure your business rides the e-commerce wave to the pinnacle of success. Wouldn’t you want a healthier bottom-line?
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Infographic credit: Trade Vitality