It is not for the faint of heart to open an ecommerce store in order to become a successful entrepreneur. After making this brave decision, the next step is to back up your vision with a solid ecommerce strategy. Fortunately, learning how to grow ecommerce sales and develop a successful online business does not require profound magic. Anyone who is willing to learn and put in the effort can do it.
Most gurus and ecommerce consultants today started from the ground up, with no prior knowledge. You have the opportunity to learn from their mistakes and rise to the top!
Here are some practical strategies for increasing ecommerce sales and establishing a powerful online presence on the web and social media.
1. Set Targeted Pricing
Your competitors constantly adjust prices and launch promotions according to evolving market conditions. Without specialized, targeted, and dynamic pricing models, you’re likely to fall behind. One way to do this is by optimizing prices through IP geolocation.
With IP geolocation, you can analyze your website traffic and offer specialized pricing based on the data you have. Without a different pricing breakdown for someone in the US compared to someone in India, you risk losing profit. You must factor in tax rates and other varying geographic pricing dynamics as well.
You can also leverage IP data to set up geo-targeted matches to increase ecommerce sales. For example, a customer from South Asia may prefer cricket-related products, whereas someone from Canada may take more interest in something ice-hockey related.
This can lead to happier customers and increased profit margins, and is an excellent way to increase ecommerce sales. It’s one of the ecommerce best practices that you can follow.
2. Build an email list
Despite email marketing’s enormous potential to boost ecommerce sales, it’s still an underused tactic. A strong email list can help target and retarget customers at a much better conversion rate. The click-through rates and customer acquisition potential of emails are several times more than social media platforms.
The best part: incentivizing customers to give their information doesn’t have to sound sales-y. Offering website discounts, special incentives to read newsletters, adding signup boxes at checkout, and other similar tactics can organically help compile an expansive email portfolio.
If you want to boost ecommerce sales, you can also personalize your emails with named greetings and create audience-segmented email lists to increase ecommerce sales if you’re wondering how to increase ecommerce sales.
3. Create promotional campaigns for different social networks
As an ecommerce business, social omnipresence is vital. You should have footprints across all social media platforms to drive traffic and sales to your ecommerce store. This also lets you engage audiences, tap into influencer networks, and build brand awareness.
Every social media network has its specific audience, strengths, and weaknesses. TikTok might be a great place to have celebrities endorse and promote your products. However, Facebook and Instagram are where the most conversions may happen. Understanding your specific target consumer’s habits on different social media platforms can significantly inform your ecommerce success.
The good news is, you’re not alone. Numerous social media content marketing, listening, and scheduling tools help make your job easier and grow ecommerce sales. If you’re not sure about how to increase ecommerce sales, this is the best option available to you.
4. Use scarcity to get people to act
Even if you don’t aim to transform your ecommerce store and boost ecommerce sales, eventually turning it into a magnet for supercharged shoppers, you still have to instill a sense of urgency to boost ecommerce sales. The easiest way of doing this is through scarcity. In the real sense, scarcity helps customers see the perceived value in making an instant sale.
For example, you can show stock quantities on product pages to trigger customers’ fears of missing out. Even sending emails announcing the dwindling numbers of a particular product sometimes revs up customers to act.
Another way to tap into a scarcity mindset is through competition. Some stores do this by showing how many people are browsing or have bought a particular product.
If customers see your products as a finite, vanishing commodity, you will see your ecommerce sales boom.
5. Create a money-back guarantee
Building trust is paramount. Online shoppers can’t physically touch or try out a product. They need special assurance to trust you as a reputable retailer. Money-back guarantees help build that kind of trust and display your confidence in the quality of your products. There are some perceived risks associated with full or partial refunds, however. Some customers will take these as ecommerce loopholes and try to take advantage.
One way to protect yourself is to put a time constraint. For example, you can have the guarantee last for 30 days or two months, depending upon the specifics of the product. You can also establish certain conditions for the validity of the guarantee.
You could also hire a legal professional to prep a policy for money-back guarantees. For people wondering how to increase ecommerce sales, this is a great step.
6. Establish trust by offering social proof
Why should anyone choose your ecommerce store in a sea of online options? Two words. Social proof.
Nowadays, how customers perceive ecommerce products on social media websites can make or break a sale – sometimes even entire brands. You can leverage the power of social proof to drive revenue to your ecommerce business in many ways. It’s also an excellent ecommerce SEO strategy.
Showing off positive reviews on your social media pages and celebrity endorsements is a good start. However, it’s not advisable to get rid of negative reviews. Maintaining the authenticity of your review section is as vital as getting five-star customer feedback.
Also, the influencers you choose to partner with should have a social persona consistent with your target audience’s needs if you really want to increase ecommerce sales. Asking Kylie Jenner to promote a sports product may not be the best bet, even though she’s such a big deal on social media.
7. Track user engagement and find what works
There are several ecommerce KPIs and metrics that you can track to improve your store’s performance. Your online store, analytics software, social media, and other ecommerce tools capture a treasure trove of data that can boost revenue.
Depending on which stage of your sales funnel you’re targeting, the engagement metrics you’ll track will vary. For example, during the conversion phase, metrics like cart abandonment and average order value will take precedence over impressions and reach.
Incorporate the customer lifecycle in your strategy to demystify the problems hampering customer engagement and conversions.
8. Improve your mobile browsing experience
Smartphone users account for most Internet traffic today. You can miss out on some serious sales if your ecommerce store isn’t mobile-friendly.
With limited screen space, focus more on visual content than text elements. Use bullet points and short copies where text is essential. Include videos where possible. Mobile shoppers are more likely to buy products that have video presentations. The more seamless a customer’s online shopping experience, the greater the chance of conversions.