How eCommerce Sites Can Maximize Revenue GrowthEric Merlin
eCommerce is growing at a fast rate. According to eCommerce statistics, in 2018, online retail sales reached $2.8 trillion at a global level, and by 2021, they’re expected to reach $4.8 trillion.
As an eCommerce business owner, it’s up to you to take advantage of this growth and boost your revenue.
If you are looking for ways to stay ahead of the competition, we’re offering 6 essential tips that will help you maximize your revenue growth.
1- Leverage the Power of SEO
Learning and implementing SEO techniques can give you the competitive advantage you need to get noticed in the digital world, convert more prospects into buying customers and increase sales.
There’s a number of time-honoured SEO techniques you can implement, such as creating high-quality content, incorporating relevant keywords, linking site content with internal links to improve indexing and navigation, etc.
However, SEO is constantly evolving and best practices change over time, which makes it hard to know if you are doing everything you can.
If this makes you feel overwhelmed, you can always hire a specialized company offering eCommerce SEO services. SEO pros will make sure to build a well-oiled SEO machine that will help you boost sales and increase your revenue.
2- Mobile-Friendly Shopping
In the last few years, smartphone ownership has grown substantially. More than 80% of Americans own smartphones, which a significant increase from only 35% back in 2011. On average, people spend about four hours a day on their phones.
With the increasing popularity of mobile devices, eCommerce has become a new trend in online shopping. Studies have shown that a mobile-optimized shopping experience is a crucial factor in buying decisions, with more than 70% of consumers saying that mobile-friendly websites made them more likely to make a purchase.
To provide a mobile-friendly experience for your eCommerce customers, start by increasing your page loading speed. Studies have shown that just a second delay in page loading can cost you up to $2.4 million in lost sales a year.
Next, simplify your site’s navigation on mobile. Make sure to use the easy-to-read fonts, customize the navigation by providing a search box, and allow visitors to go back to your homepage by clicking your logo, all with an aim to help your customers find what they’re looking for quickly and easily.
And last but not the least, personalize your mobile shopping experience. About 25% of millennial buyers said that personalized offers could improve their mobile shopping experience.
3- Reduce Cart Abandonment
Did you know that an average online store loses more than 70% of its sales due to cart abandonment? So, it can be easily concluded that if you can manage to reduce cart abandonment, you’ll be able to boost your revenue.
There are two ways to achieve this. First, offer guest checkout. Shoppers want to complete their purchase quickly and without too much fuss. A study from 2018 showed that nearly 30% of buyers abandoned their carts because they had to create an account at checkout.
Second, be transparent about costs. Unexpected costs at checkout are the main reason for abandoned carts. Online shoppers value transparency, so be clear about the costs from the very beginning.
4- Build Relationships Through Social Media
There’s no doubt that social media has become a powerful marketing tool for eCommerce stores. A study by BigCommerce has found that more than 70% of customers have purchased a product online after learning about it on social media.
If you want to leverage the power of social media to boost your revenue, start by creating quality content that resonates with your target audience. Let your customers know that you understand and care about them by addressing a particular pain point, topic of interest, or challenge.
Second, tell your customers what to do by including a CTA in your post. Having the right CTA such as ‘buy now’ can significantly increase your conversion rates.
5- Reduce Product Returns
A large number of online product returns is one of the main problems for online retailers. In 2018, the returns amounted to $156 billion, accounting for about 30% of all sales.
One great way to reduce product returns is to send your customers videos of your packing process. Research has shown that online stores that use such videos see an up to 50% decrease in their product returns.
By sending packing videos, you’re clearly showing that there’s no problem with your product or shipment, and you’re making sure that customers will appreciate the transparency and be more likely to trust your brand.
6- Work on Customer Retention
Many eCommerce stores are focused on attracting new customers but not on how to get them to make a purchase again. This is a mistake. Research has shown that repeat customers tend to spend more than newly-acquired customers.
The revenue generated by a single repeat customer is equal to the revenue generated by 5 new customers. In addition, repeat customers spend about 25% more per transaction during the holiday season.
If you want to boost your revenue, you need to work on your customer retention strategy.
The best way to achieve this is by building relationships with your customers. Send them messages or emails every time you have a new campaign. Make sure your approach is personal and don’t forget to send greetings on their birthdays.
A study by Hubspot found that customers who have an emotional relationship with a brand are more likely to become repeat customers than those without an emotional relationship.
Whether you have been in the online retail business for a while or you’re just starting out, getting more eCommerce sales will benefit your company. If you’re looking for tactics that will help you increase your revenue, these 6 tips can serve as excellent pointers.