The explosive growth of e-commerce is changing the way people buy and use products and services. We are witnessing a revolutionary shift away from marketplaces to branded e-stores. A mind-boggling variety of digitalized payment options, a wide variety of product selections and 24-hours door step delivery has transformed the online shopping experience. Consumer data points to the growing participation of Americans in online purchasing.
This begs the question, how prepared is your business for tackling the e-commerce challenge? How would you tap its potential and what strategies would you put in place to boost profits and maximize revenue?
We summarize three of the top trending strategies that are booking billions in business for some of the most successful companies online. If you’re keen on moving from local to global, you have to read this.
Three strategies that guarantee an explosive e-commerce experience:
1. Improve Pricing and Delivery and Incentivize Purchases
Consumer reports indicate that 51 percent of Americans have moved online to meet their demand for goods and services and 95 percent have accessed the net at least once in a year. The decision to buy is triggered by three important factors:
- 87 percent are influenced by brand pricing,
- 80 percent want faster delivery at a competitive cost and
- 71 percent are enticed by attractive discounts.
- Ensure brand pricing stands out in comparison shopping.
- Maximize sales through multiple payment options.
- Assure 24-hour product delivery with a friendlier return policy.
- Promote healthy discounts without eroding brand equity or weakening retailer profits.
2. Boom Brand Visibility through Social Media Marketing
Three factors are crucial for improving the consumer experience in your e-store:
- 78 percent of consumers are attracted by high-quality product imaging,
- customer feedback on products hooks 69 percent of consumer traffic and
- 22 percent of consumers say a live chat feature is a positive indication of company responsiveness to product queries.
- If Instagram is driving 14 percent of online purchases, increase your visibility with high-definition images.
- Persuade customers to leave feedback on your home page and hook 20 percent of online traffic that comes your way through Facebook.
- For megabuck sales and top revenues, market your product effectively through the use of a social media marketing strategy.
3. Nurture Customer Delight by Personalizing Products and Services
The average American web consumer packs $62,000 in earnings and mostly comes equipped with a college degree. This is a rapidly growing segment accounting for 62 percent of smartphone usage. Over 51 percent of such consumers openly voice their preference for online shopping. The paradigm shift in purchasing preferences from marketplaces (45 percent) to branded e-stores (55 percent) is pushing e-commerce growth above 23 percent and there’s no hint of a slowdown.
- If knowing customers is the key, study their spending patterns, specific needs, larger motivations and browsing habits and design your product to fulfill those needs.
- Ensure to make your e-store mobile-friendly with mobile payment wallets to maximize conversions.
- Set up a call center to market your products and handle a wide range of mobile queries.
- Present an unbeatable combination of quality products, exclusive selections and competitive prices creating a delightful shopping experience.
The e-commerce encounter is all about outsmarting the competition, tackling the risks and boldly facing the challenges that market forces thrust on you. If you faithfully adopt the three strategies we have outlined – nurturing brand identity, improving product visibility and increasing customer convenience in accessing your services – you will happily see your e-commerce venture skyrocketing to stratospheric success.
Infographic source: Trade Vitality