As mobile technology and the internet become ubiquitous, people are taking to digital channels to purchase commodities and services. This has led to an exponential eCommerce growth as more and more consumers flock to eCommerce stores and online marketplaces around the globe.
Revealed by Shopify.com, global eCommerce sales have nearly doubled since 2017, and the market now accounts for 4.1 trillion USD. Data also anticipates a massive growth in eCommerce sales in the coming years.
While these stats look encouraging for eCommerce sales worldwide, there may be times when businesses decline. It can be hard to know where to focus and what to avoid when things are going south. Therefore, we have come up with this blog that will guide you during the tough business days.
Here are seven things that you can’t ignore if you want to generate more sales on your eCommerce platform.
1. Retain your customers
There is a common misconception that prevails among sellers when the eCommerce sales are down. They focus too much on customer acquisition and ignore their customer retention strategy.
Research suggests that businesses generate most of their revenue from loyal customers as they have a higher conversion rate compared to one-time buyers. Since existing customers are already familiar with you, they are 50 percent more likely to try new products and spend 31 percent more money when compared to new prospects as per cxoherald.com.
Additionally, it is also cost-efficient for businesses to target existing customers. Customer acquisition can be 7 times more costly than retaining an existing customer, even when there is only a 5 to 20 percent probability of selling to a new customer as per invespcro.com.
Therefore, it is productive to improve customer experience and offer incentives to loyal customers each time they shop.
2. Product quality
When you aren’t going through the best of business times, you need to ensure that your products are of high-quality and contains the magic pull to retain existing customers and attract more. Because product quality can be the reason why your sales might be down in the first place.
Research your target market and add updated items to your store that can keep the consumers happy. When setting up your product listing, keep the best practices of product title and description in mind. The Marketing Labs free product description template is an excellent resource to follow in order to rank higher in search results.
Moreover, keep an eye on your competitors and watch their strategies and the products that they are selling. It may not be wise to imitate their strategies, but there is nothing wrong with observing the practices that can promote eCommerce sales.
3. Post quality product images
Regardless of what you are selling, it is imperative to use high-quality visuals of your product or popularly known as shoppable product images. It is the first thing that users see when they visit your store. Hence, it stands to reason to present your products in a way that will have a pleasing effect on the visitors.
In a survey of 3,000 consumers, Bigcommerce found that 78 percent of shoppers want quality product images from an online store. High-resolution photos appeal to potential customers and let them know what they are buying.
4. Improve mobile experience
As per Statista, 72.9 percent of all eCommerce sales will be generated on mobile devices by 2021. But just because you have a highly responsive site on the desktop does not mean that it will provide the same experience on mobile devices.
To optimize the mobile experience, you will need to reduce your site loading time and remove janky scrolling on mobile devices. Because 53 percent of users will abandon your site if it takes more than 3 seconds to load.
Some brands have developed Progressive Web Apps (PWAs) to improve the experience for mobile users. PWA is a web application installed on a user’s home screen that loads instantly regardless of internet connectivity. Many businesses have also introduced accelerated mobile pages (AMPs) that significantly improves the loading times for web pages.
The Washington Post cut its desktop loading time by 85 percent since they joined Google’s AMP initiative. The AMP also helped the company to increase its returning users from mobile devices by 23 percent.
5. Web Optimization
Due to algorithm changes and cut-throat competition in the eCommerce marketplace, you need to make sure that your site is always optimized for higher performance. This includes the overall design and security of the website, as well as the SEO performance to rank higher in search engines.
SEO is indispensable for eCommerce businesses because it is the primary factor that will keep their website and products in front of users. Without a proper SEO strategy, your business is doomed to fail on the web.
Personalization is a trend that can no longer be ignored in the eCommerce business.
More and more users want eCommerce stores to provide an experience that is tailored to their interests. According to research by Epsilon, 80 percent of consumers are more likely to buy from brands that offer a personalized experience.
Online businesses, large and small alike, need to leverage this emerging trend and tailor their products based on consumers’ habits, behaviour, and past purchases.
Many brands are using interactive content to build customized products that can cater to the needs of consumers. The massive success of Coca Cola’s ‘Share a Coke’ campaign, where the company saw sales growth for the first time in ten years, is a testimony to the fact that personalization is no more a fancy trend but a necessity to be followed.
There is nothing more important than security for any eCommerce store. It is probably the most important eCommerce feature that will decide your company’s bottom line.
Implement all the necessary protocols and updates to secure yourself and your customers against the heightened risks of cybercrime. Without the existence of sufficient security features, even loyal customers will avoid doing business with you due to fear of payment fraud and identity theft.
Ecommerce has grown tremendously due to the proliferation of mobile devices. But due to changing eCommerce trends and consumer behaviour, it is possible to see your sales stagnate. Don’t forget to practice these 7 tips even when your sales slow down.