E-Commerce Strategies to Stay Relevant
26 April 2019
With 8 out of 10 shops in Australian being online, the e-commerce industry is booming. Getting on board this industry growth will benefit your business greatly. However, it is a quickly evolving industry that requires business owners to constantly improve e-commerce strategies to keep up with the trends. Those who don't will be left behind by their consumers, excited by what your competitors will do next. As the adage goes, “Change is the only constant in business. Those who are able to adapt will win.”
How do you stay relevant in a constantly evolving market? Here are some killer e-commerce strategies you can start using to draw consumer attention, generate sales and stay relevant.
E-Commerce Strategy #1: Optimised Mobile Experience
Fact: 53.6% of the B2B E-commerce market is mobile responsive and 90% of customers who have an impressive mobile experience with an E-commerce site are more likely to purchase from the same supplier. Factoring in your competitors who already have apps mobile responsive websites and apps, the only question that remains is, why haven’t you? Providing your customers with a mobile optimised experience will help you improve your SEO ranking and conversion rates and improve your page loading time. Make your content and images simple, distinct, relatable and small-screen friendly. This will allow you to capture the large amount of customers shopping online through their mobile phones.
E-Commerce Strategy #2: Smart Use of Social Media Platforms
In our digital age, social media marketing has the power to give you the best outcome to your business. Facebook and Instagram are currently the best platforms for direct marketing of products. LinkedIn, on the other hand, can be used professionally for brand awareness and making professional contacts.
Make the best use of these platforms. Get ahead of your competition by being visible. Post regularly and showcase your products with attractive images. Tag your products in images to make the shopping experience and highly convenient one. Use infographics and video marketing techniques to engage more visitors to your page. Interact with people who comments on your post. Join social groups and discussions where e-commerce business owners are involved to establish good contacts with people who can help your business grow.
E-Commerce Strategy #3: Show your Product Ratings and Reviews
The importance of product rating and review can be narrowed down into one word: trust. Remember that your customers cannot see the products in person. By adding this tactic to your website or page, you have the ability to reshape how people engage with a product online. Moreover, it gives your business the potential for higher sales by increasing your website traffic and customer pool by 73%.
E-Commerce Strategy #4: Better Incentives and Rewards
An estimated 18% of an e-commerce website’s profit is funded by a loyal customer base. Giving incentives and rewards to your loyal customers is a value exchange game. You give them something of value for their loyalty and in return, this makes them skip the idea of searching for any other online stores. Your competition is likely to have the same strategy so you should pay attention regularly and out-do them every time.
The incentives can come in different forms – discounts, coupons, rebates, points earned toward a purchase and many others.
E-Commerce Strategy #5: Competitive Pricing
Price will always be one of the deciding factors when it comes to customer’s buying impulse. Needless to say, effective pricing is essential to your business. The competition in the market is on a constant rise so you need to keep an eye out on your competitor’s pricing behaviour in order to get much needed competitive edge in the market. Research thoroughly before you tag a product with a price.
Ultimately, the goal in every business is to succeed and be on top. Competition in e-commerce market is cutthroat and you must have the passion to compete with your competition in order to win. Roll up your sleeves and face your competition. With the above strategies, amped with the right mindset and a clear-cut strategic plan can bring your vision and your goals to life.
Need some assistance with your e-commerce strategies? We can help! Contact our expert team at Elephant in the Boardroom today for a free consultation and stay relevant.
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