It is the era of ecommerce where Amazon alone is recording net revenue of $177.87 billion, while the industry itself has experienced almost 25% growth worldwide. However, despite this growth and the promise of opportunity ecommerce holds for entrepreneurs, many end up making costly mistakes. Here are some of the ecommerce essentials that every aspiring ecommerce entrepreneur needs to know:
Building a Pre-launch Audience
Many entrepreneurs wait until the launch of their store before starting their marketing efforts. However, digital marketing often takes time before it starts delivering consistent results. To avoid the web hosting fees and other expenses you might incur before you get the results from marketing, you should build a pre-launch audience. Create buzz and spread the word about your ecommerce services through product giveaways, social media contests and email list sign-ups.
Focusing on the Customer Lifetime Value
The average conversion rate is estimated to be around 1-3%; clearly, converting customers is extremely difficult. For your business to run smoothly and give you margins, your average customer will need to spend more than just a few dollars. Your success on this area heavily relies on how focused you are on the customer lifetime value (CLV), and not just the initial sale. Delivering quality customer experience and following up to see if they enjoyed shopping with you will ensure you get the highest CLV. In the long run, increased CLV will cut your cost per conversion and get you lasting sales results.
Make your customers your mouth piece
A strong brand identity ensures you create an emotional connection with your audience. If you’re capable of creating and nurturing strong relationships with your most passionate consumers, you can leverage their passion to spread the word about your store. Don’t shy away from providing some incentives to your loyal customers in exchange of a testimonial or feedback. Make them feel like your ‘brand ambassadors’ and treat them with respect and enthusiasm and you are assured of some high-quality brand promotion.
Explore the power of remarketing
Studies suggest that repeat customers aren’t only more likely to buy from you again (60 to 70 percent chance) but also inclined towards spending more. These numbers easily outperform ecommerce’s typical conversion rate. Ensure your Facebook and AdWords campaigns target those customers who have already visited your site and harvest better marketing ROI.
Building a successful ecommerce brand isn’t easy. However, by incorporating the knowledge gained from successful marketers, you can create a strong brand identity.
From catalog, taxonomy, product and price management to consulting, content writing, SEO and image processing, Springbord helps you manage your ecommerce business at every step of the way and drive increased traffic to your website. To learn more about how we can help you manage and simplify complex ecommerce management services, Talk To us Today!