Online sales are increasing at an exponential rate, and there are currently more e-commerce stores than ever before. Ecommerce has evolved into a critical component of the internet ecosystem. However, also know that 80-90% of e-commerce businesses fail within one year due to lack of awareness. Having an Ecommerce store isn’t as simple as it appears, and if you’re not careful, you could end up as another statistic.
Today, in this article, we will understand the phenomena behind boosting online Ecommerce sales & preventing failure.
Methods to Boosting Online Sales
Many factors decide the sales of your Ecommerce store, including the product quality, processing time, target audience, and marketing. While we cannot control every aspect, there are two significant parts we can do, i.e.:
- A. Boosting Website Traffic
- B. Improving Conversion Rate
Part 1: Boosting Website Traffic
- Google Ads Google Ads is a powerful tool for bringing qualified traffic or people who are looking for items and similar services to your business. With Google Ads, you can improve the number of visitors to your website, phone calls, and in-store visits.
Stats about Google Ads:
- Click-through rate for Google Ads is over 8%.
- Every month, 180 million impressions are generated by display adverts.
- Paid ads on Google receive 65% of clicks from users who are ready to buy.
- Customers who watch an ad on YouTube are 43% more likely to buy it.
- 63% of consumers click on a paid ad in Google search results.
- 49% of users click on Text advertisements
- Social Media Marketing Social Media Marketing is another tool for advertising your products or services online. Marketing on social media is affordable and effective & allows retargeting, i.e. to show adverts to people who have previously visited your website but have not converted (i.e., have not completed a purchase).
Top Social Media Marketing Websites:
- Email Marketing Email marketing is still one of the most effective strategies to boost e-commerce sales. Most Ecommerce store owners, on the other hand, do not have an email list. Email marketing has the highest return on investment & provides leads and engages your audience. When you establish a tribe of devoted clients, you’re accomplishing several essential business goals.
Email Marketing Helps in the Following Ways:
- Retargets people who are already interested in your items;
- Grants permission to send promotions without having to pay for social media ads;
- Fosters a sense of community
- Search Engine Optimization (SEO) SEO for Ecommerce sites is not challenging but is time taking. However, there are several wonderful plug-in to help you out. These plug-in are mainly reasonable and will deliver a significant ROI when used to their full potential. Some are paid, and some are free. If you want to understand SEO in-depth, refer to this short guide.
- Customer’s Feedback By listening to your customers, you can discover new ways to improve the Ecommerce store you may not have considered. After all, your core users are your customers. They can tell you what it’s like on the front end of things while you’re stuck on the back end.
- How to Take Customer’s Feedback: Website Survey/Quiz
You may achieve this by using your email marketing list to create a quiz funnel. A quiz funnel functions similarly to a conventional funnel.
Part 2: Improving Conversion Rate
Preventing shopping cart abandonment is the next best thing to increase sales. People come to your Ecommerce store, add items to their cart, but never complete a transaction. Abandoned shopping carts are more common than you might imagine.
3 Techniques to Improve Conversion Rate
- Easy Checkout Process Making the checkout process easier by streamlining can help you keep more customers. Increasing your checkout completion rate by 5-10% can significantly improve your return on investment.
Tips to Optimize Checkout Page:
- Allow Guest Checkout Allow customers to checkout as a guest if they choose to go in and out of an Ecommerce site without creating an account, no matter how simple it is. Obtain their email address to confirm their buy so you may entice them to make another purchase when they almost certainly create an account.
- Trust Badges Trust is vital in an Ecommerce store and, therefore, ensure including credit card logos and other trust signals on crucial checkout pages.
- Don’t Overdo Less is always more, so keep your checkout page as clutter-free as possible. Customers will not be readily sidetracked by the absence of a header or footer.
- Cross & Up-Selling Up-selling is the art of enticing website users to buy more things than intended. This can be accomplished by offering packages, discounts, FOMO notifications, and personalization at various phases of your Ecommerce marketing funnel and store sites. Not only that but selling to existing consumers is five times easier than attracting new ones & is a simple way to maximize the value of your current clients.
Fun Fact: Up-sells account for 70-95% of income for Ecommerce websites
- A/B Testing No one gets everything right on the first try. Even if your early e-commerce techniques work, there is always space for improvement. This is why it’s critical to keep checking your online business to guarantee you’re getting the most out of it.
Determine which campaigns are successful and which are not. You can then make improvements to underperforming campaigns or simply abandon them to focus on the ones that are generating revenue.
Ecommerce Market: Prediction for India
Ecommerce has transformed the whole world and has connected it as an ecosystem. In India, the market is still at its initial phase and was valued at $50 Billion in 2019. However, in 2021, the valuation jumped to reach $90 billion and is expected to touch $250 billion by 2025, projecting a growth rate of ~23% CAGR.