Last year there was over 4 trillion dollars worth of online sales transactions and this number is predicted to increase steadily. According to EMarketer, global retail eCommerce sales achieved a 27.6% growth rate in 2020 and the study also estimated that 18% of all retail sales took place online.
How does an enterprising entrepreneur or an established business get a piece of this eCommerce pie?
- The Platform
When it comes to deciding which platform to use, you have several options to choose from. There are many different sites with beautiful templates and modern design themes to make your store stand out, but how do you decide? The answer depends on many factors such as:
- Store Structure: Does this site have a specific store structure that would work for your products or do you require additional web development so you can sell your particular product?
- Fees: Some sites take slightly different percentages of your sales and varying fees for different features. Check which ones make the most sense for your business and profit margins.
- Support: Do they have a good customer support hotline in case you need help? Would you be able to reach tech support quickly in case something goes wrong?
- User Friendly: Is it easy to use? Can you build and edit easily without the need for a web developer or an IT specialist?
- Functionality: Can you create a mobile version of your site easily? Is it SEO-friendly, can you link in all your social media pages and email service? Does it give you detailed analytics?
- Security: Does the platform have a robust security infrastructure? Will it keep your shoppers safe and secure?
While you need to consider all these points before deciding, there is one critical factor you need to think about: Can this platform grow with you?
When you need to scale, this platform should be able to accommodate your future needs, because changing it later will be costly and quite difficult.
2. User Journey and Experience
When creating your online store, put yourself in your customer’s shoes. Map out the entire user journey from your homepage to checkout and the after-sales process. The journey needs to be seamless, quick, and easy. While you’re mapping it out, also think about where you can maximize sales opportunities and if you can cross-sell during a certain step. Every single step from creating an account, checkout, delivery, and post-sale communication needs to be planned and thought out so you do not miss out on any sales and keep your customers coming back.
3. Marketing Tools and Integration
When you’ve identified where your clients are online, then you can start working on your advertising budget and creative placements. Many of these platforms allow you to A/B test your ads so you can determine which ad gets you the most conversions. In addition to your advertising, SEO is absolutely vital to catch people who are searching for your product online. Email is also a potentially high ROI tool that you can use to keep your database purchasing from your store.
There is no shortage of online advertising tools that can work for your target audience. The key is to integrate all these tools into your site. Install pixels (ad tags) on your site so you can fine-tune your social and online ads to get the most out of your spending. A pixel will help you unlock more advertising features such as retargeting, custom audiences, and the ability to track if a person took a specific action on your site. The same should go for your email system, make sure your database is integrated with your website so you can target emails to specific customers depending on their purchasing habits.
4. Creating a Niche
Over time you will start to notice which products sell the most on your site and which are being ignored. These products are why people are coming to your site, so figure out who those people are and start building your customer profile. Now you can start growing your store based on products that this customer profile will purchase and you can also expand your marketing efforts to similar people. Now you know what and who to focus your energy and budget on. This doesn’t mean you can’t grow other business lines within your store, it just means to make sure to invest in your bread and butter.
5. Fine Tune and Optimize
Do not underestimate the power of data. You should set a regular review schedule to analyze all the information you have access to on both the marketing platforms and your website. There are many important insights you can gain to optimize your budget and make sure your marketing ROI continues to grow in a positive direction. You can figure out how many people have abandoned their carts, you can determine your sales conversion rate, how much it costs to make one sale, the average order size, the lifetime value of your customers, and so much more. This data is a gold mine to help you fine-tune your direction and keep you in the green.
6. Loyalty and Your Brand
Once you make a sale and successful delivery, your job is still not done. You have to keep them coming back and turn them into loyal customers. Loyalty programs and customer incentives are helpful, but there is also value in them becoming brand ambassadors and recommending your products to their friends and family. You can take advantage of this with referral programs to further grow your business. Regular but unobtrusive emails can go a long way to keep your customers updated with new inventory.
Another vital component of building a loyal customer base is to get them to care about your brand and your story. It is absolutely essential to communicate your values and make them known in the sales process. For example, if you only use homemade products or sustainable materials, make this a point to communicate. You want people to feel good about their buying decisions and your brand for long-term growth prospects.
Cracking the code to a successful eCommerce setup requires continuous testing, experimenting, and regular tweaking to keep your business growing. In addition, if your company is not solely online, you need to start thinking of ways to integrate both brick and mortar with the online shop so both can work together and feed into your bottom line. In conclusion, for long-term success in the eCommerce field, think beyond the sale and focus on creating an experience that keeps your customers happily coming back.