Check out these four tips to grow your ecommerce business from our friends at Venture Harbour.
Focus 80% of effort on your best products
According to Pareto’s Law, it’s likely that 80% of your profits are derived from 20% of products.
By focusing on the small number of products that disproportionately contribute towards your website’s success, you can achieve exponential growth.
Why? Because It’s typically easier to grow a product generating $100,000 / month to $200,000 / month than it is to get a $5,000 / month product to $10,000 / month. You’re better off focusing on the $100,000 improvement than the $5,000 improvement.
Use Facebook Exchange retargeting to reduce lost sales
Thanks to the level of segmentation, Facebook Advertising can be enormously effective for acquiring new customers and re-activating old ones.
For Ecommerce sites specifically, Facebook Exchange is particularly effective in reducing shopping cart abandonment.
Facebook Exchange works by dropping a cookie on a user’s computer when they visit certain pages on your site. If a user adds a product to the shopping cart, but doesn’t purchase, a cookie can be dropped on their computer, signalling Facebook to display an advert on their timeline encouraging them to complete their order.
In combination with standard Facebook Ads, this technique is extraordinarily powerful. In a study of $1.2M in ecommerce sales, Nanigans found that customers who entered FB Exchange remarketing pools after first viewing a standard Facebook ad purchased 89% more in sales revenue than those who entered FB Exchange remarketing pools from other channels, such as organically or through search.
Automated birthday, anniversary, and seasonal cash discounts
One of the simplest ways to boost customer loyalty and lifetime value in a personalised, yet automated, way is to set up anniversary, birthday, and seasonal discount coupons.
Using a marketing automation tool you can set up sequences that send each customer a personalised message on their birthday, and at specific intervals after purchasing from your site.
In a study of 10,000 birthday and anniversary emails, Experian found that personalised birthday emails had almost five-times the transaction rate of standard bulk birthday mailings.
Use long-form content marketing to boost SEO traffic, social engagement, and drive sales
After testing a variety of formats and content lengths, we found that producing highly visual 3,000-8,000 word guides was one of the most consistently high performing content mediums for increasing social engagement, search traffic, email subscribers, and revenue.
When created around specific product categories, Ecommerce content marketing provides a great opportunity to acquire targeted traffic for the one-off investment in producing the content.
At Commerce Dynamics, we provide the perfect platform to leverage these innovative e commerce growth strategies by providing a modern UX, extensive email marketing capabilities and PCI level 1 compliant security. We also have extensive experience migrating clients and their data from one platform to another.
Check out the full article for more e commerce growth tips here.