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As you may be aware, the days of having to buy items from brick and mortar stores are now long gone. Instead, eCommerce has continued to grow into an impressive juggernaut, experiencing 24.8% worldwide growth within the last year, with eCommerce giant Amazon alone recording a net revenue of $177.87 billion.
eCommerce has continued to grow into an impressive juggernaut. experiencing 24.8% worldwide growth within the last year, with eCommerce giant Amazon alone recording a net revenue of $177.87 billion.
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Now, despite this growth, along with the massive opportunity it represents for any eCommerce entrepreneurs out there, many who enter this space often make costly mistakes that will keep them from building up a profitable business.
With over 9 years in the eCommerce niche, we have learnt a lot about this world firsthand and that the success of your store depends on so much more than just having that quality product and a nice looking and working website. Those elements are basic essentials but every single other eCommerce store will be out doing the exact same thing.
With this in mind, here are some of the eCommerce essentials that we have all learnt over the years that really do make the difference to your store:
1: Build A Pre-launch Audience
Far too many entrepreneurs are making the mistake of setting up their store yet only beginning their marketing efforts after the site has actually launched. Big mistake. The problem with this is that digital marketing efforts often require a fair amount of time before they start delivering the desired sales results. So, in the meantime, you will be paying out for web hosting fees and other expenses without the sales revenue to cover for it! Uh Oh!
Instead of getting into this mess, you need to start your marketing early and begin to build up your pre-launch audience. This happens a lot with Kickstarter campaigns that collect funding and builds a bit of a buzz before the project is actually ready.
Even if you aren’t creating a completely new or original product, you still need to spread the word. Social media competitions, product giveaways and also email list sign-ups are all ways to help you build up an audience so your store can actually make some sales on launch day.
2: Focus On The Customer Lifetime Value.
We understand first hand that converting real-life customers is not all that easy. In fact, most estimates put the average conversion rate to around 1 to 3 per cent. Because of this, you need to make each and every sale count. You won’t be in business long if your average customer only spends a few pounds.
In order to have the best chance of succeeding in this area, you need to put a lot of focus on the customer lifetime value, rather than just the initial sale. Naturally, this does require you to deliver a quality customer experience for that first sale. But, it also means you do need to do some following up.
One of the very best ways to do this is through your email marketing. A high-quality email campaign allows you to follow up with customers about their initial purchase, while also reaching for specific events such as holidays and any other special shopping seasons. Increasing your customer lifetime value will lower your cost per conversions and help you generate a longer lasting sales results.
3: Leveraging The Power Of Remarketing
A lot of eCommerce professionals invest a fair amount of their budget into marketing, with the goal of getting new customers to visit their site and hopefully make a purchase.
However, what about the people you have already convinced? If you decide to not target them through remarketing campaigns, it could be a significant profit you are missing out on.
Repeat customers aren’t only more likely to purchase from you again in the future, but they also tend to spend more money too. Repeat customers have a 60% to 70% chance of making another purchase in the future, numbers that far outperform eCommerce typical conversion rate.
TWEET: Repeat customers aren’t only more likely to purchase from you again in the future, but they also tend to spend more money too. Repeat customers have a 60% to 70% chance of making another purchase in the future!
Make sure your Facebook and Adwords campaign specifically target those who have already visited your store in order to secure a stronger marketing ROI.
4: Let Your Customers Do The Talking.
Building up a strong brand identity is an absolute must as it allows you to form an emotional connection with your target audience. When you’re able to cultivate stronger relationships with your most passionate customers, you can then leverage their enthusiasm to spread word of mouth for your store.
Studies have consistently found, few marketing methods are more trusted or effective.
The thing here is that your customers won’t always do this word of mouth marketing on their own, as you often need to provide some extra motivation for them. Don’t be afraid to reach out to your top customers with personalised messages asking for a testimonial, or simply to get their input on your products and services.
The more you are doing to personalise these interactions, the more likely your customers will become true and loyal brand ambassadors who are the ones that will drive new business to your store.
5: If You Choose To Do Dropshipping, Don’t Botch It Up!
Dropshipping, is the process of having your product sent directly from the manufacturer to the consumer. It has simplified sales for many eCommerce professionals. However, it isn’t without its own potential pitfalls.
The most common issues with dropshipping include the slow shipping times, no tracking numbers for your customers and also low-quality products.
All of these can completely kill your reputation with your customers. So, because of this, it is essential that you perform a quality check of your supplier’s products before you begin dropshipping. This way you can have the confidence that your products actually live up to your brands promise.
For shipping, select a quality fulfilment company that offers a trackable courier solution. This way, customers won’t ever have to endure lengthy delays, and they’ll always know when their order will turn up.
If you didn’t know already, building up a successful eCommerce brand isn’t always easy! If you are in the business we are sure you’ve already seen your fair share of startups fail after their initial success. But hopefully, by incorporating this knowledge from previous efforts you will be able to launch your own successful eCommerce stores and generate real and long-lasting revenue.