The eCommerce market continues enjoying phenomenal growth as more people shop online. With the Millenials and Gen Z now making up a large segment of the consumer market, growth forecasts for the industry look impressive. Ecommerce no accounts for $3.5 trillion sales worldwide, and this highlights the opportunities in this market.
The industry has enjoyed growth of 23% year-over-year for the last few years and this will continue as more people discover online shopping. A recent report says 93.5% of global internet users have shopped online. Nasdaq projects that by 2040, eCommerce will account for 95% of all purchases.
As an eCommerce business owner, you have to keep adapting your strategy to the fast-paced innovations in the industry. This is the only way to stay ahead of the competition and grow your market reach.
This guide explores some of the most effective growth strategies you should consider for 2020.
E-commerce Growth Strategies for 2020.
Harness the Power of Social Influence
How do people discover the brands they shop from? This is one of the most important questions you should ask when creating your marketing campaigns. Shoppers today rely on the experiences of others to determine where to buy goods or services. You should thus leverage social influence to boost your eCommerce growth strategy.
The best techniques to harness social influence include generating product reviews, using customer testimonials on your online store and focusing on the best sellers from your research. Online consumers ignore adverts and instead look for authentic customer experiences to make their shopping decisions. By showcasing product recommendations and testimonials, you will easily connect with your target customers.
Make Your Ecommerce Store SEO-Friendly
Most businesses focus on marketing campaigns and overlook the impact of search engine optimization (SEO). The eCommerce industry is highly competitive and if you don’t invest in SEO, you’ll likely miss your targets.
When a customer searches for a product on a search engine, your store should appear among the top organic results. This is the only way to guarantee constant traffic and high sales conversion on your page. You need to optimize your eCommerce website for search by making it SEO-friendly.
Some of the strategies to apply include customization, adding navigational links, optimizing the Meta description to suit your page, creating page URLs that reflect the products/services on the page, generating XML site maps and integrating a blog platform.
Blogging not only boosts your ranking on search but also increases conversion if you share engaging, informative, and shareable content.
Google Shopping Ads
Google provides a suite of tools to help eCommerce businesses. Unfortunately, many sellers don’t leverage these tools thus missing a great opportunity to grow sales. One of these tools is Google Shopping which shows shoppers products related to their searches. It is one of the easiest strategies to get more customers to your eCommerce store.
Turn One-Time Purchases into Subscriptions
This is one of the most effective strategies when looking for Top-of-the-funnel (ToFu). It is an innovative technique of upselling but in this case, you are more interested in subscriptions.
If you have observed most shoppers make a one-time purchase on your website, you can turn them into long-term customers by offering an interesting offer at the last stage of the purchase journey.
For instance, when a customer adds a product to their cart and is about to make the purchase, you can make an offer for a better price if they subscribe and become members. You will also showcase the benefits of upgrading into members on your store, including discounts, holiday offers, among other things. This is a great strategy in customer retention as you will also turn the new members into brand ambassadors.
Optimize Voice Search
Voice search is one of the main trends in eCommerce. The opportunities for voice are immense and as a business owner, you have to watch out for this innovative technology. Top tech firms such as Google, Microsoft, Samsung, and Amazon have invested heavily in voice.
This calls for new strategies in content creation and content marketing. If you have a blog, for instance, you have to optimize your content for search by using long-tail keywords and a conversational tone. The same applies to content on your product pages.
More shoppers will use voice in 2020 and you need to start creating content for your eCommerce store that’s voice ready.
Take advantage of FOMO
The fear of missing out (FOMO) is real and you can use it to drive sales in 2020. You can convert more easily if you play on FOMO by adding a sense of urgency to your marketing campaigns. If you showcase your deals and discounts as rare and limited, more people will jump on the opportunity.
For instance, you can display a limited number of items remaining and include a sense of urgency with words like “order now” “Only a few items remaining” or “hurry! Clearance sale!
Ready to grow your eCommerce business in 2020? It’s time to try these simple but effective strategies. If you want to stay ahead of the competition, you have to keep adapting and embracing new marketing techniques. This wins your customers and helps retain existing ones, improves your SEO efforts, boosts sales and builds your brand’s visibility.