With thousands of stores trying to win the same audience, the costs of customer acquisition are increasing rapidly. Of course, this doesn’t mean that you have to put an end to your acquisition campaigns. Instead, you must focus on optimizing the results and reach of said campaigns. So without further ado, here are some tried and tested strategies to improve the revenue of your e-commerce store:
Many e-commerce businesses utilize generic ads for engaging with new visitors. Sure, these ads may get you some clicks, but they may not be necessarily ideal for convincing shoppers to buy from you. These customers should be right at the top of your funnel. Shoppers need incentives to opt for your products. Otherwise, they may look for someone who will incentivize them.
Remarketing can help you nudge visitors towards your brand, ensuring they make their first purchase. This could include a small goodie, a purchase discount or a surprise gift.
If a shopper visits your site, looks through some products and leaves, you must make sure to re-engage them to increase their chances of buying from you the next time. You can do this by promoting certain products from the category they showed interest in.
This tactic can do two things for you:
You simply need to show consumers your entire product range repeatedly and eventually, they might end up buying from you.
The quickest way to increase your e-commerce stores revenue is to ensure your customers are always engaged. Fortunately, customer retention is significantly cheaper compared to customer acquisition. All you need to do is pay attention to the purchases a customer makes from your e-commerce store. Consider using data for finding products that they will most likely purchase from you and then promote them accordingly.
The average cart abandonment rates have reached about 80 percent in some industries and one of the reasons behind this problem is distractions. Typically, online shoppers discover a store through social media ads, chat apps, television, emails and a variety of other things. People often get distracted on these mediums because of notifications and other things, causing them to abandon their carts.
This is where remarketing the product that the consumer initially abandoned can help and convince them to buy it. Some brands even utilize remarketing strategies to create a sense of urgency and scarcity around abandoned products.
Creating re-selling campaigns is an excellent way to increase your e-commerce stores profitability. These campaigns can reach shoppers when there is a likelihood of them purchasing the same product. Some would even say that it is similar to grocery shopping. For instance, if your store sells workout supplements, you can look for the number of days it usually takes for the supplement to finish. This data can help you reach out to customers, reminding them to stock up.
The last thing any e-commerce merchant wants is to lose their shoppers to competitors. You may be running various paid campaigns to attract customers towards your brand and increase your profitability only to find out that they are choosing other brands. There are several reasons behind why this happens with ad injections being the main one.
Online shoppers use various browsers and web pages every day. These often inject price comparison, customer ads and various unauthorized promotions to the browsers, luring your customers away to the competitor. Using a reliable program like Conversion Guard is an excellent way to prevent 3rd party plug-ins from intruding your customer’s browser.
Doing so can help you convert customers into shoppers and retain them, increasing your stores profitability in the process.