Ecommerce is on the rise nowadays, turning into a slowly but surely progressing giant; most of you already know that, right? But what you don’t know is how big it really is, and how well your ecommerce revenues can grow with the giant.
To be honest, this is a tough question to answer precisely, because of all the variables and uncertainties involved, but courtesy to Internet Retailer, we have got some amazing stats on this:
Now, there are two parts to this piece of information. The first one about the total number of ecommerce websites on internet seems quite phenomenal, i.e. 12-24 million ecommerce websites on internet. However, the second part is worth more attention and concern compared to the first one, only about 650,000 of those 12-24 million ecommerce websites exceed $1,000 in annual sales.
This tells us something ……… there’s an immense room for improvement in boosting your ecommerce revenues, especially considering the stats shared by statista, which predict B2C ecommerce sales to spike up to $1.92 trillion in 2016 and go as far as $2.356 trillion by 2018.
The million dollar question you come across now is how to increase your ecommerce revenues. Well, I am here with these 8 tips to help you with that, making sure you don’t get lost to plenty of irrelevant and useless information accessible quite easily on internet nowadays. So, here you go:
- Be specific – define your online audience
As far as I am concerned, your odds of making it out successfully with your ecommerce venture are always questionable if you are unable to identify and establish your ‘online territory’.
One of the basic requisites for having a significant online presence is to have a business website conceived and designed specifically to reach out to a particular fragment of online shoppers with some characteristics or interests aligned with yours.
Yes, you got it right; it’s about micro-targeting a chunk of online shoppers based on your chosen niche of products/services, which will help you tremendously in penetrating through them with specialized offerings.
- Zoom in on key personas
You start it by broadly segregating your target audience and then proceed to zoom in on key personas. Resort to research and further categorize your visitors into different types, so that you can identify the most valuable ones out of them and expose them to the most relevant and beneficial content on key pages of your site, such as homepage and landing pages.
Successful businesses differentiate themselves from the crowd surrounding them by identifying these customers, approaching them and building special relationships with them, striving hard to pool in more customers with such profile.
- Help your customers – resort to ‘guided discovery’
Every passing day adds more to contemporary consumers’ expectations; they get wiser and demanding, craving for some exceptional brand experience.
To be honest, you can turn this into more of an opportunity than a challenge, transform your casual visitors into loyal customers by optimizing their online shopping experience and make them feel that they are receiving specialized treatment best suited to their individual needs, wants and interests.
These stats published by CERTONA can give you a better idea about how can you capitalize on your consumers’ expectations with guided discovery to get the best out of your ecommerce endeavors.
- Get technology-driven – try to be data centric
Want to grab a customer before any of your competitors could? Resort to ‘geoconquesting’ where you will be helped by location-based technology, knowing where your potential shopper is, also enabling you to pitch them your offer, while they are still surfing through another retailer’s merchandize.
Dig deep into transaction histories and social data of your visitors to offer them highly personalized offers tailored specifically to their preferences and behaviors. Expedite your consumers’ online shopping experience with the help of technology, just like West Stringfellow says:
- Follow Pareto principle – the 80-20 rule
Pareto principle, when applied to ecommerce realm, translates that:
In fact, this cool infographic below by Demacmedia best elaborates this amazing phenomenon in various scenarios:
- Step up to ecommerce optimized from mobile ready
I bet most of you would be surprised to know these facts, courtesy HubSpot:
Moreover, according to a report on eMarketer, one quarter of total ecommerce revenue generated during 2016 is expected to be constituted by retail mobile-commerce sales.
Our present-day lifestyle seems insignificant without smartphone devices. Gone are the days when a few mobile screens were all what people could use to surf internet in addition to conventional mediums like desktops and laptops.
If you want to see maximum number of consumers visiting and buying from your ecommerce portal, you better get your website totally responsive, capable of responding equally well on varied screen sizes people prefer to shop online nowadays.
- Broaden your horizons – venture through new territories
You can broaden the horizons of your ecommerce expedition by translating your website in order to target customers from multiple countries. Though there are translation plugins available conveniently for majority of popular ecommerce shopping platforms, I’ll recommend resorting to specialized translation services depending upon the countries you aim to expand to.
- Strengthen your ecommerce presence – upgrade your software
Last but not least, seriously consider upgrading your ecommerce software if you have been on it for past few years without any up gradation, especially if it’s not compatible with several new and powerful techniques like multichannel marketing and automation.
In fact, sometimes you might also have to consider migrating to a totally new and enhanced ecommerce platform for better results. You can seriously lag behind if your software is not updated.
Over to you now
As they say, it’s never too late to do something; you still have ample time to get the best out of your ecommerce venture, as ecommerce industry’s boom continues its escalation.
So, this is where my list of tips on improving your ecommerce revenue ends, but it can’t be all, for sure. So, it’s over to you now; share with us in the comment section below what’s worked best for you and what’s not.
Guest author Khawar Zaman has cofounded a tech startup named Technorian based on his experience and expertise in ecommerce industry. They specialize in Magento and WooCommerce support services for businesses alongside dedicated development services.