After 365 days, it's no longer strange to see marketing strategies in every digital industry change a bit. Staying in the know with changes in marketing strategies that concern your niche is crucial in the growth of your business. It affects your sales and return-on-investment (ROI).
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Several changes have taken place for the e-commerce industry and its marketing strategies. To help you know the areas where industry changes affect your marketing strategies and how you can adjust to keep your e-commerce business thriving, follow these seven tips below:
- Use Upselling And Cross-selling Strategies To Increase Sales And ROI
Upselling involves developing a superior version of your product/service or offering another that's more beneficial. While cross-selling is offering a complimentary product/service. The benefits of using both together increase your sales and marketing returns on investment (ROI).
For instance, if you spend $10 marketing a product worth USD$30 and sell 30 pieces of that product in a month, you'd be getting USD$890 per month [(USD$900 minus USD$10 (marketing investment)].
But if you upsell a product of USD$45, then cross-sell two others for USD$20 each and still sell 30 pieces for each, at the end of the month, you'd be having USD$2,540 [(USD$2,550 minus USD$10 (marketing investment)].
- Focus On Your Lead Conversion Rate
Your least problem is lead generation, and your biggest problem is lead conversion rate. If you have access to 100 customers of your competition right now, how many of them can you effortlessly convert to your customers? If your answer is anywhere below 70, focus more on conversion than lead generation.
Lead generation is the attraction of prospects, while the lead conversion rate is the number of clients you can turn into loyal customers. You need both to level up your e-commerce game. If you're unsure how to do it, you can hire intelligent digital marketing agencies, such as Boldist, and outsource your marketing campaigns.
- Connect With Influencers
An influencer's comment or recommendation on your product could make the difference between winning or losing a sale. This category of people, as rightly called, influence their followers. These adorable and trustworthy qualities they possess make their followers believe and follow what they say. So, working with one or two in your niche would be a worthy investment as it'll always pay off.
- Use Stunning visuals To Show Your Products
Photos and videos, especially videos, are an effective way of showing your product in action. Shopping online can be a doubtful journey. At any point, shoppers can abandon your cart all because they're not convinced about the integrity of your products. But adding photos and videos that show the benefit of your product will help convince them.
- Ask For Reviews
Another effective way of clearing shoppers' doubt is asking existing customers to review your products. Then you display the review next to the product where shoppers can read or view it. Sometimes what you say won't appeal to online shoppers, but if they hear a satisfied customer talking about your product, some consumers will persuade to buy. You can even ask industry leaders and influencers for reviews.
- Make Your E-commerce Site User-friendly
A user-friendly website has engaging visuals and content that resolve user doubts. It has a high loading speed, easy navigation, and a simplified payment process. One of the downlines in e-commerce is that online shoppers are impatient. If it takes more than three seconds for a page to load or an image or video, they'll exit the site and go elsewhere. So, ensuring that your e-commerce site is responsive will help in reducing your bounce rate.
- Let Everything You Do Be Data-Driven
Business data analytics, as called, is the collection and gathering of facts and statistics from your business, niche, and industry for the interpretation and identification of patterns. Making decisions based on these interpretations and practices will help you level up your e-commerce strategy in 2022. How? It'll help you make decisions based on what works, not just good ideas.
There are minor changes here and there in every industry that'll disrupt the way business is settled and, 2022 is already a reality. There are always tweaks to add to existing technology and tools, and digital marketing is no exception. It's necessary to add new working trends and remove unworking ones just in case to drive sales and make profits. Doing this allows you to level up and stay ahead of the competition.
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