Are you an e-commerce business? Do you find that you may be having trouble selling your products online despite the increase in online shopping behaviours?
In fact, did you know that for 2021 e-commerce sales were expected to account for 17.5% of global retail sales? What’s more, by 2023, it’s predicted that this number will rise up to 22%!
There’s no better time than now to take advantage of the changes in consumer behaviour. That’s why we’ve put together a shortlist of quick tips and tactics to maximise your revenue and capture a share of this growing trend.
1. Promote a Discount or Sale to New & Existing Customers
It’s no big secret that absolutely everyone loves a good deal, especially if it’s for a product that they’ve been dying to have. A sale is a good way to bring in new customers and clients to your business.
However, if you want to really ramp up your revenue and minimise your ad spend, the best thing to do is market the campaign to existing customers. Send out an email to those that have purchased from you in the past and let them know what’s up.
A big sale is also a good way to encourage new audiences to get to know you better. Offer a discount for anyone that chooses to subscribe to your weekly or monthly newsletter. That way, even if they don’t make a purchase, you still have a solid means of getting in touch and winning them over in the future.
2. Offer FREE Shipping!
One thing that contributes to cart abandonment is high shipping costs (43%). Nothing makes a potential buyer bounce from your site faster than unexpected costs. In fact, unexpected costs are responsible for 56% of all cart abandonment.
Free shipping eliminates the surprise of unexpected costs and keeps potential buyers excited about their purchases. One way businesses could go about this is to offer free shipping options to first-time buyers, repeat consumers or both.
3. Upsell Your Products
Upsells are when you offer customers a newer or better version of the item in their shopping cart. These often appear as pop-ups on most e-commerce websites to automate the process.
One example of this could be when a customer is in a store looking to buy a thermos or jug. A salesperson then upsells them on a model and brand that can keep their beverage hot or cold for longer periods of time.
Another example is often found in many software or service businesses. Often displayed on their sales pages are three different packages, each detailing what features and functions are available for each tier. The upsell would be showing the customer how much more value they can get for the more expensive package.
4. Cross-sell or Collaborate
Cross-selling has been around pretty much since fast food has been around. A classic example of a cross-sell would be the simple, “Do you want fries and a shake to go with your burger?”
When it comes to e-commerce and online shopping, a good example of cross-selling would be Amazon’s “Customers also bought…”
So think about your products clearly and consider what other items you could sell together with them. If you’re a toy store, for example, some of the toys on your shelf indicate that “Batteries are not included” then you could cross-sell rechargeable batteries to your customers.
For electronics, accessories are always a good way of cross-selling. For clothing, you could offer items with similar styles and hues.
5. Retarget and Re-Engage e-Commerce Customers
Last, but certainly not least is to always retarget and re-engage customers and visitors to your website. You can never completely eliminate shopping cart abandonment. For one reason or another, some customers will end up leaving your website without checking out.
But did you know that follow-up emails to customers that abandoned their cart have an average open rate of 45%? What’s more, out of that 45% about 21% received click-throughs!
Another way to retarget and re-engage customers is through Google and Facebook Ads.
Before there was social media, the old marketing rule of 7 stated that someone had to hear or see an advertiser’s message at least 7 times before they’d take action and make the purchase.
Today, that number is likely to be much higher. So don’t stop trying to re-engage customers that are already familiar with your products. Out of sight out of mind, they say. So do your best to always stay top of mind in your customers’ memory.
There are a dozen more sales tactics and strategies that you could use to further increase your revenue. We’ve only just touched the surface. If you’re looking to scale your digital marketing strategy, however, and you believe you might need help doing so, get in touch with the team here at SponsoredLinx and we’ll work out a strategy that helps skyrocket you to the top!