A growing business, in the normal course, has three options for boosting sales – create a bigger workforce, search new marketplaces, or fund product innovation. But if trending business events in 2017 are any indication, your organization’s survival may hinge on e-commerce expansion.
According to the U.S. Commerce Department‘s Internet Retailer analysis, American e-commerce sales crossed $394 billion in 2016, an annual increase of 15.6 percent. Latest consumer surveys say e-commerce is growing 23 percent in 2017. At least 51 percent of Americans confirmed they’re moving online for satisfying their needs.
7 Successful Strategies to Boost your E-Commerce Expansion
An aggressively expanding e-commerce market carries the potential to turbo-charge your business. Adopt these seven strategies and watch your e-commerce sales figures improve:
1. Design a smartphone-friendly e-store
In the previous six months, a significant 62 percent of younger, upwardly mobile, and moneyed smartphone users made online purchases. Become mobile-friendly, and introduce mobile shopping apps to facilitate your e-commerce expansion.
2. Boost conversions through multiple payment apps
If your checkout is time-consuming, customers may abandon their shopping carts and purchases. Improve conversions with multiple payment options and convenient mobile payment wallets.
3. Provide a rewarding interactive customer experience
Over 78 percent of buyers say high-quality images spurred interest in online shopping. Ensure your product enjoys the highest visibility in popular image sharing communities such as Instagram, Imgur, and Pinterest.
If product reviews are read by 69 percent of incoming consumer traffic, encourage your customers to leave feedback that will spur conversions. Live chat is an important feature as it attracts 22 percent of consumers.
4. Improve logistics to boost the buying experience
Nearly 80 percent of online shoppers say their shopping decision hinges on two simple questions – How fast is the delivery? And, what will be the shipping cost? If your answers are – same day delivery and free shipping, you are virtually guaranteeing speedy conversions (as long as it’s sustainable).
5. Bring in the boomers and mesmerize the millennials
Nearly 95 percent of Americans have tried an e-store at least once in a year. At the heart of that endeavor are the baby boomers and their progeny, the millennials, actively propelling e-commerce. Their frequency of Internet access is increasing, buoyed by higher purchasing power and familiarity with technology. Liven up their retail experience with interactive videos, live chat features, virtual fitting rooms, and 360-degree viewing.
6. Re-engineer offers and redesign your discounts
Surveys say 87 percent of Americans are price sensitive, and a healthy 71 percent love discounts. To avoid loss of traffic to comparison shopping, present an analysis of competing products, highlighting your product’s competitive pricing and strengths. Incentivize offers to regular users, and provide selective discounts to traffic coming through paid channels. Special offers can be targeted at consumers using most popular web applications.
7. Reinvent your social media outreach
The importance of social media in revving up e-commerce sales can’t be overstated. But mix it up intelligently. Do live Facebook videos to highlight your product’s uniqueness. Release mobile-friendly e-commerce ads through Snapchat, adding insider information. Hook up image sharing communities with visually appealing product images in Instagram. Build a loyal fan base with exclusive promotions, contests, promo codes, and discounts that consumers love.
If you liked those seven e-commerce tips, then this e-commerce data infographic by Trade Vitality should help you gain a better understanding of how your target customers are interacting online:
To sum up
New tools, innovations and cutting edge technology are bringing e-stores and customers together like never before. The success of an e-commerce venture lies in its ability to deliver a rewarding customer service experience. The strategies we’ve outlined cover the most winning trends in e-commerce that’ll catapult you to the top of the game in 2017. The question you need to ask is, are you ready for the e-commerce challenge?
What do you think is most important for e-commerce expansion? Tell us below or tweet us!