Global eCommerce sales have experienced a steady increase in recent years and showing no signs of slowing down in 2023.
According to recent industry calculations, global retail eCommerce sales will grow by 56% over the coming years, hitting nearly 8.1 trillion dollars by 2026.
But with more entrepreneurs joining the eCommerce space, developing sustainable strategies to outperform the competition and maximize sales is becoming increasingly important.
Even so, you don’t have to wear yourself out in the process. A combination of several small tactics can go a long way in helping you to achieve your revenue goals. And that’s why we’ve compiled these top 10 tactics to help you improve your eCommerce sales in 2023.
Build an Email List
Having a robust email list is an effective way to target and retarget customers with better customer acquisition potential and click-through rates.
A few tactics to help you organically compile an expansive email portfolio include offering special incentives to read newsletters, providing signup boxes at checkout, and giving out website discounts.
Besides, consider creating audience-segmented email lists and personalizing your emails to suit individual recipients. You can do this by adding named greetings and focusing your emails on what the audience wants to hear.
Embrace Mobile-first Approach
More than 74% of global eCommerce website traffic comes from smartphones and accounts for nearly 63 percent of all online shopping orders. This makes it necessary to have a mobile-friendly website and set up mobile-focused marketing activities.
To make your eCommerce site mobile-friendly, ensure you do the following:
- Make it responsive to the user’s orientation and screen size
- Improve the page load speeds
- Create large buttons and font sizes
- Develop streamlined layouts such as single-column product pages
With mobile-focused marketing initiatives, you can direct your campaigns to channels optimal for mobile experiences like social media and SMS marketing.
Establish Targeted Pricing
Chances are your competitors are adjusting prices constantly and launching promotions based on changing market conditions. You will likely lag behind if you fail to set up specialized, dynamic, and targeted pricing models.
One of the ways to go about it is to use IP geolocation to optimize prices. This involves assessing your website traffic and providing specialized pricing depending on the data obtained.
You can develop different pricing breakdowns for customers in different regions like US, China, and India by factoring in varying tax rates and other geographic pricing dynamics. In addition, you can use IP data to develop geo-targeted pricing matches to raise eCommerce sales.
Selling to large corporations
If you want to sell to large corporations, you’ll need to integrate a punchout catalog with their e-procurement solution. There are thousands of them there fore there’s some complexity, however, you can find the right company to integrate it into your e-commerce platform and have the benefits that selling to big corporations have.
A punchout to e-procurement integration allows businesses to buy products directly from suppliers’ (you) websites. To improve e-commerce sales using this solution, businesses should make their products easy to find, provide accurate and detailed product information, offer competitive pricing, provide excellent customer service, optimize their website, and analyze customer data. Implementing these tactics can help businesses increase revenue and achieve business success.
Sell on Marketplaces
Did you know you can generate up to 190% more revenue by selling on marketplaces? Selling on a legit platform gives you access to a broader customer base and enables potential customers to learn about your product offerings easily.
When you sell on your website alone, you limit your revenue possibilities to a single channel. On the other hand, offering your products on multiple marketplaces increases your eCommerce sales and ultimate profits quickly.
Optimize the Checkout Process
Another simple yet highly effective way to increase eCommerce sales is to improve the checkout user experience. The longer it takes for customers to input their payment details and other personal information, the higher the risk of cart abandonment.
Ecommerce users have varying demands. Some may prefer not to sign up prior to checking out, while others may be comfortable with a certain website layout or payment option.
You can streamline the customer journey and boost sales by:
- Incorporating guest checkouts
- Adding CTA buttons to products
- Providing multiple payment options
- Enabling customers to reset passwords easily
Make Great Customer Service a Top Priority
How you treat customers during the buying process can build or break brand loyalty. A recent report shows that over 87% of customers will less likely spend money on brands that skimp on customer service.
This points out how important customer service is to the growth of your eCommerce business.
You can improve your customer service experience by providing multiple ways for customers to contact your business, including live chat, phone, email, social media, and SMS. Besides, have a quick response rate, communicate effectively, and offer self-service support through FAQs and other resources to empower customers to fix minor issues on their own.
Devise a Social Commerce Strategy
Social commerce is one of the major trends in the digital commerce space today and will continue to be as more and more younger generations dominate retail spending. It is all about creating a full-funnel social media tactic to attract, engage, and convert shoppers on the channel.
It will be best to link your eCommerce store with social media profiles. Consider tagging your products in your social posts and allow users to get to your online store without exiting the platform.
Also, develop live-stream shopping experiences, collaborate with influencers, and offer exclusive deals for your social media fans.
Develop a Money-back Guarantee
It’s paramount to build trust. Since online shoppers cannot physically touch or test a product before buying, you need to offer them a special assurance to trust your brand. A money-back guarantee can help foster trust while showing that you are confident about the quality of your products.
Set up a time constraint to shield yourself from perceived risks linked to full or partial refunds. For instance, you can offer a 30-day money-back guarantee or any other duration. Also, establish policies and conditions to validify the guarantee.
Get People to Act By Through Scarcity Approach
Instilling a sense of urgency using scarcity will go a long way in boosting instant eCommerce sales.
For example, you can display the remaining product quantities on various pages to trigger the fear of missing out. You can even drive customers to act by sharing with them emails about the dwindling quantities of certain products.
Another option is to use limited-time offers, such as special discounts and coupons. The bottom line is to make the customer see that your products or offers are running out of stock and hurry to buy.
Intensify Your Retention Strategy
It costs five times more to acquire new customers than to retain existing ones. It will help to pay more attention to your customer retention efforts rather than increasing paid ads.
Offer customer rewards and loyalty programs to enable your customers to earn points for remaining loyal to your brand and referring friends. Customers can then redeem the points for free products or discounts.
Endnote
You need proper strategies to increase sales, whether you are just starting or running an already established eCommerce business. Depending on your team’s capacity and business goals, you can opt to leverage some of these strategies or combine them all to drive sales.
