As ecommerce consultants, we know that staying on top of the latest trends and strategies is crucial to achieving a positive return on investment (ROI). With the end of the financial year fast approaching, let’s take a look at eight strategies you can implement now to achieve this goal for the new financial year.
The trend towards personalisation has been growing for years, and it’s not going away any time soon. Customers expect a personalised shopping experience, so implementing tools like product recommendations and smart merchandising, personalised email campaigns, AI powered search and targeted ads can increase conversions and revenue.
With mobile devices accounting for a significant percentage of ecommerce traffic, it’s crucial to have a mobile-friendly website. Ensure that your site is easy to navigate and loads quickly on mobile devices, as slow load times can lead to high bounce rates. We suggest using full featured CRO tools such as Hotjar to identify, track and test opportunities for improvements in the mobile experience.
Social Media Marketing
Social media platforms like Facebook, Instagram, and Twitter are powerful tools for ecommerce marketing. Creating engaging content and running targeted ad campaigns on these platforms can drive traffic and increase sales. Remember, the key is to look at these platforms as a source of traffic to your site or another channel where you can merchandise and sell product…..eg. having the best Facebook company page will not necessarily drive your bottom line and followers and likes can be fickle.
Video content is becoming increasingly popular, and it’s a great way to showcase your products and engage with your audience. Incorporating product videos, instructional videos, and live streams into your marketing strategy can increase customer engagement and ultimately, revenue. Research shows that videos on a product page can increase conversions by up to 80%.
Up-selling and Cross-selling
Up-selling and cross-selling techniques can increase the average order value and improve customer satisfaction. Recommend related products or complementary items via personalisation or social proof during the checkout process to encourage customers to spend more. For example, cultivate and show product reviews and ratings and use smart AI technology to serve up relevant matches.
User-generated content (UGC) can be a powerful marketing tool, as it provides social proof and builds trust with potential customers. Encourage customers to leave reviews, share their experiences on social media, and participate in user-generated content campaigns.
Use Data Analytics to Drive Insights
Data analytics is a powerful tool for ecommerce businesses. By analysing customer data, businesses can gain valuable insights into customer behaviour, preferences, and purchasing patterns. This information can be used to improve marketing campaigns, optimise pricing, and identify new growth opportunities.
Retargeting is a powerful tool for ecommerce marketers, as it allows you to target customers who have already shown an interest in your products. Implementing retargeting campaigns can increase conversions and revenue by reminding customers of products they viewed or abandoned in their cart. In conclusion, implementing these eight strategies in 2023 can have a positive impact on your ecommerce ROI. By focusing on personalisation, mobile optimisation, social media marketing, video marketing, up-selling and cross-selling, user-generated content, and retargeting, ecommerce businesses can stay ahead of the curve and drive revenue growth.
Implementing these eight strategies in 2023 can have a positive impact on your ecommerce ROI. By focusing on personalisation, mobile optimisation, social media marketing, video marketing, up-selling and cross-selling, user-generated content, and retargeting, ecommerce businesses can stay ahead of the curve and drive revenue growth.
BY CRAIG RUNDLE
Director at Tin Soldier
Craig, founder and Director @Tin Soldier lives and breathes digital. Being slightly geeky, since the late 90’s he has been involved and watched the internet grow from one page websites through Web 2.0 and more recently with the advent of AI technologies. Craig’s passion is ecommerce, in particular creating great customer experiences through personalisation, content and connected systems.