Over the last decade—and especially since the pandemic—ecommerce sales have exploded at record rates.
In 2020 alone, shoppers spent over $861 billion with online retailers in the U.S. That’s a 44% increase from 2019. Nowadays, 10% of all retail sales are generated through ecommerce. And this rate is expected to grow by 15% every year.
On the global scale, the ecommerce industry reached $4.9 trillion in 2021. But with over 24 million ecommerce websites already up and running online, competition among small and medium-sized businesses is fierce. In order to grow your own ecommerce business and cash in on these record sales numbers in 2022, you need a strong marketing strategy with the right tactics.
These 7 ecommerce growth strategies are guaranteed to attract high-quality traffic to your website, boost online sales, and scale your business to its maximum potential.
List of eCommerce Growth Strategies
1. Affiliate Marketing
Similar to influencer marketing, affiliate marketing lets you expand your business reach with help from affiliates who market your products to their own social media audiences via dedicated affiliate links. In exchange for the marketing help, affiliates are then compensated with a commission or percentage of sales.
But unlike influencer marketing, affiliates don’t have to be high-profile internet celebrities. Anyone with a social media account can be an affiliate. Affiliate marketing is accessible and affordable, and even if you don’t know where to start looking for affiliates, you can get a headstart by signing up with an affiliate marketing company, like ShareASale. These marketing companies have their own teams of affiliates, ready and able to promote your products as soon as you sign up.
2. Know Your Target Audience
In order for your ecommerce brand to thrive, you need to have a clear understanding of who your ideal lead is and what motivates their buying decisions. Brainstorm several customer personas, each representing a different age cohort, gender, income bracket, and location within your target audience pool. What is each one looking for? What motivates them to make a purchase? Understanding the range of potential shoppers within your target audience will help you tailor your efforts to create site content, social media posts, and lead-generation campaigns that are more engaging and effective.
3. Stimulate Repeat Business
Consider this: the cost a business pays to convert an online shopper into a new customer is seven times greater than the cost it takes to turn an existing customer into a repeat buyer. These numbers are significant, and demonstrate how important it is to stimulate repeat business. It isn’t good enough to just secure new customers. To really generate revenue and grow your ecommerce, you need to secure repeat business.
You can do this by enticing first-time customers with coupons to use on their next purchase. Another option is to implement a loyalty program to incentivize returning shoppers. Or you could try offering birthday gifts, or promoting exclusive products through personalized campaigns. The best way to encourage repeat business is by showing your customers how much you appreciate their loyalty.
4. Upsells and Cross-Sells
This ecommerce growth strategy involves persuading shoppers to buy a better, usually more expensive version of the product they were originally interested in. The most effective way to upsell is with side-by-side comparison tables. A side-by-side comparison table of two items allows you to show customers the immediate benefits of buying the pricier item over the cheaper one.
Cross-selling is a sales tactic whereby related products are promoted alongside one another. This strategy helps increase the value of each online sale, since customers are inclined to bundle the products and purchase multiple items as suggested. A good example of cross-selling can be seen on Amazon, where related items are promoted as “Frequently bought together.”
5. The eCommerce Sales Funnel
Most consumers today are internet-savvy. They’ve already scoured the web and researched other product options on other sites. So in order for your marketing strategy to succeed, you need to target every stage of the ecommerce sales funnel:
- Awareness—What is your customer looking for, and how can you provide it?
- Interest—What makes your brand stand out from other brands?
- Purchase—Why should your customer buy your product?
- Repeat—What else can your business provide for your customers?
Diversifying your content (like creating how-to videos, company blog articles, product buying guides, podcasts, etc.) is the best way to hit each level of the ecommerce sales funnel. Share content across different platforms, including your website and social media pages, and don’t forget to prioritize excellent customer service at every stage.
6. Collaborate With Influencers
Internet influencers are people who have large followings, sort of like social media’s version of celebrities. By collaborating with an influencer, you allow them to act as an ambassador for your brand, which helps you build brand awareness, reach new audiences, and generate greater sales. And in return for promoting your business, you can pay or reward influencers with free products or discounts.
Data on marketing campaigns shows influencer marketing is an effective strategy, with 90% of marketers in agreement. And though Instagram is the most popular medium for influencer campaigns, you can also collaborate with influencers on platforms like TikTok, YouTube, Twitch, and Facebook.
7. Ship Internationally
This last ecommerce growth strategies should be a no-brainer. The internet is a borderless world, and if your ecommerce business doesn’t provide global shipping, you are severely limiting your customer pool. So even if you can’t offer free international shipping, make it available anyway. As long as you are upfront about delivery costs for overseas shipping, international customers will be able to appreciate your brand and enjoy your products.
Staying up-to-date in the software industry is a full-time job. And developing a successful marketing strategy for your ecommerce business can be a challenge. That’s why many companies turn to business partners like KitelyTech, INC. for assistance. At KitelyTech, INC., we work with companies to develop and implement new software solutions, marketing strategies, and more. Call us at (800) 274-2908 to discuss your business’s software needs and find out how we can help.