7 Best Growth Hacking Strategies to Boost Your E-commerce Sales in 2019
According to the Internet Retailer’s analysis, e-commerce represented 14.3% of the total retail sales in 2018 and consumers spent $513.61 billion online in 2018 which is up from 14.2% in 2017. These numbers prove that the e-commerce industry has witnessed steady growth and has continued to expand over the past few years. An increase in the number of internet-enabled mobile devices has been responsible for this growth to some extent. The consumers can easily access an e-commerce platform from anywhere at convenient hours.
However, the competition has also increased within the e-commerce industry due to this continuous growth. Therefore, it has become crucial for businesses to have an updated marketing strategy for eCommerce startup or established businesses. This type of strategic decision helps businesses in keeping up with the changing nature of this industry. The following tips allow e-commerce businesses to increase sales revenue to stay ahead of the competition.
Appear Reliable to Your Customers
Every consumer search for reliability when establishing a business relationship with a service provider. Hence, the most important factor of all growth marketing strategies for e-commerce businesses is to appear reliable and secure to consumers. The cybersecurity has become a major concern for modern shoppers, as 46% of American consumers have become the victims of credit card fraudulence in the past five years. Hence, e-commerce businesses have to take necessary measures in order to appear secure to consumers. These businesses may greatly benefit from displaying security badges.
Targeting Existing Customers
If the add-to-cart rate for a new shopper is 5%-6%, then this rate is 23%-24% of loyal customers. If the conversion rate is 1.5%-2% in new shoppers, then it is 8%-9% of loyal customers.
Therefore, it is prudent for an e-commerce business to put more focus on the ‘Customer Retention’ strategy instead of the ‘Customer Acquisition’ strategy. This may become an important growth hacking strategy for eCommerce, as loyal customers help the e-commerce businesses generate more revenue every time they visit in comparison to the new visitors.
The businesses may come up with a ‘customer loyalty’ program which offers an incentive to the consumers every time they shop. This strategy may motivate shoppers to invest more. To explore more interesting hacks visit https://bit.ly/2kh6SgA
