As the pandemic-ridden era comes to a close, innovation emerges as a critical component for surviving in the tumultuous market of the present. Also, in 2023, consumer expectations and needs will be a major factor due to changes in the retail scene. Therefore, you’ll be needing an eCommerce growth strategy.
The pandemic has only hastened the extraordinary boom that eCommerce businesses have experienced over the past few years.
By 2024, the global eCommerce business is anticipated to be worth $7 trillion, which implies that the competition will only intensify.
To stay on top of the game, eCommerce companies need to be informed of the most recent eCommerce growth strategies as 2023 approaches. eCommerce companies must adapt as consumer expectations change and new strategies and technologies enter the market.
We’ll look at some of the top eCommerce growth strategies to be on the lookout for in 2023 in this blog post.
To stay on top of customer behavior and capitalize on this expanding online audience, you must build a custom eCommerce growth strategy that fits your business like a glove. Otherwise, more tech-savvy competitors will take you over and you won’t be able to grow your business to keep up with them.
By implementing an up-to-date eCommerce growth strategy you can gain greater visibility, top-of-mind awareness, high customer satisfaction, and online sales.
But that’s not all! You must stay updated with new technology, digital channels, and trends. However, you must ask yourself certain questions to know if you need these strategies such as:
After answering these questions, if you are dissatisfied, then you must have a look at these below-given eCommerce growth strategies.
All of a brand’s observable components, such as its name, logo, design, color scheme, language, etc., are referred to as its brand identity. These components assist prospective clients in telling one brand from another. If your brand identity is strong, you will stand out from the competition.
Remember that if you select an off-the-shelf option, you cannot build the eCommerce platform you desire. It will restrict your ability to customize features and create a unique layout for your website.
By choosing a custom solution, you’ll have complete creative control over the look and feel of your website, including its page layout, color scheme, and, most crucially, its eCommerce and user-interface capabilities. Connect your website to your social media profiles, emails, adverts, etc., and maintain consistency throughout all channels of communication. Customers will continue to associate your brand with this, which will help them recognize it everywhere.
87% of industrialists believe that customers expect at least some level of personalized content.
UX or User Experience is the entire impression a user has of your brand. This idea includes every engagement a consumer has with your business, including clicking on a link to your website, navigating it, speaking with customer service, making a purchase, receiving the products, and their level of happiness with your offerings.
Every little action a visitor takes on your website affects how they perceive it and whether they decide to stick around as a customer or not.
64% of buyers say that when making a purchase, the brand experience is more significant than the product cost.
You must be aware of the needs and interests of your target audience to provide a smooth user experience. You also need to know how to provide a customized shopping experience.
With referral marketing, you can reward and motivate your current clients to spread the word about your company to their friends and family. You can offer gift cards, discount coupons, reward points, or flat discounts on their subsequent purchases as referral gifts.
It also works since 92% of consumers claim to put more faith in recommendations from friends and family than they do in other sources, such as advertisements. This translates into greater revenues and improved conversion rates.
For instance, using Talkable’s robust referral program software, phone accessory store RhinoShield was able to create a conversion rate of 17.3% for its recommended traffic.
With the help of a referral program, you may retain your best existing customers and transform them into ardent supporters of your eCommerce business.
In 2023, it’s pertinent for every eCommerce business to prioritize selling across platforms but social commerce demands special attention. It’s one of the largest trends in eCommerce right now, and as younger generations start to take control of retail buying, it will become much more significant.
So begin by linking your social media accounts to your online shop. Once you’ve done that, you can tag things in your posts so that social media users can browse your offerings without having to leave the app.
Think of live-streamed shopping events, collaborating with influencers, or even providing privileged access to the latest offers on social media. Social commerce involves creating a social media strategy that converts customers through this particular channel.
Nowadays, Customer acquisition alone is not enough to succeed, you also need the best eCommerce growth strategies to retain those customers.
Sponsored advertisements are pricey, and acquiring a new customer is more expensive than encouraging existing consumers to make additional purchases. Consider cutting back on your advertising expenditures and putting more of an emphasis on your client retention initiatives to offset the rise in business costs brought on by inflation.
Provide loyalty or rewards programs where customers can accumulate points for using your brand in certain ways, such as completing a purchase, suggesting a friend, or subscribing to messages. Let clients use those points for getting free products, free shipping, or redeem a special discount. This eCommerce growth strategy will keep the customers coming back!
The cost of marketing through owned channels, such as your website, mobile app, email, and SMS, is lower than on other channels. Also, you have complete control over your customer communication and increased access to customer data.
Invest in enhancing your online store by making it aesthetically pleasing, user-friendly, and conversion-optimized. Keep building on your email and SMS subscriber lists so you can send targeted marketing to promote your eCommerce sales.
Subscriber lists are a terrific way to connect with your visitors who aren’t ready to buy but still allow you to stay in touch, develop connections with your clients, and eventually lead to conversions.
Making your customer community the core of your brand is a terrific approach for demonstrating to clients that you value their patronage and input. Building your community begins by showcasing real customer images, videos, and feedback on your product review pages.
User-generated content, or UGC, refers to this collection of actual testimonials and comments.
eCommerce requires a consistent customer experience that must flow across all consumer touchpoints effortlessly. These touchpoints include phone communication, online visits, mobile purchases, and in-store interactions. Before making a purchase, a consumer may come into contact with your brand across all of those channels, therefore their overall experience needs to be consistent while still being customized for each specific outlet.
Sales of online goods are frequently a result of the convenience omnichannel experiences provide. The purchase rate of marketers who used at least three channels in their campaigns was 287% greater than that of marketers utilizing just one channel. This is a logical choice given that 56% of in-store shoppers used mobile devices to search for products before making purchases.
Although email is an older digital marketing technique, it is still effective! Email may seem outdated in the age of webinars, podcasts, ebooks, and other methods of connecting with clients and prospects, but it is still one of the most successful marketing techniques.
That’s because 64% of small businesses use email marketing as it is a cost-effective strategy with strong ROI.
eCommerce companies should be more astute with their marketing lists. Sending out tens of thousands of emails when only a few hundred are relevant is a neither efficient nor beneficial use of time.
Send a brief new year’s quiz to your email list to refresh your marketing contacts’ information. Inquire from them about the goods they’d want to see and the information they’d like to get in the upcoming year.
It’s a terrific technique to identify addresses that are still in use and analyze the data to create more effective marketing efforts.
As the pandemic-ridden era comes to a close, innovation emerges as a critical component for surviving in the tumultuous eCommerce market of the present. Also, in 2023, consumer expectations and needs will be a major factor for your success.
To gain an advantage over rivals and increase your market share, you must continue to be adaptable, flexible, and reasonably priced. That’s why we are your best choice!
At Technocrats Horizons, we are always one step ahead of the latest trends and therefore, we can build the best growth strategy for our clients. Get in touch with us to grow your eCommerce store exponentially.