Growing an e-commerce store can be challenging, but these growth hacks will make it easier for you to increase sales.
The world of e-commerce has exploded over the last decade. Business owners are turning their brick and mortar stores into virtual experiences, and many new entrepreneurs use the internet to sell their products and services.
Shopping online is just as popular with consumers. In fact, a stunning 93.5% of internet users around the world have purchased something online.
Growing your brand is not easy between the countless businesses out there and potentially millions of leads across the globe. However, if you don't take your business to the next level and start looking for ways to grow your business, you could find yourself in trouble years or months down the line.
Today we are going to take a look at five growth hacks that will help you boost your e-commerce sales. Our tips cover converting customers that abandon their cart, spreading brand awareness for more sales, designing goals that will help you thrive, and much more.
Let's get started!
Spread brand awareness with a giveaway.
You're going to have a hard time getting more sales if people don't know your business exists. Luckily, there are plenty of ways to spread brand awareness, even if you're on a tight budget.
One of the easiest ways to get the word out about your company is through an online giveaway. Pick a prize from your product catalog and create a giveaway that allows people to enter by sharing your post and tagging their friends.
As more people get involved with your event, you will start to see more engagement, traffic, subscribers, and sales. Today, there are about 3.81 billion social media users, so there's some serious room for growth if appropriately implemented.
If you want to generate even more engagement on your site, you can create rules that allow for multiple entries for different actions. For example, someone could get up to three entries if they follow your brand on social media, share your post, and subscribe to your email list.
Giveaways take time to master, but with experience, you can see exponential business growth using this marketing strategy.
Focus on cart abandonment.
Now that you're generating leads for your business, it's time to start thinking about how you will prevent consumers from bouncing from your website. Business owners and marketers struggle with cart abandonment, which is when someone adds items to their online shopping cart, only to leave before they check out.
You can limit the impact of this problem by asking consumers to sign up before adding items to their shopping cart. After they subscribe and abandon, you can send them a friendly email reminder that they still need to complete their purchase.
We suggest sending three total within a week. If you want to make sure consumers come back, you can add a limited-time promotional code that will give them a discount on their order.
Retargeting pixels are another great way to keep people engaged with your site after they leave. Essentially, when a customer visits your website, a cookie gets dropped on their browser that tracks their experience.
When they are browsing social media later, they will see advertisements that encourage them to come back and buy the item they were looking at earlier that day. This marketing strategy is particularly useful when someone simply forgot to complete their order.
Leverage influencer marketing.
Influencer marketing can help you grow from both a brand awareness standpoint and financially at the same time. If you don't know, influencer marketing is a social media marketing strategy where business owners work with prominent social media figures for brand exposure.
In most cases, you can find influencers on YouTube, Twitter and Facebook. There's no doubt that most influencers spend their time on Instagram. Not only is this effective for the influencer, but it works well for the business owner too. Believe it or not, about 130 million Instagram users click at least one shopping post a month.
Your goal with influencer marketing is to find people with personalities and content that match your brand voice and values. You'll want to do a deep dive into the influencer to make sure their target audience aligns with your own; this will ensure more click-throughs and engagement.
The most common form of influencer marketing comes in the form of product reviews. You will send an influencer your product, or a code for your service. They will spend some time with your product and make a video documenting their experience.
Don't forget to include a customized link for each influencer so you can track how much traction you're getting from each person.
Find ways to sweeten the deal.
Have you ever went through with a purchase because you were offered a deal to good to pass up? If so, you're not alone. Consumers regularly commit to purchases when they were on the fence if the deal works for them. For instance, if the price is a factor, a 30% discount could be the thing to convince that person to go through with the sale.
There are endless ways you can sweeten the deal for your consumers. Limited-time promotions on your website and social media can encourage consumers to make complete the order through FOMO or fear of missing out.
A stunning 56% of social media users experience FOMO when they see their friends or influencers using a product or service on their profile. Combine a 20% discount with FOMO, and you have a recipe for more sales.
Take this opportunity to send out a flash sale to your email subscribers. Offer a gift with every purchase, or a discount too good to pass up.
Personalization can go a long way here. Make personal suggestions based on the browsing history or preferences of each segment of your lead list. The more relevant and helpful suggestions you send to your subscribers, the more likely they will come back for more.
Using the customer's name, offering birthday discounts, and showing them relevant products are all ways you can add more personalization to your emails.
Set and review SMART goals.
Finally, you should set and review SMART goals if you want to ensure continued growth. SMART is an acronym, and it stands for:
Simply put, establish realistic goals based on research and make sure you have a time frame in mind. If you're not regularly reviewing and updating your goals, you may fall out of touch with current trends, which could make readjusting when it's time to scale up a challenge.
Talk to your partners and upper management during this time and identify opportunities to help customers through each stage of the sales funnel. The key to consistent growth is understanding what people want and when they want it. Obviously, you won't be able to uncover this information in one day, but you can fine-tune your marketing strategy for exponential growth over time.
Once you reach a point of rapid growth, keep on top of your goals and the marketing strategies we mentioned today. Building your brand and growing in this competitive environment is about consistency. You have to continue to make efforts to develop meaningful connections with your target audience while still creating relevant content and offers for your long-time fans.