Regardless of which industry your business operates in, as long as you have an online presence, it’s crucial to hack your growth to generate sales and ROI. Similarly, online e-commerce stores face a common challenge that needs to be resolved to improve the store performance and generating online sales.
There’s no particular roadmap for growth hacking your online store’s performance. However, several e-commerce sites are successful because they possess a growth hacking mindset and direct their efforts in the same direction by curating and executing campaigns and tests to generate more online sales.
Taking this into consideration, let’s shed some light on the best growth hacks for online stores seeking to boost their performance.
Online stores need to leverage the power of social influence through influencer marketing. Every industry comprises several influencers who customers follow for the latest updates and trends. According to Ogilvy, about 74 percent of customers depend on word of mouth to avail of services or purchase products.
When it comes to fashion and apparel online stores, influencer marketing plays a significant role in driving sales. If you want to double the sales compared to other advertising methods, collaborating with influencers is great way to do it.
In doing so, you can easily run campaigns and post a review of your product on their social media handles. This will increase your product’s visibility and make your brand known to its followers. Moreover, the trust involved in influencer marketing is much higher than social media marketing with influencers bringing in more engagement compared to brand pages.
The fear of missing out is commonly referred to as FOMO and the best selling-campaigns have mastered this technique. People don’t want to miss out on something good and it’s the fear of being left behind which leads to a lot of user engagement across social media platforms.
About 56 percent of customers fear missing out on important events and online stores can use this to their benefit. You can leverage FOMO by sparking an urgency in the consumers through limited-time promotions and content offers on your e-commerce site.
For businesses looking to scale ads on Google, ad extensions are a great way to do so. Ad extensions enable e-commerce websites to incorporate pertinent insights regarding their audience. This way, your click-through rates would increase drastically. Online stores should run creative ads which incorporate more aspects than the usual URL and headline.
With ad extensions, you can include the following extras on your online website:
Content marketing, a marketing tactic that’s proven to be quite effective in generating leads, assists online stores in forming a connection with their existing customers. However, numerous forms of content don’t necessarily apply to most segments, which is why an e-commerce site needs to analyze its target audience along with focusing on user’s intent for that particular topic/keyword.
To leverage content marketing, you need to establish a content upgrade to entice consumers and target specific audience segments entirely. You can do so by promoting content upgrades on blogs that are performing well or on your social media handles alongside your posts.
E-commerce stores like Amazon, Flipkart, and eBay regularly conduct giveaways to turn eyeballs and grab consumers’ attention. In order to execute a giveaway properly, you need to pick a product that entices a majority of consumers, if not all. This will create brand awareness, increase traffic to your online store and generate leads that helps in improving performance .
Keeping this in mind, let’s dive straight into a few things e-commerce websites can give away to acquire new customers and make existing customers come back for more.
Customers are usually in judgment mode and have constant doubts regarding whether spending money was worth it. This is precisely why numerous SaaS companies make use of onboarding programs to enhance user experience and get customers comfortable. Similarly, online stores can enable an interactive website walkthrough to maximize retention and educate customers.
Onboarding customers is not merely about making purchases and has a lot more to do with their experience.
Brands utilize a tiered pricing structure, commonly referred to as a ‘decoy pricing’ structure to influence a customer’s purchase decision. Online stores can integrate psychology while pricing products by portraying several buying alternatives like numerous subscription models or expensive and affordable menu items.
This is an effective way to lure in customers and lead them to middle-ground pricing while other prices serve as decoys. Charm pricing, another psychology pricing hack, can be effectively executed by placing a product in between the available products, in the middle to be precise.
A/B testing, a popular growth hack leveraged by a multitude of businesses, enable online stores to identify what works for the betterment of the business and cons that need to be eradicated. This primarily depend on trial and error and can be used for testing the product pages of your online store.
Why product pages in particular? For e-commerce websites, a sale of a product happens on its product page. Trial and error in this method can be comprehended as experimenting until you get it right. Make minor modifications to your product page’s design, images, layout, text font, and content.
A few common ways to start A/B testing your product page:
Numerous e-commerce websites focus on finding ways to lure in more customers to the website. Instead, you need to focus on catching customers when they’re exiting your website. You can easily do so by placing exit-intent pop-ups. These pop-ups catch those visitors who are leaving your online store without purchasing anything.
Exit-intent pop-ups do so by providing visitors with unique discounts on the products or asking them to input their email for you to bring these visitors back through your sales funnel.
Send a ‘Buy Again’ E-Mail.
Returning customers are more valuable to your online store compared to new customers. This is because these customers are more likely to add a product to their cart and have low bounce rates. Moreover, these customers are 2x times more likely to convert, which is why you need to ensure that these customers proceed to shop on your website.
Emailing buyers a “buy again” email every ten to fifteen days post-purchase might do the trick. Your ‘buy again’ emails can incorporate a URL of the product they purchased earlier or similar product links. Ecommerce websites should use email marketing software to design emails and an automation tool to schedule and send emails automatically.
FOMO, ad extensions, content marketing, and using psychology while pricing products are a few strategies to maximize retention, lower bounce rates, and generate leads and conversions. Leveraging the power of influencer marketing and onboarding new customers with website walkthroughs are a few additional growth hacks to enhance an online store’s overall performance drastically.
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