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According to the Statista source, the number of digital buyers has increased every year. There is no doubt that this number will certainly grow in the coming years too. With the commencement of the pandemic, the economic crisis gave the idea of a complete digital shift. Though we were on the same page globally, the covid era has taught us well to grow in epidemic circumstances. For example, in the year 2021, the number of digital buyers was around 2.14 billion. This is 27.6 % of the world’s total population and is estimated to be around 7.74 billion. E-commerce estimated retail sales reached $4.9 trillion (about $15,000 per person in the US). Market practitioners believe this number will rise by 50% in the next four years.
Exclusive shopping occurrences like Amazon prime day, Black Friday, and many more offers, proposed great discounts. This helped spin the customers to turn back and hop on to this online shopping wagon opportunity!!
The year 2022 has projected an e-commerce sale of $5.4 trillion (about $17,000 per person in the US) with a 53.8% market breakthrough. 2022 has been declared as a year for local e-commerce plans, hyperactive customization, direct-to-customer (D2C) marketing, and different micro-sections.
Here are some pro tips for every e-commerce entrepreneur, whether you are a beginner or an ace market player. These tips will help you engage more traffic in sales and eventually in a good revenue stream. Hence, increasing your net worth.
10 E-commerce Marketing Tips to Increase Sales and Revenue
1. Collect first-party data:
By 2023 it has been decided that Google will remove third-party cookies from Google Chrome. This decision is going to be a great blast for advertisers. This evolution is taken into mind the customer’s data and privacy concerns. Even marketers will lose their grip on customers’ purchasing behavior. Hence, decreasing the impact of advertisements.
The year 2022 is a mark of diminishing these major losses. Thus, initiating the gathering of information about the first party. This in turn will increase sales and revenue by 2.9 times. An exchange for the user’s email address is the best way to gather data for the first party. Other ways can be offering discounts and whole content. A quick survey and short quizzes will also do good.
2. Allow several digital payment methods:
Several payment methods grew in demand during this pandemic lockdown. The market of cryptocurrencies and blockchain paced up. Thus, increasing the digital currency by 70%. Transparency, security, and financial flexibility with stability became more valuable. As a result, accepting digital currencies on your e-commerce website will certainly drive your market position through quick transactions and polished consumer data. Payment modes can be through personal wallets or any other third-party services.
3. D2C Marketing:
The more consumers shop online, the more D2C e-commerce marketing sales and revenue will be popular. By omitting third-party platforms like Amazon, eBay, and Alibaba, D2C brands have access to more control over consumer behavior, reduced costs, and a direct approach to customers’ data. The market gurus predict that this year e-commerce market revenue for the D2C market will reach $151.20 billion (about $470 per person in the US)
The D2C example is Nike, a footwear company. Nike disconnected itself from Amazon in 2019. Now, Nike deals with D2C marketing and delights its customers on its own website. Thus, increasing sales and revenue by 30% from 2021. So, like Nike, one can start listing its own products on its own website. Sharing informative, relatable content and collaborating with influencers can influence your marketing strategy.
4. More SEO traffic:
Previously, search engines used to take weeks to discover new content for the website. But, with Bing and Yandex’s Index Now, e-commerce businesses can now connect directly with the audiences by just hitting a publish button. Index Now alerts search engines to guide new content or any updated website content immediately. Better traffic, customer engagement, sales, and revenue. These are the free services offered by Index Now.
Big companies like LinkedIn and eBay have already adopted this new agreement. In the case of Google, it is in the testing phase. Smaller companies can also follow this protocol. Index Now simply generates a key on your server and as soon as you create, update, or delete the content, submit the URL to the search engine.
5. Managing Affiliate Marketing:
According to a 2016 survey, over 80% of advertisers work in affiliate marketing. In 2022, it is assumed that affiliate marketing will be twice its entire worth. The expenditure in the US alone is still due to reach $ 8.2 billion followed by Japan, Germany, Australia, and France.
Affiliate Marketing Software optimizes affiliate programs by controlling, tracking, and increasing campaigns. Depending upon your brand’s need, find the right platform. There are, however, some factors that need to be considered like software linking, problem-solving shadow reports, pricing, and SaaS combination.
6. Be achievable to Go Green:
With the advent of e-commerce sales and revenue, customers are more conscious about the impact of expenditure on the environment now than ever. A study has shown that 50% of customers rank sustainability among the top 5 values. Companies like Gen Z and millennials are willing to pay 39% and 42% respectively for feasible products and services. They are also concerned about the business model and the product packaging.
Feasible shipping options, recycled packaging, and sending e-newsletters to inform the consumers are some ways to achieve the Go Green plan of action. For example, H&M shopping bags can double as a clothes hanger made from recycling.
7. Product Upcycling:
Product upcycling is not new, it is a general technique followed by people of all ages. In the case of increasing e-commerce sales and revenue, it is one of the best formulas to upgrade from what is left out in the store. Selling vintage items and secondhand is a profitable e-commerce trend. A 2020 Thred Up’s resale report tells that clothing resale is going to get a hike in the next 8 years.
Online secondhand clothing platform Poshmark continues to seek growth. BestBuy deals with refurbished electronic items is good to grow. Thus, in the new e-commerce market trends, collaborating with upcycled products can boost your capital and market both.
8. Improve infiltrating marketing plan:
Infiltrating marketing plan usually refers to the activities involved in targeting traffic and improving online transparency. Activities like blogging, creating social media drives, uploading videos, etc. These marketing plans are less expensive and with higher returns too.
So, it is important to stay updated with the latest inbound trends to meet the competitive edges of the market. These edges include marketing influencers collaborations, voice search, artificial intelligence, and chatbots.
9. Set up an AI for communication:
True to the fact that customers never realize that they are talking to a human or a robot if their queries are answered. Chatbots can increase customer engagement, trust, loyalty, and customer service. Business professionals assure us that chatbots have increased their market sales by 67% on average.
Applications like Spotify use Facebook messenger as chatbots to reach out to its users, where they can listen to songs and share them too. Here you can recommend and play songs based on the genre and mood. So, it’s better to manage a chatbot for a successful e-commerce business.
10. Establish in local markets:
It’s a reasonable dream of any entrepreneur to sell globally, like Amazon, eBay, and Alibaba marketplaces. But taking steps and strides needs to land yourself in the local marketplaces as well. Investing in the local market can in return enlarge your audience reach within the country and beat the competition.
Overseas opportunities can grow simultaneously. E-commerce market regions like SEA (Southeast Asia) expect internet economic growth to be $300 billion (about $920 per person in the US) by 2025. SEA e-commerce platforms like Shopee are expanding in India and Latin America. Shopee reached a revenue of $ 1.5 billion in 2021 in three months. Later, it grew to 134% in another four months in 2021 itself.
There are many tips and strategies that need practice. One cannot be an expert in a day. Thus, analyzing the market and the trends is the best way to plan something. These tips will boost your presence and build a sense of confidence to walk hand in hand with the trends.
A lot has already been said about it. So, it’s time for execution!! Be innovative, progressive, and customer-oriented to have successful business growth.