4 Strategies you can use to increase the ROI of your e-commerce website
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By 2021, Global Ecommerce retail is predicted to reach a staggering amount of $4.5 trillion! It is safe to say that Ecommerce is surely achieving massive growth. In 2017, an average yearly customer spent $1800 on various Ecommerce websites in the US alone. At such a time, starting your online store might seem like a lucrative idea.
However, getting a high ROI for your Ecommerce website may not always be easy. Why should you care about ROI, to begin with? Well, 63 percent of CMOs are of the view ROI to be the most crucial measure of success.
Here are some key strategies you can use to boost the ROI of your e-commerce website.
- Enhance customer engagement with personalized messages
What is the one thing that E-commerce customers like about brick and mortar stores? It is the customized experience. Contrary to popular belief, you can deliver a personalized experience via online stores as well.
Well, for starters, you can begin by sending your potential customers’ personalized messages. You might not realize it, but all the Ecommerce giants are already doing this. Think about how Amazon functions. When you choose a given product, you find your recommendations tailored to include items that go along with the said product.
Integrate this feature on your online store as well. It does wonders to improve your ROI. This is because it allows customers to easily access goods that they might not have made an effort to find on their own.
Apart from product recommendations, personalization also includes altering email messages and live chats. The letter is customized to the tee, with specific mention of the shoppers’ name and delivering relevant promotional content. The former uses location data to tailor a large scale Ecommerce experience only to reflect products or services that are present in the said region. Both of them help in improving customer experience.
Do you know what affects ROI negatively? It is the act of targeting the wrong people! To get a high ROI, you need to focus on the right market. Therefore, before trying to market your product, make sure you have defined your frame of reference properly.
For example, let’s say you own a leather skin shop. You sell stylish jackets only. However, your target audience is defined as anyone who needs a jacket. Now, this is too broad enough to allow for effective campaigns. Not to mention that everyone who wants a jacket might not appreciate the characteristics of your offering. You are catering to a particular segment. Your job is to detect who is in this segment.
Identify your core target audience and then conduct thorough research regarding consumer behavior. What are the problems faced by your target audience? What is the best way to reach them? What are their ambitions and dreams and how can your product bring value to them? These and many consumer behavior questions can help you truly understand the consumer psyche. And once you do, you are better equipped to develop a customer experience that well is well-received by them.
While you are at it, learn everything you can about Google Analytics. This comes in very handy when trying to develop the perfect user experience. It tells you, what aspects of your Ecommerce website to focus on. You can use its finding to further delve into your target customers.
- Brand awareness drives ROI
Why would people visit your Ecommerce website if they don’t know about it? Even if you get a high ranking on the search engine, most people prefer investing in familiar sites. This is why you must work to ensure awareness about your store.
To do so, you must brand it properly. This can be done by having consistent communications and a catchy tagline. Also, invest in custom logo design services to create an impactful, memorable and meaningful logo. Together, these elements of branding make sure that people recognize your brand every time it pops up in their search results. Reflect the same features in strategic positions on your website. With repeated exposure, your Ecommerce store will be ingrained in their minds. This will help create high recall, which will eventually translate to high ROI.
- Leverage the buying cycle
One of the many mistakes Ecommerce websites do is only interact with customers during the transaction process. To generate a high ROI, you need to influence customers on all potential touchpoints throughout their buying cycle.
Be there for them before and after purchases as well. A great way to leverage pre-purchase behavior is by giving coupons or offering free downloads. This helps in enticing people to avail your services. It also helps in building trust and hence brand loyalty.
One of the most crucial parts of the buying cycle is the post-purchase phase. This is the stage where you lose customers. This is because most people experience post-purchase dissonance, whereby they begin regretting their choice and think that the alternative options would have been better. Your job is to reduce this post-purchase dissonance by catering to all their needs. For instance, if the problem is arising due to the inability of the customer to operate the product. You can deliver instructional videos to them or guide them through the process on-call.
After sale customer support drives brand loyalty like nothing else. By letting customers know that you are there for them even after purchase allows you to create a lasting bond with them. And this helps in improving ROI as it ensures repeat purchases.
Your Ecommerce website can achieve a high ROI if you focus on the right factors. Employ these four strategies in your Ecommerce business model and watch as your sales turnover drastically improves. Ecommerce has open doors for businesses. Make sure to realize this benefit before the industry becomes too mainstream.
Author’s Bio: Ashley Rosa is a freelance writer and blogger. As writing is her passion that why she loves to write articles related to the latest trends in technology and sometimes on health-tech as well. She is crazy about chocolates. You can find her at twitter.