The eCommerce industry is continuously seeing rapid growth over the last few years. Growing reliance on online services and stores is the driving force behind the industry's rapid growth, and we can expect to see the same in the coming years.
According to experts, the overall sales in the eCommerce industry will be around $58 trillion in the next five years. Therefore, there are a lot of opportunities that are waiting for new players that want to enter this lucrative market.
However, with such profitability, you can expect high competition in the industry. Thus, it is essential to have a marketing strategist by your side to stand out from the rest of the competition. Additionally, it would be best if you used the right strategies for growth. So, to help you out, we'll discuss seven growth hacking strategies for eCommerce in this article.
Growth Hacking Strategies for eCommerce: Top 7 You Can Employ
Growth hacking refers to data-driven marketing that uses budget-friendly tactics for rapid experimentation. As a result, you can identify cost-effective methods for business growth. Let's go over eCommerce's top 7 branding and growth hacking strategies.
Reduce Website Loading Time
First and foremost, you cannot succeed in a hyper-competitive eCommerce industry with a slow and unresponsive website. In a fast-paced world, visitors have low patience and would abandon slow services. Therefore, the website for your eCommerce business should focus on reducing website loading time.
According to Google, 50% of the users will leave the website if it has a higher loading time than 3 seconds. Decreasing the loading time for your eCommerce site will allow you to enhance the overall user experience. Not just that, but it also helps you reduce your bounce rate, helping you increase sales.
Partner up With an Influencer
Social media has become a critical element of our daily routine. There is a growing number of influencers with thousands of followers on social media platforms.
You can collaborate with influencers with a high following among your target customer base. Here is how you can benefit from influencer marketing:
- First, create a buyer persona to know more about your target customer
- Next, choose the social media platform that your buyer persona likely uses the most
- Lastly, please find the relevant influencers and contact them for collaboration
One of the best things about influencer marketing is that you can access a large follower base. Therefore, it allows you to enjoy good returns with minimal investment.
Offer More Holiday Deals and Discounts
For various products, customers shop around during special occasions and holidays such as Christmas, Thanksgiving, Halloween, etc. They're more likely to shop around with brands that offer the best deals and discounts.
Therefore, you must offer special promotional offers during the festive seasons to grab the target audience's attention. It will help you with your branding efforts and improve your customer base's perception of your eCommerce business.
Focus On A/B Testing
One of the most critical growth strategies for your eCommerce business is A/B testing. It allows you to check whether your business meets the conversion goals and what you can do to improve the overall customer experience.
Regularly conducting A/B testing for your product pages will help you deliver the best possible experience to your user. As a result, it will help your business to maximize its conversion rate.
If you fail to carry out A/B testing time after time for your product pages, you'll miss out on the potential opportunities. You won't be aware of the recent trends and changes in customer behavior to make relevant changes to your product pages.
Retargeting and Remarketing Ads
Sometimes customers might visit your website and leave it before placing the order. This doesn't mean they abandoned the product but chose not to buy it at that moment. That is where retargeting and remarketing ads come into play.
These ads pop up when customers browse the internet to remind them about the product they are about to buy. Below are some ways you can use retargeting and remarketing ads:
- Create a sense of urgency by showing the stock is available in a limited quantity
- Entice them with a special deal or discount on the product they were about to buy
- Show a variety of similar products to regain the customer's interest
It is essential to be careful that you don't annoy the customers with too many ads. Make sure to use it to nudge the customer towards buying the product.
Take Advantage of a Referral Program
Referral programs are one of the book's oldest tricks and are still influential today. Not only does it encourage the customer to make a purchase, but it also ensures that they bring an additional sale for your business.
Customers can access a special discount by offering a small discount when referring the products or the brand to their friends and family. It is a win-win situation for all parties involved in this transaction. So, you should consider a referral program for your eCommerce business growth.
Upsell and Cross-Sell
Lastly, retaining your existing customers is the best way to ensure your eCommerce business growth. It is relatively easy and cheaper for your business to earn additional revenue from your current customer base instead of targeting and finding new customers.
You can upsell and cross-sell to your customers and make additional revenue from them. Upselling refers to encouraging customers to upgrade their order, whereas cross-sell is about offering customers complementary products with their current purchase.
The idea behind both these strategies is to show customers that they can increase their order value. As a result, it will push them to make additional purchases from your brand.
These seven growth hacking strategies for eCommerce business strategies will allow you to set a solid online foothold. You can experience a high conversion rate while availing of the opportunities that come your way. It will also assist you in creating a strong and positive image of your brand.