eCommerce Is Taking Over The Business Landscape
Are you wondering how you can get the best bang for your buck? Is your eCommerce business not selling what you had hoped for online. There are three key essential steps you need to take to insure your business increases revenue through eCommerce and dominates the competitive market place.
If you are running an eCommerce business you need to integrate it with your social media channels. Once you link your eCommerce business to your social media channels you need to form social media advertising. This will help you scale your traffic and sales online.
Strategies for eCommerce businesses and social media marketing are constantly evolving every day. If you are not adapting to the change of Facebook or Instagram strategies you will lose business to your competitors who are.
By testing new strategies quickly you will begin to learn the trends the market is implementing and excel tremendously.
Three Key Tips To Maximize Your eCommerce Business
Having integrated your eCommerce business to online platforms you are now given an endless amount of information on your customer base. With this information, you need to leverage custom audiences. When we state custom audiences we mean audiences that hold a specific set of data that is the same and distinct to a certain set of criteria pertaining to your business.
Once you leverage custom audiences you can retarget them with a lookalike audience. This means you will retarget your advertising to people based on certain actions such as; emails you have sent out, people who have watched your videos, your followers on your social channels or people who have visited your website. This information is usually collected through a pixel that gathers this information to be tracked.
By targeting lookalike audiences you are retargeting audiences (e.g. people who have visited your website) that look similar to the ones in your custom audience. These people hold similar data as the consumers who are in your custom audiences. For example; they all have the same time length in which they stayed on your website, same spending budgets, favourite items etc. With these lookalike audiences, you can find many matches throughout Canada, the USA or the World. There is an infinite amount of possibilities when it comes to lookalike audiences. This makes this strategy so successful in eCommerce businesses.
TIP: Lookalike audiences in the 3% range are the most effective!
2) Abandoned Carts
The second key tip to maximize your eCommerce business would be to leverage your custom audiences with abandoned carts.
You can do this by gathering your custom audiences and retargeting them based on a set of buying behaviours they have shown such as; they have visited your website, they have visited your website and went to the checkout or they have visited your website then went to the checkout and then left items in their cart before leaving your website.
By retargeting people in custom audiences that have visited your website and left items in their checkout carts, it is called retargeting abandoned carts. This is one of the best ways you can increase revenue by 10x because it leads to a 4x cheaper return rate and a greater chance your customer will purchase your service or product.
To be extremely successful in retargeting abandoned carts it is done with a special offer.
The third and final key tip to maximizing sales on your eCommerce business is to create phenomenal offers. Make sure they are extremely creative and eye-catching. They are the key to driving sales and adding value to your service or product. When you offer exclusive offers it entices your abandoned cart retargeting audiences to buy furthermore.
If you find your offers are still not excelling and bringing business to your eCommerce company make sure you create an ad that has strong creatives. The best creatives that show results are short-format videos that value their product with either customer reviews or information based content. However, make sure this information is short and sweet.
If you have any further questions on how you can 10x your eCommerce business write us a comment below and we would be happy to reply with our client and agency tips and tricks!