E-commerce platforms are beginning to see tremendous growth in recent times. Even though, expert economists predicted that the pandemic will slow down the growth of this industry but the reality was quite different. Companies like Amazon.com Inc. experienced tremendous growth and thereby solidified their state as one of the biggest companies in the world.
Therefore, this week we are going to take an in-depth approach analyzing some of the tactics used by these BIG GIANTS in the e-commerce industry.
1) Upselling: Upselling is a sales technique where a seller invites the customer to purchase more expensive items, upgrades, or other add-ons to generate more
revenue. This technique is very useful if you are looking for related products. For example: if you are selling an iPhone X it might be a good idea to offer the customer an iPhone X phone case. According to research upselling is more cost-efficient than selling to new customers.
2) Integrating Social Media:
Social media is an amazing platform to gain traction for your e-commerce site. By engaging with your target audience you too can direct traffic to your website and convert them into paying customers. One of the best tactics to follow is to promote your e-commerce website through your most sold or recommended product. This will increase your credibility and you are more likely to convert your visitors into actual customers.
3) Email Marketing: It is often overlooked but email marketing is one of the most effective ways to convert customers. But first, you need to generate an email list. Please do not buy an email list subscription from any second-party sources. Focus on generating an email list through email subscriptions. People who will subscribe to this email list are interested in your products and are more likely to buy them when there is a special or limited-time offer.
4) Abundant Cart Email: Sending reminder emails to people about their shopping cart can significantly improve your sales. The average rate of cart abandonment ranges from 68% to 80%. Thus, reducing this number through targeted email marketing campaigns will significantly improve your net revenue.
5)Live Chat Support: Introducing Live Chat to your e-commerce website is a great way to
increase engagement with your potential customers. As research suggests, people are more like to make an online purchase when there is some form of support available including live chat, FAQ page, and phone/email.
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