The amount of innovation required for eCommerce marketing knows no bounds.
You have to keep up with new trends, combat upcoming competition and focus extensively on attracting new leads. With the eCommerce retail sales predicted to reach new heights with almost $5.42 trillion revenue in 2022, it is inevitable that the online stores level up with new marketing strategies to benefit from the boom.
This blog will cover 5 marketing strategies that can truly transform your bottom line in the upcoming year. Let’s explore these strategies in detail.
1. Refine Micro-moments Marketing
Everyone’s favourite search engine, Google, coined a term called “micro-moments” back in 2015. These were the reflexive instances wherein the users picked up a device, usually a smartphone, to act upon the ‘I-want-to’ moments. These were the pockets where the consumer wanted to know more about something, go somewhere, do a particular task, or buy something.
As an eCommerce brand, you can change your marketing game plan to accommodate such micro-moments. Of course, this requires you to go back to marketing basics and understand how your target audience reacts in such a situation. However, it is always helpful to keep the following aspects in mind while building a micro-moments marketing strategy.
- Declutter your website i.e. home, product, and landing pages
- Reshape your content to bite-sized formats. It can range from 10-second videos to crisp infographics.
- Emphasise the necessity of a mobile-friendly website. 64% of online retail traffic comes from mobile, probably because smartphones are easily accessible during such micro-moments.
2. Harness Niche Influencers’ Superpowers
When you are shaping future marketing strategies, it is inevitable to stumble upon the subject of influencer marketing. This is because businesses earn $5.2 for every $1 spent on influencer marketing. While the influencers on social media are classified macro, micro, and nano on the basis of the number of followers, here we talk about considering niche influencers for your brand.
Collaborating with a specialised influencer can help you connect with your target audience and gain a lot of attention in your industry. This is far superior to collaborating with broader influencers that lack focus. Celebrities may have large social media followings and use their platforms to promote the products and services they enjoy, but it doesn't mean they specialise in any one niche.
Any marketer knows that reaching the correct audience is crucial to effectively promoting a business. At the same time, you shouldn't waste time, money, or effort reaching out to people who are unlikely to become part of your target market. Niche marketing is the way to go, and niche influencers can be incorporated into your overall marketing strategy.
A niche influencer has holistic expertise in a particular industry. They have established authority through their relatable content and the followers tend to turn their way when looking for recommendations. For example, if your brand sells kid’s clothing, you should hunt for influencers that are into the parenting niche. They usually document parenting tips and recommendations to new parents. They can serve as great advocates for your products.
3. Offer “Buy Now, Pay Later” Option
There has been a rise in the number of eCommerce stores and retailers offering the buy now, pay later (BNPL) alternative to their audience. The businesses observe a 20% to 30% increment in the conversion rates.
Well-known brands like Charlotte Tilbury and Target are backing the BNPL model big time. As you can see below, more than half of the millennials and Gen Z population are already acquainted with the BNPL concept and have used it for their eCommerce interactions.
Though the model seems very close to credit card payments, the purchasing psychology behind BNPL presents benefits that credit cards cannot compete with. Incorporate the BNPL structure in your order fulfillment system with strategic marketing to encourage big-ticket purchases.
While a large chunk of the population is now aware of this practice, a few might still appear to be sceptical about it. You can establish credibility by clearly specifying what the offer entails. Mention the costs, dates when the payments shall be deducted, and highlight the advantages for the users. This approach will put your customer at ease and more likely to convert.
4. Create Shoppable Ads
The social commerce wave, especially shoppable ads on Google, Facebook, Instagram and other social media platforms have entirely changed the game. Every month 130 million accounts on Instagram click on shopping posts to know more about the products. Posting shoppable ads on your brand’s social media account can very well be the most profitable marketing decision for 2022.
The number surely indicates that you can leverage the engagement on your social media channels through tags on every post. Moving forward, in 2022, live shopping is expected to be a huge hit in the eCommerce market. The reason can be estimated as easy accessibility and removal of friction. You are just becoming a part of their daily social media routine and do not have to implement any marketing strategies to grab their attention.
5. Focus on Sustainability
Marketers often face the conundrum of how to develop strategies that achieve both profitability and sustainability. The world is slowly progressing to a stage where sustainable practices are not optional. You can start planning strategies that help your eCommerce business become completely environment friendly in the near future.
Look into short term plans like switching to environment-friendly packaging options. Simultaneously, find out long-term action plans for your online retail business because 8 out of 10 consumers care deeply about sustainability. Leaving a green footprint also leads to profits with a 42% increase on sustainable investment assets from $12 trillion in 2018 to $17.1 trillion in 2020.
With the new year just around the corner, every eCommerce business requires a well thought out marketing plan. There’s a lot of scope for innovating your marketing campaigns with a wide array of new trends emerging every now and then. You can use relevant social media, collaborate with influencers while slowly incorporating sustainable practice in the business. This will make sure that your business keeps up with the trends and heads in the right direction in 2022.