How Do eRetailers Boost Their Business Growth?
Are you using social proof the same old way on your website? - you know, the one where you place a block of text next to the customer's image.
If yes, then maybe it's time for a revamp. Social proof isn't going anywhere, but there's scope for a lot more experimentation than you would've thought.
The constantly evolving world of online retail demands businesses to think beyond normal, strive for innovation, and keep experimenting and challenging themselves to be in the spotlight. More so because, three out of five customers are of the view that retail innovations have improved the shopping experience.
One such online retail firm that’s winning the hearts of customers through innovation is Betabrand.
The Fun World of Betabrand
Die-hard fashionistas want to keep their fashion game on point. But on websites, how can shoppers understand what’s in and what’s not? Betabrand, a retail clothing company, makes it easy.
When visitors go to purchase an item on the website, they get to see how many people are interested in it. Also, shoppers can vote on the designs that make their hearts happy. These votes can help buyers be confident in their fashion choices.
Also, remember those pop-ups that are so annoying that you don't even want to read them? Especially on a website that you're visiting for the first time?
Betabrand makes them fun, too, so that shoppers don’t stop but just...spin the wheel.
Who wouldn't shop at Betabrand? They make shopping a fun, reliable, and value-adding experience.
The Evolving Status Quo
The example set by BetaBrand shows that the companies that experiment are the ones taking the crown. They tend to project their product or service positively and devise strategic plans to lure their consumer base.
The ultimate goal is to increase profits. And for that, the companies bank on various marketing strategies to reach their target audience. They advertise their offerings as a profitable catch or something that customers can't miss out on.
The eRetailers' business growth has touched all spheres, from selling shoes and jewelry to providing grocery items to customers. And this has been possible because of retailers' thoughtful strategy to reach out to their target audience on sites where they are found the most. The digital revolution has been an eye-opener, pushing retailers to cater to technology-forward customers in the best way possible.
Playing in the Digital Landscape
There is no single reason why the public is more inclined towards online shopping. For every marketing and advertising strategy ever made, discounts and similar ideas of consumer's monetary profits have always impacted customer's buying behavior in a positive way.
Let's be honest. Customers are attracted to huge discounts, and they are naturally driven to shopping sites that offer them the same.
Online firms today understand this fact and are pulling all stops to analyse consumer buying patterns - what they prefer and what they don't, what keeps them glued to a page, and what triggers them to leave the site and abandon the cart. All of this helps retailers comprehend future sales and growth.
Big Data is the key to unlock this behaviour pattern of a company's target population, and online retailers have understood this fact pretty well. That's why they are leveraging big data to the maximum by diversifying their offerings (to target various market segments), product quantities (with variations in packaging), and creating opportunities to sell their existing products.
Firms are now exploring how to maximize sales in eRetail, get repeated buyers, elevate the visibility, and attain top-of-the-mind brand recall. Also, the focus has shifted from merely selling the product. What's even more important is to understand customers and build a beautiful bond with them that stays for a lifetime.
Also, companies are constantly experimenting with their strategies to serve customers and increase eRetail sales by bringing variations in their delivery methods and adopting digital ways of doing business.
But, how to analyze whether the results being generated are adding value to the business?
Analyzing Results - the Key to Successful Implementation
A unit to measure the success of an existing campaign can be using the customer churn rate formula.
What does churn mean in business?
It is the calculation of the figure (in numbers) of customers who've opted out of a company's product or service usage. This number, with experimentation, helps in predicting campaign success, giving retailers a clear picture of where they stand and what needs to be done next.
Avenues to Play and Experiment In
Whether it is a B2B (business to business), or a B2C (business to customer) marketing, the reach is as vital as the message. When eRetailers plan to market their services, their plans circle primarily around ways to maximize their reach online.
After creating the plan, the next natural step for online retailers is to reach out to their target audience, attract customers, and give them the best possible service.
Let's look at some of the major platforms online retailers are experimenting with to put their best foot forward.
The Digital Market - Website User Experience
Companies today weigh more on their digital presence because this is the place where potential consumers search for their services.
Would you like your peaceful (planned) long drive to be ruined by a bumpy road with numerous potholes? The idea itself seems disturbing, right?!
Similar can be said about a company's target customers. They want a smooth experience too. No one wants to go shopping on a bumpy platform ride. This is where the digital experience optimization steps in. As part of it, online retailers are optimizing their websites and mobile applications so that they run smoothly on multiple devices used by shoppers.
Experience is a major contributing factor in customer retention. If customers are happy with the overall (buying to using) experience, then congratulations on your loyal conversion and increase in eRetail sales.
In fact, in a recent survey conducted by Adobe, customer experience is considered as a one of the major opportunities for companies to gain an edge in the market.
Digital experience optimization aims to weigh on the fact that not only is the conversion aspect of digital marketing important, but the experience matters equally. And this is why modern-day retailers are adopting the digital experience optimization approach.
Social Media Marketing
The same report by Adobe on “2020 Digital Trends” states that social media engagement is the top priority for various mainstream businesses.
This is largely because social media is a home away from home for customers. You can also put it this way - it's the second home of most of the people today. This is one of the major reasons why it's considered an important platform for eRetailers' business growth.
Retailers see this as an opportunity to promote existing products and experiment with the new ones. In fact, social media plays a significant role in maximizing sales in eRetail.
Therefore retailers are pulling all stops to leverage social media to understand their customers monitoring direct and indirect product mentions with the use of social listening tools - the conversations happening around the product, their opinions regarding the product's performance, and much more.
They are constantly launching surveys to capture valuable feedback from customers and understand their preferences and inclinations. These results are then used to modify the product or service to meet the demands of customers.
Help Desk Software For Business
Customer support is one arena, where each online retailer is trying to up its game, because at the end of the day, what matters is how well a customer's query was addressed. The entire process of incoming queries, and the support staff resolving them, can get cumbersome if not handled with care. eRetailers understand this pretty well, and therefore they know that adopting a help desk tool can turn out to be a savior.
Experimenting with help desk software for business is a sure-shot way to ensure that customer queries from all possible channels are consolidated on a single platform, with each member of the support staff having access to all those issues.
Once the tickets are compiled, they can be sent to relevant divisions and representatives so that they are resolved accurately and at the earliest. In fact, reps can work in collaboration via shared inboxes that help them in resolving tickets on-the-go and improve ecommerce customer experience.
Well, this is how eRetailers' business growth is happening.
Today's retailers are experimenting and propelling their online businesses towards a positive growth trajectory. But that's not all. With technology at the center of all experiments, there is a lot more that can happen in the future. All retailers have to do is keep their eyes wide open to spot trends and have a forward-thinking approach.
Experimenting and innovating is the way forward for eRetailers’ business growth
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