In eCommerce, one of the most crucial yet underappreciated hurdles to sales is driving visitors to click and view products. Unfortunately, the data reveals that, on average, eCommerce stores have a 33.9% bounce rate. This suggests that approximately a third of all of the visitors that hit your homepage abandon the site without ever browsing through your inventory of products. On the bright side though, once a shopper clicks to view a product, you increase the likelihood of closing the sale.
To help eCommerce brands like yours take the leap from pursuing online-only marketing strategies to a hybrid approach which includes offline tactics too, here are four types of offline marketing campaigns you can launch next.
Growing up in Brooklyn, NY, Steven Gordon, like many teenage hopefuls, wanted to become a rapper. Gary Jiang, an East Village native, was particularly fond of graffiti and art. With a love for everything hip-hop and a deep respect for streetwear culture, the pair partnered to launch MuffinMilk, a now defunct streetwear brand. But while they were in high school, the two managed to pull off an impressive six-figures in sales.
For eCommerce companies, building a homegrown fan base is hard. This is especially true if you discount all the family and friends you coerced into hitting ‘like’ on your Facebook page. But I’ll let you in on a secret: You don’t have to do it alone.
In 2015, Amazon sold more than 480 million products and generated $105 billion in revenue. Undoubtedly, it is the largest and most successful eCommerce company in history. Because of that, other online retailers consider it a textbook example of how they should model and grow their businesses.
“Over the course of my seven years as an entrepreneur, I’ve learned that it’s tough to be the kid on the playground without any friends. The same is true in business."
-- Web Smith
When shoppers arrive at checkout, an overwhelming majority get cold feet. The data suggests that, on average, 68.53% of shopping carts are left abandoned. Additionally, for eCommerce stores, a whopping $4 trillion worth of goods are left idle in shopping carts floating around cyberspace.
Roughly a decade ago, Harry Joiner, founder of eCommerceJobs.com, took over the eCommerce and Online Marketing Experts group on LinkedIn. At the time, the original creator of the group felt overwhelmed; with a day job, it became hard to juggle all of the different responsibilities associated with being a LinkedIn group administrator. So, the group’s founder passed the torch onto Joiner. Today, the group has nearly 83,000 members and may very well be the largest eCommerce group on the platform.
As a store manager, you are expected to know every intimate detail of your business. Without hesitation, you should know which products are available, how many orders you receive each month and what your ideal customer looks like. So, it may be hard to believe the fact that there are several elements of the customer experience that are unknown to you. That is because you do not spend enough time in your customer’s shoes.
In 2014, research firm Nielsen conducted a study that found 85% of all consumer packaged goods (CPG) product launches flop. Of course, many see this as a necessary cost of doing business. To effectively test whether or not their ideas will fare well with consumers, big brands develop dozens of products, investing millions in the process, hoping that a handful will become wildly popular. And they do all this knowing a majority of their newest products will fail. For small businesses though, this statistic is hugely discouraging. Fortunately, there are things brands and store owners can do to ensure the next products they develop, launch and promote are a success.
When serial entrepreneur Noah Kagan challenged himself to make $1,000 in 24 hours, he did just that and, in the process, founded Sumo Jerky. An avid consumer of jerky, Kagan hypothesized there were enough people out there who would happily pay him money for delicious jerky. So, he spent five minutes deciding on a name and building a basic landing page. Then, he reverse engineered how many orders he’d have to sell before hitting his $1,000 earnings goal. Next, Kagan imagined who his ideal customer would be and drafted a marketing plan. Finally, he reached out to people he knew that were likely to place an order and before his 24 hours were up, he had surpassed his goal. With $3,030 in sales and $1,135 in profit, he proved to naysayers that building an eCommerce business — or any business really — is entirely possible with an almost negligible amount of upfront investment and a ton of willpower.
Public relations was the perfect marketing channel for our bootstrapped eCommerce startup. For other brands, it serves a variety of purposes such as boosting sales, increasing brand awareness and influencing brand perception. And though it may seem daunting to step in front of the media and promote yourself, it is easy as long as you believe in your mission and product.
To help you craft newsworthy stories, here are four tips....
When Justin Butlion, content and social marketing manager at Yotpo, analyzed data across 18,000 small to medium eCommerce sites, he found, “30.5% of all traffic was coming from organic searches on Google, Bing, Yahoo, and other search engines.
In 2016, eMarketer and Forrester predict U.S. eCommerce companies will sell between $355 and $393 billion worth of product. Their estimates also suggest American eCommerce revenues will reach upwards to $500 billion by 2018. For brands to stay relevant and get a slice of the pie, it will be important that they update their existing business, marketing and merchandising strategies to adapt to the needs of the modern day consumer. Changes in buying behaviors and technology have significantly affected how people shop; companies that embrace rather than resist those changes will find themselves easily currying favor with customers.