How to Outperform your Monthly E-commerce Sales for your Retail Business
Do you regularly scrutinize your month-on-month sales figures? What do these figures foretell about your upcoming sales?
Or, let’s keep it on the nose:
Have you drafted the definite strategy to grow your monthly e-commerce sales?
E-commerce revenue is embracing new peaks in 2021. The partial lockdown phase and the social distancing norm have been significant driving forces behind this rapid growth of the e-commerce sector.
The online retail sector in the U.S. alone is anticipated to transcend $740B in revenue by 2023.
So, are you capitalizing on this rising e-commerce trend? If not, this might be the best phase to establish a huge customer base for your business. And you can grow your monthly e-commerce sales with some planned efforts.
However, the competition in the B2C e-commerce sector is just getting fiercer each year. And your competitors are likely to give you a tough run for your money.
So, here is how you can grow your month-on-month e-commerce sales.
8 Ways to Outperform Monthly E-commerce Sales
1) Lead with Better E-commerce SEO
You probably know that SEO is crucial for online visibility. But, you must also understand its significance in your e-commerce sales.
Do you know 68% of all consumers begin their product searches from search engines?
With this, organic traffic constitutes over 40% of all business revenue. And this figure is even higher for e-commerce businesses. In fact, search engines form a major traffic source for a majority of e-commerce sites.
Today, popular e-commerce marketplaces steal (or earn) a significant amount of sales.
Marketplace giants like Amazon, eBay, Alibaba.com, and Etsy together earn over 50% of global e-commerce sales.
With that said, it becomes more challenging for proprietary e-commerce businesses to establish a good customer base. And so, your search engine visibility plays a crucial role in attracting potential customers to your site.
The first step towards improving the SEO score of your e-commerce site is by upgrading or employing an SEO-semantic e-commerce platform.
Many businesses use template-based e-commerce solutions that have less to no support for SEO. And therefore, before you ask your digital marketing partner to improve your site’s SEO, make sure your site is SEO-semantic.
A marketer can then perform various on-page and off-page SEO tasks to grow your search visibility and traffic.
Some of these e-commerce SEO tasks include:
- Creating meta title and description (by using ‘concatenation schema’)
- Adding keywords and crucial product-related content to your site
- Enhancing the site’s speed
- Improving your site’s architecture for better SEO
2) Demystify the Road Ahead with Data-backed Strategy
E-commerce is definitely one of the most rapidly growing sectors, but so is the e-commerce competition. You cannot expect overnight success or a startling month-on-month growth.
Instead, you have to track your month-on-month growth, scrutinize strategies, and lay your steps to success. With that said, your monthly strategy must be backed with suitable data from the previous months.
Some crucial data metrics that can help you curate a productive monthly strategy:
- Sales graph of the previous months
- The best performing product categories in the previous month
- The product pages that had a high exit rate and bounce rate
- The cart abandonment rate of the previous month
- Offers and deals with the highest conversion rates
- External marketing efforts and landing pages that worked for you
- The target audience that gave you the highest returns
- Customer loyalty and repeat orders
- The overall shipping cost and order fulfilment rate
- The success rate over your various marketing efforts
- The overall bounce rate on your e-commerce site
These data inputs can help you modify your monthly strategies and you can keep achievable goals. These will also guide your SEO and paid marketing efforts.
Some businesses use 3rd party data analytics software for collecting and analysing data. However, these tools have security limitations and may not give your real-time access to data.
On the other end, many marketplaces and established e-commerce brands employ e-commerce platforms that have in-built data analytics features.
Using such e-commerce platforms also allow you to feed your data to integrated tools. These can be AI-based personalization tools or automated notification management tools.
3)Use Social Proof as your Armour
So, do you take your friend’s recommendation before purchasing a product? Or, do you check for its ratings & reviews online before buying it?
Pretty often right!
Our human psychology makes us believe in social proof. We like to be appreciated for our choices. And our purchase decisions are guided by the common choice of the majority.
As per the statistics,
- 97% of consumers are most likely to check reviews before they make an online purchase.
- And 86% of shoppers would change their mind about a purchase if a product has 1-star or 2-star ratings.
So, e-commerce businesses need to regularly grow their social proof. And in tandem, this practice is most likely to grow your monthly e-commerce sales.
Some important tips to grow the social proof for your e-commerce business include:
- Encourage positive user reviews for your products and brand
- Offer seamless user experience with secure payment
- Keep your cancellation and return policy in place
- Highlight product reviews and product popularity on your site
- Grow social proof through influencer marketing and social media engagement
- Suppress any negative social proof for your products or brand
You can use tools to set up alerts for your brand or product mentions on the web or social media. This will help you stay aware of any negative social proof that you might wish to dwindle away.
A good e-commerce platform will also help you improve the social proof on your website by:
- Offering seamless user experience on your site
- Employing robust and secure payment functionality
- Delivering real-time order tracking feature to consumers
- Maintaining high order fulfilment rate and minimizing delays in shipping
4) Capitalize Smartly on Mobile Commerce
M-commerce or mobile commerce has witnessed a whopping growth in the last 5 years. Experts anticipate the online retail share through the mobile platform to surpass 72.9% by the end of 2021.
The mobile shopping experience you offer is likely to play a crucial role in your overall sales. And a superior m-commerce experience can help you get a significant lead against your competitors.
Many e-commerce businesses still fail to offer an impressive experience on their mobile sites. And it hugely affects their revenue.
Moreover, having an e-commerce mobile app is likely to grow your monthly e-commerce sales.
In fact, consumers are 157% more likely to buy from an e-commerce app than an e-commerce mobile site.
So, how can you capitalize on mobile commerce?
- Choose an e-commerce platform that offers seamless support for mobile-friendly sites. And it must also offer support for an m-commerce app.
- Make sure you offer one-click ordering and secure payment features on your m-commerce platform.
- Use various features like automated mobile notifications and messaging for promoting deals & offers
- Do not miss out on integrating popular mobile payment options on your mobile commerce app
You must also ensure that you offer a consistent omnichannel experience to your consumers.
75% of shoppers expect a brand to maintain a consistent experience across its multiple channels.
Moreover, 73% of consumers find an inconsistent omnichannel experience highly off-putting. You would never want consumers to abandon your brand for such a reason!
5) Grow Alongside the AR Technology
The E-commerce industry is not skipping any potential technology that comes their way. Instead, the e-commerce leaders that have mastered the art of leveraging new technologies are reaping monumental returns from it.
With that said, you cannot afford to be reluctant in employing new e-commerce techniques. Your competition is already willing to employ it, so unless you keep your e-commerce business updated, it is likely to fade out.
AR-based Shopping Experience: A Promising E-commerce Technology
Tech giants like Facebook, Apple, and Google have already calibrated the future of AR technology. And they are convinced by its potential in transforming user experience for the retail industry. The brands are confidently investing in commercial AR-based apps and AR-based shopping experiences.
Moreover, you might have already witnessed the example of the IKEA Augmented Reality App. IKEA is offering an AR-based shopping experience to iPhone users through its furniture e-commerce app.
This AR app allows users to select from the furniture products listed here and check how they look in your interiors through AR. The AR technology uses your iPhone’s camera to display the AR projection of the selected product in real surroundings. This helps you (as a customer) assess how the chosen product option looks in your interiors. And you can try different product options to see which product blends the best with your interiors.
Make-up e-commerce brands are also using Instagram and Snapchat AR features to allow users to check how the virtual makeup looks on their faces.
6) Outperform Competitors with Seamless Shopping Experience
The e-commerce industry today is marked by nerve-racking competition. And users would not settle down for a bland shopping experience.
Moreover, e-commerce brands dedicate a significant amount of investment towards improving the shopping experience.
The surest way to improve the shopping experience for your e-commerce business is by employing an advanced e-commerce platform.
The right e-commerce platform can help you leverage technologies like:
- One-click ordering
This feature allows users to add their payment details once while their first order. And then they can save their profile and payment details for one-click ordering on all the new orders. These features have now become fundamental to e-commerce portals and reduce the cart abandonment rate.
- Secure integration of all popular payment gateways and mobile wallets
With the growing popularity of contactless payments, mobile payment options have taken the market by storm. Moreover, these payment wallets advertise by giving offers on your e-commerce platforms. This makes it a win-win situation for you.
- Mobile-compatible e-commerce websites
An advanced e-commerce portal helps you develop particularly mobile-compatible websites. And you can easily cash upon the huge audience of mobile shoppers.
- Personalized content and offers via personalization tools
The right e-commerce software allows smooth integration with several AI-based personalization tools. You can use these tools to integrate smart content or display personalized deals to your customers. AI-based tools can use consumers’ cookie data and interests to feed the personalization tools.
- A secure e-commerce shopping experience
Reliable e-commerce software utilizes secure encryption technologies and security standards. So, by using a reliable platform you can offer a highly secure online shopping experience. It is a valuable social proof for the consumers and helps you grow your monthly e-commerce sales.
7) Utilize Upselling, Cross-selling, and Smart Content
If you are an e-commerce marketer, you would have probably heard about upselling & cross-selling strategies. And you are probably using these strategies for growing your e-commerce revenue.
However, if you are still not utilizing upselling and cross-selling efficiently you are losing a substantial amount of sales revenue.
A good upsell or cross-sell deal can increase your average order value by up to 200%. Pretty amazing, right!
For instance, when a customer wishes to buy a t-shirt on your e-store, you might offer him an upsell deal of two t-shirts at a 10% discount. If he buys this deal, there is a significant increase in the average order value.
You can find a long list of upselling and cross-selling tools online. These tools allow you to automate the upselling and cross-selling deals on your platform.
However, you need to ensure that the e-commerce platform you choose allows smooth integration with several upselling and cross-selling tools.
AI-based upselling & cross-selling tools helps you add a personalization touch to the offers. And this has a significant impetus on the conversion rate of these offers.
In fact, 40% of US consumers, who were surveyed, said that they accepted an upsell offer as it had a personalization touch.
Moreover, the upsell & cross-sell deals work better with existing customers or repeat orders
As per a survey,
The upselling conversion rate for new shoppers on your site is from 5% to 20%.
Meanwhile, if you promote an upsell or cross-sell deal to existing customers, the probability of conversions ranges from 60% to 70%.
Therefore, you must ensure that your upselling and cross-sell strategies are in place with the best personalized upselling & cross-selling tools.
8) Grow your Monthly E-commerce Sales with the Chatbot Technology
Except for voice-assisted shopping experiences, AI-based chatbot features are also gaining popularity in the e-commerce industry.
Chatbot integration brings a significant amount of returns to e-commerce websites. However, this technology is still to make a considerable value for the mobile e-commerce platform.
Chatbot assisted shopping can help users in several ways:
- The users can simply use the chat assistant to find them a product
- They can resolve their shopping-related queries faster
- Chatbots give the e-commerce store a significant interactive touch to your e-commerce website
- The users can place a higher trust in your business as they have the chat assistant to help them solve queries
- Automated messages and suggestions by the chat assistant can help you upsell and cross-sell better
- Chatbots helps to grow the trust value for your business and you can easily sell products that have a big-ticket size.
A comprehensive e-commerce platform allows you to seamlessly integrate chatbot features for your e-commerce website.
9) Amaze your Customers with Free Delivery Feature and Faster Shipping
Today, an efficient shipping and delivery process is quintessential for delivering an impressive shopping experience.
58% of shoppers say they are willing to pay extra for the same day delivery. Moreover, a significant amount of customers say that they abandon the stores that have inefficiencies in their delivery processes.
Except for speed, the extra shipping cost is also off-putting for several customers.
However, 93% of retailers feel that it is almost impossible for them to offer a free delivery feature as the shipping cost is high. And almost 43% of supply chain management staff consider inefficient shipping processes as a major reason for high shipping costs.
Therefore, it is advisable to use e-commerce software that provides efficient shipping features. The right e-commerce software helps you automate the shipping process and reduce the shipping cost. Some areas the software can help you:
- Cost reduction with efficient warehouse management
- Eliminating the issues with manual shipping management and improving efficiency
- Employing automation for order management and managing returns
- Having a sharp reduction in the delivery fulfilment errors
However, you must consider collaborating with an LMD (last-mile delivery) service provider. And you must integrate the LMD software with your e-commerce software. A good LMD software helps you avail yourself perks like:
- Automated task-allocation to the delivery staff based on their routes and availability
- Real-time order tracking that keeps the buyers, delivery managers, and sellers informed
- Prompt route mapping and route optimization for the delivery staff to accelerate the last-mile delivery process.
- Significant reduction in the overall delivery cost
- Faster and accurate management of the delivery records as the manual operations are reduced
- The last mile delivery software also offers analytics to check the performance data and optimize accordingly.
- Consumers can expect faster shipping and even add specific delivery instructions
With efficient shipping operations and lower shipping costs, you can offer a Free Delivery feature. Resultantly, there is an increase in your monthly e-commerce sales.
10) Cash Upon the “In Stock” Signal to Win Sales
Assume that you run an ad campaign and attract a huge amount of traffic for your new products on your e-commerce platform. But, after some purchases, your page shows the “Out of Stock” notice on some products. Are you rolling your eyes at just the thought of it?
This situation can ruin your campaign and it will disappoint the consumers who have visited your page through this campaign. They will potentially lose trust in your business and may abandon your e-commerce brand. An absolute bummer!
Inefficient supply chain management and inventory management are crucial issues that can significantly curtail your potential sales.
However, if you choose the right e-commerce software it offers you efficient supply chain management features.
You can automate the demand and supply management processes through your e-commerce software. And you can automate the inventory management process so to make sure that the sellers or your supply team maintain the stocks in advance.
By keeping your stocks managed, you can establish better trust among buyers and increase repeat orders significantly.
The Step Ahead
There is no denying that the e-commerce landscape offers plenty of opportunities for retailers. But, the landscape is ruled by disruptive marketplaces and numerous e-commerce brands.
Having said that, you cannot afford to make capital out of your e-commerce business if you are not willing to innovate and adapt. Above are 10 ways you can grow your monthly e-commerce sales.
Start incorporating these tactics in your business today.
Further, if you wish to consult on the right e-commerce software or get some custom e-commerce growth tips, drop us a message here. And our e-commerce experts will be happy to offer you a free consultation!