Regardless of where your e-commerce business is on the path to growth, every business at one point or another reaches a point where they “plateau” and struggle to see more growth. This is a tell-tale sign that businesses need to experiment with new strategies and leverage technology to ramp up their growth strategies.
However, before you double your marketing budget or sales efforts, start small with the 10% strategy. The 10% strategy involves growing your e-commerce business by making small changes to your processes. As an established e-commerce business owner, entrepreneur, or marketer, you likely have a number of ideas on how to do this, but here are some tips on how to grow and scale your business by tracking the right key metrics.
Improve Visitor Engagement
There are several methods to increasing store visitor engagement, which include reworking your funnel, SEO strategy, or producing and offering valuable content to your audiences to share on your website, blog, or social media. The key here is to provide enticing content, resources, or other media to increase your visitor engagement rate.
Increase Conversion Rates
The next step is to convert those visitors into customers. The rate at which you do this is known as your “conversion rate”, and it is a key metric that all e-commerce businesses should track. One of the best strategies for e-commerce businesses to increase conversion rates is through social proof. Many consumers will research products or services on social media, and ask friends and family or others within their own networks before making a purchase decision. Therefore, if your brand or store has a healthy presence on social media, a large social media following, and key influencers that validate your products, this is a tried and true way to ensure that the leads who find you on social media will convert to customers.
Increase Average Order Value (AOV)
If you aren’t tracking your AOV as a key metric, now is the time to start. Your AOV tells you the average dollar amount that each customer spends when placing their orders. By increasing your AOV, you are on the right path to growth. One tried and true method for increasing AOV is to show similar or relevant products when customers select products they want to purchase. If customers see other relevant products or accessories, they are more likely to add them to their carts, ultimately increasing your AOV.
Increase Repeat Customers And Orders
It is significantly more costly to acquire new customers than it is to retarget or upsell to existing customers. One of the best methods for increasing repeat customers and orders is to develop a customer loyalty program. With a customer loyalty program, a customer is “rewarded” for each purchase he or she makes. This could be in the form of points, cash back, or receiving perks or other rewards.
Technology can help you reach your growth goals. There are many tools, software, and systems available today that are designed to help e-commerce businesses reach their goals or boost their numbers in each of the points above. For example, AdScale is an AI-powered platform for e-commerce businesses that automates the creation and optimization of ad campaigns across Facebook, Instagram, and Google. AdScale has proven to boost to an average ROI of 1000%!
Grow Your E-commerce Business With The 10% Strategy
Knowing your numbers is crucial to the future growth and success of your e-commerce business. By leveraging the right tools, technology, and tracking the right key metrics, you will discover that growth is within reach.