How To Increase Ecommerce Sales
Introducing the 4 Pillars of Ecommerce Success
As an ecommerce store owner your goal is to run your business profitably. The 4 pillars of ecommerce success are Customer Acquisition, Conversion Rate Optimisation, increasing Average Order Value and Customer Retention. Any marketing initiative you choose to implement will fit into one of these 4 buckets. Master these and you’ll be well on your way to running a successful ecommerce business.
1. Customer Acquisition
In an ecommerce business you need a constant flow of new customers for the business to work. In order to acquire new customers, you need to drive the right kind of traffic to your website.
You do that by getting your products in front of the right people at the right time. Depending on your target audience, you can use a combination of search engine optimization, social media marketing, pay per click advertising, affiliate marketing and public relations.
2. Conversion Rate Optimisation
You’ve worked hard on your customer acquisition and ‘high five’ your visitor numbers are increasing. If your site is optimised for conversions, your sales should increase at the same rate.
If they’re not it’s a sign that something’s amiss. If you’re confident that the quality of your traffic hasn’t decreased, then that something is your conversion rate. So how do you convert those extra visitors into buyers? The answer is conversion rate optimisation.
3. Average Order Value
The goal of an ecommerce store is to make profitable sales. When you increase average order value, you make more money from each transaction.
The cost to acquire a customer remains the same, but the value per customer increases making your store more profitable. Here’s we explore tried and tested tactics to increase your AOV.
4. Customer Lifetime Value
Getting a flow of new customers to your store is fundamental to your success and you’ll need a solid customer acquisition strategy in place for that to happen.
But to achieve long-term business success, your customers will need to come back and purchase again. In other words, you need to work on your customer lifetime value.
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