5 Selling Strategies for Online Businesses In 2019
As you look back on last year’s hits and misses, it is important to think about how e-commerce is rapidly becoming the fastest growing and competitive industry. So if you want to come out on top in this year, there might be a need for you to change your selling strategies.
In a cutthroat industry like e-commerce, it is essential to drive more traffic to your online store to increase your sales. Classic methods of email marketing and making product pages SEO friendly can still work, however in 2019; there are fresh ways to improve your e-commerce business in order to sell more.
Target The New Age: It’s 2019 and the world has moved over millennials. Marketers and salespersons must now focus on the new generation, Generation Z that is emerging and quite frankly, booming in terms of buying power. This generation comprises of adolescents and people in their early 20s. The Gen Z is on its way to becoming the biggest generation of consumers by 2020. Since this generation has grown up with social media and smartphones, it is important to understand what they care about. The more knowledge you have of them, the easier it will be to plan selling strategies.
Intelligence Mining: Computational and Technical Intelligence are proven to be powerful enough to add value to several industries. By integrating Artificial Intelligence (AI) into selling tools, you can make a bigger impact on your target audience and consequently, on productivity. AI provides the ability to analyze data quickly and effectively and can help evaluate buying and selling patterns with the help of past information. Thanks to advanced technology, AI has become more accessible than ever with features such as CRM tools playing a huge part in regular businesses.
Micro-Influencing: 2018 saw a tremendous rise of influencers who entered the e-commerce marketing arena through social media. These micro-influencers build trust and close relationships with the audience which is critical for purchasing decisions. 60% higher campaign engagement rates are driven by micro-influencers and these campaigns are 6.7 times more effective due to large followings. A primary reason why these influencers are able to contribute is that they are personally affected and invested in their fields and crafts. The best types of influencers are those who are already fans of your brand and are good story-tellers.
Sustainable Shipping: A profitable business model for e-commerce businesses is dropshipping. It involves acting as the middleman between all 3 parties: manufacturers, suppliers and customers. This model is easy to initiate and involves less risk as the product gets shipped directly to the buyer without the seller having to physically handle the product. Dropshipping reduces inventory costs and is beneficial especially for selling bulky items. Sources have stated that Businesses using this model experienced average revenue growth of 32.7% and an average conversion rate of 1.74%.
Refined Payment Processing: The payment process is the final step in the purchasing journey and can make or break a conversion. It is essential to make sure that this process is effortless and smooth as 70% of shoppers end up abandoning their carts out of which 28% do so due to a long or complicated checkout process. An increasing number of businesses are now making third-party solutions such as PayTm and Amazon Pay available to customers for quick and hassle-free conversions.
At Digital Upstarts, we specialize in optimizing your e-commerce sales and are here to help you navigate into the tips and tricks of the new year. Contact us at digitalupstarts.com today!