5 New Year Tips to Boost Your 2019 eCommerce Sales Strategy
At some level or another, we all make resolutions for the new year. Your online business shouldn’t be any different. With more brick-and-mortar businesses going online, the sheer number of e-commerce merchants is increasing year by year, making it the right time to roll up the sleeves, face the competition and plan your 2019 eCommerce sales strategy in full force.
Before we go further let us clarify some expert guidelines in this respect, let’s not forget that online shopping has expanded to be a very competitive market. Including eBay, Amazon and middle to low budget businesses, you have serious competition. Therefore, you have to make some small and major changes if you want your eCommerce sales to be successful in 2019!
First, let’s break it down by the numbers according to reports shared by Statistica.
- In 2018, retail e-commerce sales worldwide reached 2.8 billion US dollars.
- Estimated e-commerce revenues in 2019 are expected to reach 3.4 billion US dollars.
Just by looking at these stats, you can see why it’s essential to have the right e-commerce strategy in place.
1 – START AT THE TOP – ANALYZE YOUR CURRENT STATUS
When launching an online business, or any business for that matter, we get so caught up in our day to day tasks that we forget to take a step back and look at our situation. Usually towards the end of the year is a great time to do this.
By knowing your strengths and weaknesses, you can start fresh with a solid business strategy.
The analysis you should look at includes:
- Analyze your competitors and see what they are doing best
- Compare yourself with your best competitors
- Try to find out why your competitors are doing better than you
- Analyze where you are succeeding most
- Analyze where you are losing most.
2 – SET YOUR GOALS AND TARGETS FOR YOUR E-COMMERCE BUSINESS
Setting a clear goal for e-commerce business will help you reach your vision faster. Set a numerical target for:
- Revenue to be achieved
- Profit to be achieved
- Amount to be spent on marketing
- Amount to be spent on resources
- Amount to be spent on business expansion & innovations
- Number of people your website need to reach
- How many products you need to sell to reach the target revenue
3 – UNDERSTAND THE IMPACT OF MACHINE LEARNING
Improving sales offers results offer huge payoffs for retailers. Machine learning can improve e-commerce search results every time a customer shops on the website, taking into account personal preferences and purchase history. Instead of using traditional search methods like keyword matching, machine learning can generate a search ranking based on relevance for that particular user.
Machine learning is able to make sense of digital data at a much faster rate than any human is capable of. Choosing the application of machine learning tends to be a decision of priorities. This is especially important for giants such as eBay. Sales forecasting is just the tip of the iceberg when it comes to business intelligence. Machine learning can be applied to a number of analytical goals. With deeper, more accurate information, companies can make data-backed decisions that ultimately lead to better products and services.
4 – KEEP YOUR VISITORS ENTERTAINMENT
This often overlooked tip can really make a big difference. Avoid the technical jargon, and stick to textual copy that pulls your audience in. Write exciting web content to keep the audience engaged: Straight from your About Us page to the small Product Descriptions, you must have lucrative, call to action and appealing content. If needed, hire a professional writer to have it done for you. Remember, stay crisp, relevant and engaging!
5 – BE TRANSPARENT IN DISPLAYING YOUR PRODUCT PRICES:
Being transparent with your pricing should eliminate any guesswork from your potential customers. For example, if you offer free shipping, extra charges or maybe a discount voucher, these should all be easy to see and understand.
If you offer ‘last-minute bonuses’ only for your customer to discover that you add or deduct a certain amount of money from the payable cost, you are gambling on your sales. Make sure this scenario does not happen on your eCommerce pages, it can bring your sales down.
Unclear pricing is among one of the top reasons why online buyers may change their mind during the last stage of the checkout process.
The e-commerce landscape is evolving. This means that the industry will get bigger and better in the coming years and new technological trends will make it more seamless.
As a growing e-commerce business owner, you need to keep a track of these technologies and find ways to use the ones that best suit your needs. The above strategies will provide a better value to your users and make your business more successful in 2019 and beyond.