How To Boost Ecommerce Sales?
This is the time for digital amplification and time to boost eCommerce sales. While this was well known as a strategic lever in the medium term, many brands and retailers are waking up to this reality in the context of Covid19. In this edit, we look at the Why behind the imperative (with India statistics) and also how you can amplify an eCommerce business. This is true across the world.
“We see our customers as invited guests to a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little bit better.”
– Jeff Bezos, Amazon
# The need for digital amplification
A quick look at the digital demographics says it all with a 400+ million digital population. If you want to be visible to the country and the world, and amplify the business, this is the time. But, you need to think differently in order to capitalize on the eCommerce and digital opportunity and also set a strong foundation to boost eCommerce sales.
Unique visitors are skewed towards men and almost evenly spread across age groups.
The total number of visits has jumped in March 2020 by 12% over Feb 2020, with women increasing more than men.
This trend will continue to increase with physical restriction and this is becoming the new normal.
# What does it take to amplify eCommerce business?
What do we sell in digital?
We sell content, in the form of pixels. In other words, every pixel is important to make a relevant connection with the consumer. The key is unlike analog, digital is very dynamic, local and static intelligence will not take us far. This is the fundamental difference in thinking which makes your business digital-native.
Content is not just about what we write, it is all-encompassing including the product, its attributes (aesthetic, functional, and price), its relevance, how it is described, brand authenticity, differentiation, and competitiveness.
In addition, it is not just how you feel about the content, it is about how relevant it is, to the context of the platform you are selling.It is not enough just to get your products listed if you want to win in digital. Click To Tweet In order to win the digital consumer, you need to be dynamically relevant in product, price, authenticity through the content. Click To Tweet
How can you ensure this happens always?
Now in order to boost your eCommerce sales, Let us look at various components to get it right all the time.
# Six ways to amplify eCommerce business
To win in any market, you need to understand the market well. How do you research a dynamic market? You need tools that help you dynamically understand and act. Here are the six ways to amplify the eCommerce business.
#1 Monitor positioning of your products in the marketplace/aggregator
Firstly, it is important to understand what is happening in the market in your categories and what products are winning and which one is not. You need to know this through sensing demand, not supply but traditional research by casual browsing is erroneous as it is a snapshot and does not give you time-tested results. Any wrong judgment can cost you take decisions that can push your products down in visibility and revenue.
#2 Monitor health check of your brand on price violation by the platform
It is also important to monitor pricing integrity across platforms so that your brand values are preserved across channels. Hence, trust is the most important value to consumers in uncertain times.
#3 Get out-of-stock alerts
Availability is a huge driver of sales in any channel. Real-time alerts on stocks will help you minimize inventory availability at sky level and minimize lost sales.
#4 Monitor what your consumers are saying through analysing the sentiment of consumer reviewsMonitor what your consumers are saying, as per the research from BrightLocal " 88% of consumers trust online reviews as much as personal recommendations" Click To Tweet
This will help you improve and innovate current products and market effectively.
#5 Analyse data and take timely actions
Collect and analyze item-level performance across marketplaces. Look for patterns within your data and market and fine-tune availability, pricing, and promotion to optimizing revenue.
With sufficient data you can embed prediction capability to predict future demand and plan all resources including marketing, merchandising, content and support.
#6 Content and discovery optimisation
Collecting intelligence on what kind of product imagery works (the shoot and style), what kind of keys words are relevant is very critical to optimize the product catalogue. In digital, it is all in having the right content to make discovery easier for consumers. Using keyword intelligence you can increase the chances of your products coming up on the search results.Your product master data management is no more a clerical job, it is a digital revenue optimizer. Click To Tweet
You need to deliver precise, consistent, optimised sales-driven content on an ongoing basis.
In conclusion, while consumer tastes evolve together with high demand uncertainty, this is an area ripe for dynamic intelligence and responsive actions.
At Stylumia, we have been enabling brands and retailers with the power of being digital-native through our proprietary demand sensing and market intelligence solution, combined with the ability to analyze your own data and prediction engines, we address the six key levers mentioned above to amplify your eCommerce business in addition to offline business.
Our singular focus is intelligence and we are an intelligence layer sitting on top of your current transaction systems enabling the decision-makers to minimize their guesswork and increase the probability of success.
In these challenging times, if you would like to boost your eCommerce business, please reach out to us.