We survived Black Friday and Cyber Monday!
For companies who use WooCommerce to sell their products, it’s crucial to stay on top of best practices. As we prepare to enter a new decade, the stakes will be higher and competition will be stronger. Early preparation and action plan development must be implemented now in order to guarantee continued success online.
The last quarter of the business calendar year has a special meaning. It is time to reflect and review. It’s also a time to prepare. And, like any time there is an opportunity, it is a time to act.
Here are some developing e-commerce trends that should be observed now to prepare for growth in 2020:
- Mobile now makes up to 45% of e-commerce revenue.
- Almost 70% of shoppers visit Amazon first when shopping online.
- AI / ML is used to handle over 45% of customer questions.
- Product pages with video see 37% more conversions, with 58% of consumers agreeing that companies with product videos can be trusted.
Things You Can Do To Adapt Now:
- Set realistic goals for Q1 2020 based on past performance metrics.
- Respond to customer feedback about website feature requests / changes.
- Start gaining inspiration from competitors, past successful campaigns, etc.
- Prepare campaigns that focus on your top performing products & services.
- Arrange related in-cart upsells & cross-sells for products and/or product bundles.
- Low-In-Stock or Sold-out merchandise labels to spark a sense of urgency.
- Tiered discounts via spending thresholds, without having to rely on coupons.
- Offer installment plans for high-ticket purchases rather than only “Pay now” options.
- Incorporate countdown timers, customizable free gifts, and/or subscription incentives.
- Incorporate sales channel management software to keep inventory and sales synced across platforms.
E-commerce is only one of many different elements of a brand’s online strategy. In order to succeed, companies must also focus on social media, email, paid search & display, as well as content marketing & SEO.
The purpose of marketing is to generate customer opportunities for potential sales. When a business can generate greater traffic with the same marketing spend, the efforts may be producing results. Given an equally effective and properly staffed sales force, greater traffic should result in greater sales. However, the effectiveness of the digital marketing campaigns is not always optimal when adequate planning is not afforded.
Sales are a result, not really a metric. Sales alone do not paint a complete picture of performance. For instance, if there was too much traffic and not enough conversions, overall sales might be down, but the effectiveness of the campaign is still unclear. It becomes clearer when compared to traffic outside of campaign duration and when comparing equal landing pages, product sales, or other elements.
In retail, customer satisfaction, reviews, reputation, and word of mouth are important to the long-term viability of the business. With massive e-commerce competitors like Amazon and aggressive omnichannel retailers, independent stores must be on top of their game when it comes to their after-sale service. Standards must be measured. Customers don’t want problems after the sale, and those who have problems want their issues solved quickly to their liking.
As the year’s final stretch approaches, start preparing a financial and operational forecast for 2020. Among other things, a forecast helps you set sales goals, staffing levels, margin and inventory strategy. It is hard to be perfect, but a forecast is the best tool a business has to set a strategic direction. Then, in the coming year, you can see how you compare against your targets.
If you’re less-than-satisfied by your sales performance during 2019, please reach out to us so that we can take a look at your metrics and make recommendations on improvements you can make immediately to get back on track. We want you to have an even more successful 2020! Please share with us your digital marketing plans and sales goals as soon as you have them, or simply contact eCreations for assistance putting together a complete digital marketing plan that will blow 2019 away!