E-commerce is the new retail marketing frontier. With the global e-commerce industry set to hit more than 4.5 trillion in 2021, it’s easy to understand why a solid retail marketing strategy can reap immense benefits for your business. But in an industry as fast-paced as digital marketing with so many new methods and strategies available, where do you start? Luckily, you’re in the right place to find out! Let’s take a look at how you can build a killer retail marketing strategy for your e-commerce business.
Getting Back To The Basics
In order to build a great retail marketing strategy for e-commerce, we’ve got to go back to the fundamentals of retail marketing itself. E-commerce may feel different compared to traditional retail, but they actually have more similarities than differences. Understanding the basics of retail marketing will give you a leg up in the retail industry — e-commerce and beyond.
Retail marketing is comprised of four tenets or principles that have to be addressed in any effective marketing strategy. Also known as the four C’s, they are: consumer, cost, convenience, and communication.
Consumer - Focusing on the consumer is the first step to retail marketing. With in-depth research, you’ll be able to figure out exactly what your customer wants, and augment your marketing to suit their desires. You’ll be able to know exactly what pain points to touch on, and easily determine the best methods of dispersing your message.
Cost - This involves focusing on the value of your product. Instead of trying to compete on cost, include value-based marketing and highlight the benefits of your product versus those of the competitor. Don’t worry about the cost of your item, instead focus on making sure that your customers understand the value of what you sell.
Convenience - Convenience is an AMAZING benefit of e-commerce, and should be something you integrate heavily into your retail marketing strategy. By focusing on how easy it is to shop online with you, you’ll be able to create a strategy that resonates with your audience. This also involves making purchases easy for people who visit your website.
Communication - This is by far one of the most important retail marketing principles, and one that is directly related to your retail marketing strategy. Communicate clearly and honestly with your customers, positioning your brand as a friend and not as another business who is only interested in their money. Nailing down your brand’s messaging in a strategy document is one of the best ways to ensure that you communicate effectively.
By taking these four principles into mind, you can refine your retail marketing strategy for your e-commerce business. But now that we’ve covered the basics, what actual ideas can you incorporate in your strategy? Let’s take a look at ideas you can use to amp up your retail marketing strategy.
Ideas To Amp Up Your Retail Marketing Strategy
Having great ideas based on the four C’s is a key part of any successful retail marketing strategy. As it stands, your ecommerce business may be experiencing relative success online. But, as with every business, growth is important. We understand totally. Here are a few ideas that can instantly make your marketing strategy more effective:
Focus on customers who are ready to buy. Believe it or not, not everyone who visits your website from an ad or social media are ready to buy. It actually takes being advertised to between three to twelve times for a person to make a purchase, and that’s only if they wanted to buy in the first place. So, what can you do to focus more on people who are actually ready to buy?
Consider setting up re-targeting ads when people visit specific areas of your site — like the order page for example, and boost your abandon cart strategy as well. You’ll easily find more success this way. You can also opt for a more aggressive method, by focusing on action-oriented keywords in your SEO and ad campaign.
Use video marketing. This point can’t be stressed enough. This year, roughly 80% of all online consumption will be in the form of video. So, if you’re trying to grab the attention of your target audience, video is the way to go. You can go even a step further and make all your posts video, as well as incorporate videos in your product descriptions, and use YouTube. This simple tweak could boost your sales by as much as 49%.
Use Instagram stories for sales, and if your account has more than 10k followers, you can add a link to swipe up. Bonus points if you have it professionally designed to make it more eye-catching to your audience.
Try influencer marketing. The pervasiveness of social media has given rise to influencer marketing, another avenue to boost your retail marketing sales. To put it into perspective, 70% of people believe that YouTube stars are trendsetters. Getting your product into the hands of a YouTuber may be one of the most impactful things you do for business this year.
Influencer marketing may not even be as expensive as you think. Make a list of all the influencers in your niche with a sizeable following and reach out to them. Most influencers have a media kit with detailed information about their followers, the reach of their posts and typical results from previous campaigns. This information can greatly help you when its time to make a decision.
By implementing these three retail marketing strategies, you’ll give your eCommerce business the jolt it needs to make 2019 one of the best years yet. But, what if you have no idea where to start when it comes to implementing what was discussed in this blog post? Luckily, you’re in the right place!
Here at Business Wilderness, our specialty is helping eCommerce businesses just like yours grow their market share and profits through innovative retail marketing. Click here to learn more about our work.
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