Regardless of the industry in which your company operates, as long as you have an online presence, it is critical to hack your growth in order to generate sales and ROI. Similarly, online e-commerce stores face a common issue that must be addressed in order to improve store performance and generate online sales.
There is no specific roadmap for optimizing the performance of your online store’s growth. Several e-commerce sites, on the other hand, are successful because they have a growth hacking mindset and focus their efforts in the same direction by curating and executing campaigns and tests to increase online sales.
Keeping this in mind, let’s take a look at the best growth hacks for online stores looking to improve their performance.
In 2022, effective growth hacks for online ecommerce stores
Using Social Influence to Your Advantage
Through influencer marketing, online stores can harness the power of social influence. Every industry has several influencers who customers follow to stay up to date on the latest news and trends. According to Ogilvy, approximately 74% of customers rely on word of mouth to obtain services or purchase products.
Influencer marketing plays a significant role in driving sales for fashion and apparel online stores. Collaborating with influencers is a great way to double your sales when compared to other advertising methods.
You can easily run campaigns and post a review of your product on their social media handles as a result. This will increase the visibility of your product and make your brand known to its followers. Furthermore, the trust involved in influencer marketing is much higher than that involved in social media marketing, with influencers bringing in more engagement than brand pages.
Make the Most of FOMO
The fear of missing out, or FOMO, is a technique that the best-selling campaigns have mastered. People don’t want to miss out on something good, and the fear of being left behind is what drives a lot of user engagement on social media platforms.
Customers are concerned about missing out on important events, and online retailers can capitalize on this. You can capitalize on FOMO by instilling a sense of urgency in your customers through limited-time promotions and content offers on your e-commerce site.
Ad-Extensions can help you get targeted clicks
Ad extensions are a great way for businesses to scale their ads on Google. Ad extensions allow e-commerce websites to incorporate relevant audience insights. Your click-through rates will skyrocket as a result. Online stores should run creative ads that include more than just the URL and headline.
You can include the following extras on your online website using ad extensions:
- Extensions to sitelinks
- Location augmentations
- Call-back numbers
- Examine extensions
- Extending callouts
Feeding Content Upgrade Offers into the Funnel
Content marketing, a marketing tactic that has been shown to be very effective in generating leads, helps online stores connect with their existing customers. However, different types of content do not always apply to all segments, which is why an e-commerce site must implement a holistic SEO strategy to analyze its target audience while also focusing on user intent for that specific topic/keyword.
To fully leverage content marketing, you must create a content upgrade to entice consumers and target specific audience segments. You can do this by promoting content upgrades on popular blogs or on your social media handles alongside your posts.
Read Top 14 Reasons Google Isn’t Indexing Your Website.
To increase web traffic, use strategic giveaways
E-commerce sites such as Amazon, Flipkart, and eBay regularly hold giveaways to attract customers’ attention. To properly execute a giveaway, you must select a product that appeals to the majority, if not all, of your target audience. This will increase brand awareness, traffic to your online store, and lead generation, all of which will aid in performance improvement.
Keeping this in mind, let’s get right into a few things e-commerce websites can offer to attract new customers and keep existing customers coming back for more.
- BOGO deals
- introductory products at no cost
- Products for testing
- Incentives based on rewards
- VIP access to tiered pricing discounts is available for a trial period.
New Customer Onboarding
Customers are typically in a judgment mode, with constant doubts about whether spending money was worthwhile. This is why many SaaS companies use onboarding programs to improve user experience and make customers feel at ease. Similarly, online retailers can enable an interactive website walkthrough to increase customer retention and educate them.
Onboarding customers is more than just making purchases; it is also about their experience.
Make Use of Psychology in Pricing
To influence a customer’s purchase decision, brands use a tiered pricing structure, also known as a ‘decoy pricing’ structure. Online stores can incorporate psychology into product pricing by displaying a variety of purchasing options, such as various subscription models or expensive and affordable menu items.
This is an effective way to entice customers and lead them to the middle ground pricing, while other prices serve as a decoy. Charm pricing, another psychology pricing hack, can be effectively implemented by positioning a product in the middle of the available products.
Test your product pages using A/B Split Testing
A/B testing, a popular growth hack used by many businesses, allows online stores to identify what works for the betterment of the business and what needs to be removed. This is primarily based on trial and error and can be used to test your online store’s product pages.
Why are product pages so important? A product is sold on its product page on an e-commerce website. In this method, trial and error can be understood as experimenting until you get it right. Make minor changes to the design, images, layout, text font, and content of your product page.
Here are a few common ways to begin A/B testing your product page:
- The color of the “Add to Cart” button
- Sizes of product images
- mentioning a scarcity of supplies
- Adding and removing a trust badge
- Make use of Exit-Intent Pop-Ups.
Several e-commerce websites are focusing on ways to attract more customers to the website. Instead, you should concentrate on capturing customers as they leave your website. You can easily accomplish this by utilizing exit-intent pop-ups. These pop-ups target visitors who leave your online store without making a purchase.
Exit-intent pop-ups accomplish this by offering visitors exclusive discounts on products or by asking them to enter their email address so that you can re-direct these visitors through your sales funnel.
Send an e-mail with the subject ‘Buy Again.’
When compared to new customers, returning customers are more valuable to your online store. This is due to the fact that these customers are more likely to add a product to their shopping cart and have lower bounce rates. Furthermore, these customers are twice as likely to convert, which is why you must ensure that these customers continue to shop on your website.
Sending buyers a “buy again” email every ten to fifteen days after their purchase may do the trick. Your ‘buy again’ emails can include the URL of the product they purchased previously, as well as links to similar products. eCommerce websites should use email marketing software to design emails and an automation tool to schedule and send emails automatically.
In conclusion
FOMO, ad extensions, content marketing, and using psychology to price products are just a few strategies for increasing retention, lowering bounce rates, and generating leads and conversions. Using the power of influencer marketing and onboarding new customers with website walkthroughs are two more growth hacks that can significantly improve an online store’s overall performance.
Learn more from technology and read How Conversational AI Is Shaping The Future Of Business.
