Revenue is expected to show an annual growth rate (CAGR 2020-2024) of 7.6%, resulting in a market volume of US $3,004,191m by 2024. User penetration is 56.1% in 2020 and is expected to hit 65.5% by 2024.
As the
E-commerce industry is increasing day by day, it is becoming a most competitive market all over the world and if you are new to the market you need to find innovative strategies to keep the customers engaged, increase sales and build a reputation that will help you to increase your business revenue.
A Harvard Business School study found that 75% of E-commerce startups failed. Launching an E-commerce business is not an easy task, the high failure rate can seem discouraging.
Ways To Grow E-commerce Business
User-Friendly Website For Better Customer Experience:
64% of customers give preference more to a user-friendly website interface rather than the price while making a purchase. To attract and retain more customers on your website it is very important to have a well designed and user-friendly website.
An easy-to-use interface will provide your customers with a user-oriented and quick shopping experience that will help you further to maximize your business revenue.
Shopping Mobile App:
A recently conducted survey found when it comes to making a purchase, around 89% of customers like to use online shopping apps instead of using shopping websites.
Everyone uses smartphones nowadays and this makes it very easy for the customer to make a purchase by using a mobile app. Users don’t have to log in every time and remember lengthy URLs when they visit your site. The speed of an online shopping application is faster than browsers.
Providing your customers a mobile app will not only improve their shopping experience but also benefits your E-commerce business. Mobile Application helps E-commerce businesses to enter the market and reach the next level of user engagements.
Chatbot to Improve Response Rate
The use of chatbots in the E-commerce industry is growing. According to the latest studies, Last year around 67% of customers worldwide preferred to use a chatbot for customer support and 85% of all consumer services will be handled without any human intervention by the end of 2020.
Up to 30% of customer support costs can be saved by using Chatbot Technology. You have to provide multiple customer service agents to the multiple visitors at the same time period that is too much costly for businesses but a chatbot can handle multiple queries of visitors easily at the same time. It helps businesses to save customer service costs as well as provide customers a quick response to their queries and answer up to 80% of routine questions.
Provide visitors a quick customer support for their queries, helps them to make a purchase easily and also maximizes your business revenue.
Build your Brand Reputation
To maximize business revenue and gain competitive benefits, you have to be aware of people about your E-commerce business, products, and services.
Digital Marketing can Guarantee your Business Growth.
Investing in Digital Marketing can Bring Significant Benefits Like
- Get Benefits from Social Media
- Improves your Brand Awareness
- Reach to the Mobile Users
- SEO will Place you on Top of The SERP
- More Traffic to your Website
- Generate More Ratings and Reviews
Implementing all these tactics into your business will surely attract your customers to get more engaged as well as profitable for your business.
Affiliate Marketing is the Most Important Thing
Affiliate Marketing – The only way that can guarantee you a 100% return of investment every time because it allows you to pay for marketing expansion after the sale.
The Affiliate Marketing program involves only the merchant and the affiliate. Affiliate is a company, online selling marketplaces or individuals who promote your brand or products on their websites and they receive a commission when a customer clicks through your website and makes a purchase.
Some Stats:
U.S. affiliate marketing spend is expected to rise to $6.8 billion by 2020
81% of brands already use affiliate marketing program worldwide in 2020
16% of all online orders are generated through only affiliate marketing worldwide
This tactic indirectly grows your sales team with better budgeting and ROI and provides you the multiple paths of conversions that further maximize your sales and boost your business revenue.
Email Marketing for more Engagement
Email Marketing is one of the most important aspects to boost your E-commerce business because this is the only way you can reach your customers directly without depending on search engines or social media.
Emails have an average open rate of 40% and the most important fact is almost 5% of visitors go to make a purchase from email marketing and this conversion rate is nearly double the rate of visitors (who make a purchase) from search engines (2.49%) and more than seven times the rate of visitors (who buy something) from social media (only 0.59%).
Email marketing helps E-commerce businesses get engaged with a huge number of customers, improve brand reputation, rewarding loyal customers and it is cost-effective also.
Provide your Customers more Offers
The other method you can use to grow your E-commerce store is by providing your customers with various types of promotions and offers.
You can run flash sales on your own website and offer a great price of products. Leverage from deal sites and coupon platforms that boost your product sales and it also increases your brand awareness. This helps you to show your product offers to a large number of customers in less time.
Everyone loves getting a good deal, so this is a great way to increase sales.
Conclusion
There is no doubt that the E-commerce industry growing rapidly and mobile applications, as well as digital marketing, has become one of the most vital aspects of the E-commerce industry.
Aryavrat Infotech helps you to identify opportunities in the different marketplaces, raise your revenue, and help to build your E-commerce business. We will provide you the best Web, App, Chatbot Development and Digital Marketing services that suit your needs. For more information contact us: sales@aryausa.com
