For anyone e-commerce, constant development is virtually mandatory to stay relevant. If growth ceases, your competitors will most likely outpace you and you will begin to lose precious market share every month. This blog post contains some of our best tips on how to increase growth of your e-commerce by 18% or more!
Is your e-commerce keeping up with the competition?
Moving forward is vital for any company, but especially so for e-commerce. In essence, the "start growing or start dying" principle applies at all times. One of the biggest reasons why companies in e-commerce slow their growth or stand still is that they aren't developing at the same pace as their competition. There can be many reasons for this, such as missing important trends, neglecting important market monitoring or lacking the right tools to meet the market's needs. The key concept here is that customer behavior and expectations are shifting at a fast pace, so any successful e-commerce must be fast moving and well prepared to change with the trends of the market.
Is your company still offering your customers what they want? Or are there deficiencies in the product range or different types of features you can optimize? Digitization has also opened up opportunities for personalizing your e-commerce for each individual customer. Your competitors do it, so it is vitally important that you have a strategy of your own - and implement it. The same is true of price - make sure you offer competitive prices in relation to your competitors. It does not necessarily mean that you should be the cheapest, but the differences must not be too great if you are to stay relevant in the market.
Increased growth with Referral Marketing
Of course, keeping up with market trends requires that you have the right tools in place! Today, there are plenty of options for e-commerce companies that want to reach out to their customers and increase conversion. Advertising on Google and social media are something that will probably survive for a long time to come. But in today's digital climate it is not enough to use these old means - it is important to also dare to try new types of marketing to keep an edge towards your competition. There is also an increasing trend in areas such as personalization and referral marketing, where focus lies on interacting with the customer on a personal level.
Referral Marketing (of course) lies close to heart for us - not just because we work with it, but because we see our clients increasing their growth by 18% on average (in some cases much more)! The concept is simple, get your best customers to recommend your brand, product or service to friends and family. This creates new business in a natural way, while at the same time boosting retention, customer loyalty and brand interaction. Most e-commerce companies regularly distribute discount codes to their customers. We suggest you take this one step further and ask your customers to do something for you in return, which our statistics clearly show they will!
Redeal develops referral marketing solutions for the future of digital retail
We have developed the digital solution that leverages one of the most important marketing phenomenons of all time - satisfied customers who recommend their favorite stores, products and services to their friends and family.
Jens Schill +46 (0)70-771 69 70, firstname.lastname@example.org, or email@example.com