5 Tips For E-Commerce Businesses To Increase Every Transaction Amount
With so much competition on a global scale, it can be tough to stay on top of the e-commerce market. One simple way to keep up with the competition is to increase the value of each transaction. It doesn’t involve getting any new customers, just increasing the amount of money they spend with a few clever tricks.
So how can you keep your existing customers engaged and maximise your revenue?
- Re-marketing
Whether they’ve already made one purchase or browsed your catalogue and left without buying, re-marketing allows you to re-engage customers who have already visited your site.
Re-marketing allows you to target previous website visitors with tailored advertisements depending on how the interacted with your products. So for example, if they recently purchased mens suits on your website, you can target them with advertisements for dress shoes and other smart accessories. Likewise, if another user browsed a certain product or range, you can directly target them with similar products they might be interested in or alert them to a discount or promo code that will encourage them to commit to the purchase.
The practice of re-marketing gives you a second, third and fourth chance to make the sale and is an extremely useful tool for any e-commerce business.
2. Image Analytics
AI-Powered Image Analytics are already widely utilised in fashion retail but can be used to boost sales across any kind of e-commerce business. By processing image characteristics, it allows you to recommend products based on the images they are browsing on your site or via social media.
For example, if a person looks at an image of a celebrity wearing an outfit on social media and reacts to it positively, the data can be used to suggest a similar product on your site. This generates traffic to your website and customers for your business by analysing the browsing habits of internet users.
Image Analytics can also be used to recommend alternatives to out of stock items on your website. This helps you retain customers rather than lose them to your competitors over simple logistics. You can also use Image Analytics to recommend similar items to what they are already looking at which could encourage them to make larger purchases.
3. Wish Lists
Allowing customers to build wish-lists that they can set aside and revisit is a fantastic way to grow the value of a purchase. By creating a virtual list of the items they wish to purchase, your customers are not only more likely to return to your site and make their purchase but they are also more likely to buy more items when they do.
But wish lists aren’t just a fantastic tool for encouraging customers to buy more. They also offer you invaluable information that can then be used to increase your revenue and boost sales in other areas.
Wishlists give you access to information about what customers want but won’t necessarily purchase straight away. This hesitation on the customer’s part can help you identify weak spots in your products or services. Are your prices too high? Do your competitors offer faster delivery? Should you offer the same items in different colours? By analysing your customers’ wish lists, you get an enormous amount of competitive intelligence directly from your own site.
Making your wish lists shareable is also a fantastic way to increase your brand awareness by word of mouth. Word of mouth is an evergreen and powerful marketing tool, and best of all it’s completely free!
4. Size Guides
Online shopping has many advantages over buying in-store. It’s convenient, can be done from the comfort of your own home and allows you to browse for bargains and competitive prices at the click of a button. One disadvantage to online shopping, however, is sizing and fit.
If you operate in the fashion e-commerce space, the vast majority of your customers will not be catwalk models who can look good in anything. Sizing and fit will, therefore, be extremely important to your consumers and any guidance and assistance you can offer to help them make the right purchase will not only be hugely appreciated but will also increase your conversion rates.
This can also apply to furniture, home appliances and an array of other items. Photographs of products often make it difficult for customers to gauge the actual size and this deters them from committing to the purchase.
Offering visual guides and as much information as possible to make it as simple and easy as possible for customers will increase your conversion rates and boost revenue.
5. What Else Is On Offer?
When customers browse items on your site, make sure your site is configured so that it highlights similar options and other items that may be of interest to them. For example, if someone places 90s style high-waisted denim shorts into their shopping cart, they should then be presented with shoes, tops or accessories that complement those shorts as well as shorts and other items in a similar 90s style.
In Summary
The technology is there to enable you to understand your customers’ tastes and preferences simply by analysing their browsing habits on your website and beyond. So make sure your website is built to push items that they will enjoy throughout their visit and keep marketing to your customers regularly after they’ve left your site to encourage their return. And above all, make the process of buying your products as simple, easy and stress-free as possible for your customers.
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