Finding a void in the market and carving your niche according to the target audience can help you scale your online store and make you stand out among the other online merchants.
Statistics confirm that there are nearly 24 million e-commerce sites across the globe. So, if you are an e-commerce startup owner, it’s normal to feel intimidated by the overwhelming number of competitors in your niche. But remember that a crowded field is also an indication of the existing demand, making e-commerce a lucrative segment to be in.
The good news is that you don’t need to beat the e-commerce giants like Amazon, eBay, or Wal-Mart to taste entrepreneurial success. Finding a void in the market and carving your niche according to the target audience can help you scale your online store and make you stand out among the other online merchants.
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Personalization offers great opportunities for retailers to improve relevance across the customer journey
Successful e-commerce marketing today requires consideration of the full customer path-to-purchase, shown below across the Smart Insights RACE planning framework.
The infographic shows the vast number of omnichannel touchpoints across paid, owned, and earned media, both online and offline. Although some visitors may convert in a single session, it is often far more complex. Research from Google gives the example of a customer called Stacy, searching for a new car which involved an incredible 900-plus digital interactions. Although a car is one of the most complex retail purchases, it makes the point of the need to recognize returning visitors and provide them context whichever device they are on.
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Chart of the week: 72% of consumers will only engage with personalized marketing messages, despite 86% being concerned about data privacy
Personalization is becoming more prominent in digital marketing, offering an improved user experience by providing information or targeting ads based on an individual’s activities and interests. In fact, according to a new report from SmarterHQ, 72% of consumers say they now only engage with marketing messages that personalized and tailored to their interests.
Despite this, the same report also reveals that 86% of consumers are concerned about their data privacy. Of these, Baby Boomers and Gen X are the least trusting o consumers, with Millennials and Gen Z being around 47% more trusting than their older counterparts.
This is likely due, at least in part to an increase in high profile data breaches and the…
Chart of the Week: More than three in five consumers say that retail innovations or solutions have made shopping experiences easier, with online shoppers seeing the biggest benefits
More customers now expect a seamless, personalized shopping experience. Whether they are buying in person or online, people want a quick and easy experience, something that is being made more possible with retail technologies.
In fact, more than three out of five consumers say that technologies used in retail and retail innovations have led to an improved shopping experience, according to the latest research from the National Retail Federation (NRF). When it comes to shopping online, 80% of customers say the same compared to 66% shopping in-store.
Despite the fact that there is an increased focus on mobile shopping experiences, only 63% said that shopping technologies and innovations improved…
How to create a Google Shopping strategy to generate as many leads as possible
If you’re a retailer looking to sell as many products as possible, it makes sense to try and create as many leads as possible.
With more and more people shopping online, there’s never been a better time to look at options like Google Shopping. Google’s Shopping service is an effective way to garner more attention online and hopefully, drive sales.
If you’ve got a product to sell and you’re hoping to reach a wider audience and increase sales rapidly, here are 7 strategies to help you make the most of Google Shopping.
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1. Getting your descriptions right
When you’re selling a product, it’s…
14 ways to segment your target audience for effective e-commerce personalization
As defined by Smart Insights, segmentation shows approaches to grouping prospects and customers to deliver more relevant communications and offers. The result is to give better response rates to these communications.
In the marketing arena, personalization is a term often misused for segmentation. Personalization and segmentation, while both valuable tools for marketers, couldn't be more different.
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The personalization v segmentation debate
Segmentation is grouping customers together according to identifiable characteristics. Often, these are demographic characteristics such as age, geography, gender, favourite brand or AOV.
Personalization is the optimizing of experiences and messages to individuals themselves — not the group they…
As more advertisers zoom in on Amazon, the competition for consumer attention will only get stiffer but there is a strategy that can help
Amazon's 2018 Q4 report should pique brand marketers' interest: The e-retail giant reported $10 billion in ad sales in 2018. Even more interesting? The ad sales in Q4 reached a lofty $3.4 billion. Clearly, this is only the beginning of the Amazon advertising gold rush.
As more advertisers zoom in on Amazon, the competition for consumer attention will only get stiffer, resulting in a higher cost per click (CPC), fewer opportunities to get in front of consumers, and more expensive campaigns. So how do brand marketers stand out in the oncoming wave?
Search term isolation is the little-known strategy that's changing the way brands advertise on Amazon.
By using search term isolation, brands can lower their advertising cost of scale (ACoS) while still growing sales. Focusing on…
It’s important to note that there needs to be a degree of flexibility when applying business objectives, which AI can help with
If you’ve used Google’s conversion optimized ad settings, you’ll know just how powerful artificial intelligence (AI) using machine learning and predictive analytics can be.
But can retailers squeeze more out of AI on their own sites?
Conversion optimization – Smoothing the way to sales
Conversion optimization is used by retailers to smooth the bumps in the road on the way to a sale or stated goal such as signing up to a store card.
This can involve the merchandising of bestsellers both in-store and online, training of staff to better identify customer needs and uncover opportunities to upsell and cross-sell along with tinkering with the UX on websites to see if a blue button leads to greater sales than a green button.
Predictive Analytics are your ticket to higher revenues
In case you haven’t spent much time with web analytics, I’ll start by giving you this definition of predictive analytics (PA), courtesy of Wikipedia:
‘Predictive analytics is an area of statistics that deals with extracting information from data and using it to predict trends and behavior patterns.’
Whereas with descriptive statistics you learn what data can and can’t describe your customers’ behavior, with predictive analytics you learn what to do next — that is, use data about past actions to make predictions about future actions.
Obviously, if you can discover and anticipate what your customers — and earlier-sales-stage prospects — really want from your brand, you’ll hold the ‘golden ticket’ to higher revenues and customer loyalty. As a result, you’ll become a rockstar analyst on your team.
This graphic below shows how three well-known brands use PA to serve up more customer-centered experiences.
Chart of the Week: 81% of e-commerce marketers say the acquisition of new customers is one of their biggest goals, despite having higher costs than customer retention
E-commerce is a growing market, which is being reflected in its marketing budgets. In fact, 65% of e-commerce marketers have said that their marketing budget has increased this year compared to 2018 compared to just 10% who said it has decreased.
The rise in budgets is likely tied to the increase in expectations for marketers in the e-commerce sector, with heavy competition meaning that new tools, techniques and technologies are being utilized to drive shoppers to stores. This is shown by the fact that 81% of respondents said that acquisition marketing was the largest e-commerce marketing investment priority in 2018.
According to a new report from Commerce Next and Oracle, bringing new…