No matter what industry your business operates in, as long as you have an online presence, hacking your growth is crucial to driving sales and ROI. Likewise, online e-commerce stores face a common challenge that needs to be addressed to improve store performance and drive online sales.
There is no particular roadmap for hacking your online store’s performance growth. However, many e-commerce sites are successful because they have a growth and direct their efforts in the same direction by organize and execute campaigns and tests to generate more online sales.
With that in mind, let’s shed some light on the best growth hacks for online stores looking to improve their performance.
Effective Growth Hacks for Online Ecommerce Stores in 2022
Harnessing the Power of Social Influence
Online stores need to leverage the power of social influence through influencer marketing. Each industry includes several influencers that customers follow for the latest updates and trends. According to Ogilvy, about 74% of customers rely on word of mouth to receive services or purchase products.
When it comes to fashion and apparel online stores, influencer marketing plays an important role in driving sales. If you want to double sales compared to other advertising methods, collaborating with influencers is a great way to do it.
By doing so, you can easily start campaigns and post a review of your product on their social media handles. This will increase the visibility of your product and make your brand known to its followers. Moreover, the trust associated with influencer marketing is much higher than social media marketing with influencers bringing more engagement compared to brand pages.
Take advantage of FOMO
Fear of missing out is commonly referred to as FOMO and the best sales campaigns have mastered this technique. People don’t want to miss out on something good and it’s the fear of being left behind that drives a lot of user engagement on social media platforms.
On 56% of customers fear missing out during important events and online stores can use it to their advantage. You can take advantage of FOMO by creating urgency in consumers through promotions and limited-time content offers on your e-commerce site.
Use ad extensions to get targeted clicks
For businesses looking to scale their ads on Google, ad extensions are a great way to do it. Ad extensions allow e-commerce websites to embed relevant information about their audience. This way, your click-through rates would increase dramatically. Online stores need to run creative ads that incorporate more aspects than the usual URL and title.
With ad extensions, you can include the following extras on your live website:
- Sitelink Extensions
- Location Extensions
- Call Extensions
- Review Extensions
- Hanging extensions
Feed funnel with content upgrade offers
Content marketing, a marketing tactic that has proven to be quite effective in generating leads, helps online stores build a connection with their existing customers. However, many forms of content do not necessarily apply to most segments, which is why an e-commerce site should analyze its target audience while focusing on user intent for that topic/word. particular key.
To take advantage of content marketing, you need to implement content upgrade to attract consumers and fully target specific audience segments. You can do this by promoting content updates on well-performing blogs or on your social media handles alongside your posts.
Use Strategic Giveaways to Drive Web Traffic
E-commerce stores like Amazon, Flipkart, and eBay regularly hold giveaways to turn consumers’ eyes and attention. In order to properly execute a giveaway, you need to choose a product that appeals to the majority of consumers, if not all of them. This will create brand awareness, increase traffic to your online store, and generate leads which will help improve performance.
With that in mind, let’s dive straight into a few things eCommerce websites can give away to acquire new customers and keep existing customers coming back for more.
- BOGO offers
- Free launch products
- Examples of products
- Reward-Based Incentives
- Trial VIP access to tier discounts.
Integration of new customers
Customers are usually in judgment mode and have constant doubts about whether spending the money was worth it. This is precisely why many SaaS companies use onboarding programs to improve user experience and put customers at ease. Likewise, online stores can allow for an interactive website tour to maximize retention and educate customers.
Onboarding customers is not just about making purchases and has a lot more to do with their experience.
Use psychology in your pricing
Brands use a tiered pricing structure, commonly referred to as ‘decoy price’ structure to influence a customer’s purchase decision. Online stores can incorporate psychology when pricing products by presenting multiple shopping alternatives like many subscription models or expensive and affordable menu items.
It is an effective way to attract customers and bring them to intermediate prices while other prices serve as decoys. Charm pricing, another psychological pricing hack, can be executed effectively by placing a product between the available products, in the middle to be precise.
A/B test your product pages
A/B testing, a popular growth hack leveraged by a host of businesses, allows online stores to identify what works for business improvement and what downsides need to be eradicated. It is mostly trial and error and can be used to test your online store product pages.
Why the product pages in particular? For e-commerce sites, the sale of a product occurs on its product page. Trial and error in this method can be understood as experimentation until you succeed. Make minor changes to your product page design, images, layout, text font, and content.
Here are some common ways to start A/B testing on your product page:
- Add to cart button color
- Product Image Sizes
- Mentioning a limited supply
- Placing or removing a trust badge
Use exit intent popups.
Many e-commerce websites focus on finding ways to attract more customers to the website. Instead, you should focus on capturing customers when they leave your website. You can easily do this by placing exit intent pop-ups. These pop-ups catch visitors who leave your online store without buying anything.
Exit Intent Pop-ups do this by offering visitors one-time product discounts or having them enter their email address so you can bring those visitors back into your sales funnel.
Send a “Buy Again” email.
Returning customers are more valuable to your online store than new customers. Indeed, these customers are more likely to add a product to their cart and have low bounce rates. Moreover, these customers are 2x more likely to convertwhich is why you need to make sure that these customers shop on your website.
Emailing buyers a “buy again” email every ten to fifteen days after purchase might do the trick. Your “buy again” emails can incorporate a URL of the product they purchased previously or links to similar products. E-commerce websites should use email marketing software to design emails and an automation tool to schedule and send emails automatically.
FOMO, ad extensions, content marketing, and using psychology while product pricing are a few strategies to maximize retention, reduce bounce rates, and generate leads and conversions. Leveraging the power of influencer marketing and onboarding new customers with guided website tours are some additional growth tips to dramatically improve the overall performance of an online store.