In business, we spend money aiming to return later with profit. Well, these are the basics unless you are targeting a charity business. Such a return is called a Return on Investment (ROI), which is defined as the amount of profit you make compared to the amount of money invested.
ROI is a key metric for any business to evaluate the success of their efforts. Hence, they understand its importance but what keeps them anxious is how to boost their e-commerce ROI.
Therefore, we decided to hit the books to provide you with top-notch 11 strategies to accelerate your business ROI.
So, there are no excuses. Keep on reading the upcoming paragraphs for the best strategies, tips, and tricks.
Boosting your e-commerce ROI is one of the crucial dimensions for the success of your online business. Hence, we will provide you with the top strategies to achieve such an objective.
A rule of thumb for the success of your e-commerce is to understand your buyer persona. The continuous changes in the online business landscape lead to changes in customers' preferences too.
As a result, understanding your buyer persona is the starting point for positioning the right message to the right customer. In addition, it assists in developing a suitable strategy to resonate with customers.
By understanding your buyer persona, you will be able to determine, for example, the channel your audience spent most of their time using. Hence, you will direct your efforts towards this channel for better results.
This contributes to increasing sales and conversion rates and certainly reflects in boosting e-commerce ROI.
It’s crystal clear that SEO is transforming, well, everything!
Google is users' go-to whenever they are looking for anything ranging from the best nearby pizza restaurant to the best-selling jackets.
Therefore, you need to focus on SEO by improving your online store position on SERPs. Simply put, optimizing your website means that your business occurs on the first page of Google. Going to the second page and after means risking not being seen by users.
A study has shown that only 0.67% of users look beyond the first page on Google.
Thus, leveraging SEO will bring higher traffic to your website and enhance its visibility.
Plenty of practices can be utilized for better positioning on SERPs. For instance, searching for keywords with high traffic and using them on your website will ensure high visibility. Also, having an easy-to-navigate website and including SEO content, for example, blogs, are key SEO practices. As mentioned earlier, these practices will lead to higher traffic and higher ROI.
Creating quality content is a key strategy for any online business. Its importance can be linked to a variety of factors.
First, high-quality content is more relevant to users; hence, it is consistent with SEO and is positioned higher on SERPs.
Second, customers always go for quality content that aims to sell and is informative. Accordingly, they build a type of connection with such a business and become more inclined to purchase. In addition, informative quality content builds brand trust, which is crucial for higher ROI.
Third, high-quality content is more likely to be shared by users with their peers. Hence, contributing in word of mouth marketing.
Consequently, regardless of the channel you are using, never settle for less than high-quality content. It’s one of the key dimensions for revolutionizing your e-commerce performance.
Conducting a thorough competitive analysis allows your business to identify the ways your competitors increase their ROI. This provides you with an edge as you will not fall for the mistakes your competitors have encountered.
Moreover, such a competitive analysis provides your e-commerce with insights that you can benefit from.
Accordingly, conducting your competitive analysis can be done by monitoring other businesses' product pages, offers, social media accounts, and all practices they follow to acquire customers and boost ROI.
We totally understand the importance of acquiring new customers. However, spending too much money on customer acquisition costs goes in the opposite direction for increasing ROI.
For instance, spending 1000$ on acquiring new customers yet they did not make a purchase will contribute to lower ROI. Thus, you have to balance the amount of money spent compared to the return. Consequently, you will spend a reasonable amount that generates a consistent return.
You need to ensure adopting efficient marketing practices, for example, automated email marketing, that will lead to better results with less cost.
Here are the Top 15 Tactics and Strategies To Reduce Customer Acquisition Cost.
We never stopped talking about personalization and will never do.
Personalization can make or break your e-commerce business. It establishes a connection between businesses and customers. Hence, it boosts customer satisfaction, increases conversion rate, and encourages good word-of-mouth marketing.
All of these elements are key factors for boosting e-commerce ROI. So, you just need to show your customers that you understand their needs and preferences.
Instead of going for a one-size-fits-all marketing strategy, you can rely on personalized email messages directed to the engaged customers. Accordingly, you will increase customer engagement and ensure they will place an order and return for future purchases.
It’s necessary to raise the bar in personalization by providing customers with tailored product recommendations. Studies tackling Amazon showed that it was able to boost its ROI from tailored product recommendations. Hence, we will follow the path of the e-commerce guru.
The implementation of this strategy includes monitoring insights, preferences, and purchase history to provide relevant product recommendations to users. Thus enhancing customer experience, encouraging additional purchases, and increasing average order value.
These are all crucial aspects that contribute to boosting e-commerce ROI.
Moreover, product recommendations are showcased through highlighting recently viewed products or presenting items usually purchased together.
The point is, it’s definitely a winning strategy for your business. For implementation, you will need a marketing tool that efficiently handles such a process. For instance, Convertedin is one of the tools you can rely on. It shows related products and recommends relevant ones to users. Also, you get the chance to choose from a variety of recommendation types.
The importance of website performance is sometimes overlooked by businesses. When talking about its importance in increasing ROI, the performance of your website plays a crucial role.
The responsiveness of your website, mobile compatibility, site speed, and site usability are all key elements. In addition, the quality of your product page, the checkout process, and an easy-to-use search function are vital. Hence, fine-tuning these dimensions will ensure a seamless user experience.
This will lead to increased customer satisfaction, and as we know, a satisfied customer is the one who is more likely to purchase your products, be loyal, and spread good word of mouth about your brand.
The major problem in online shopping that hinders achieving most of your objectives is the skepticism accompanied by placing an online order. Usually, online shoppers are unsure of the quality of the product they will receive. Hence, they might decide last minute to not place an order. Well, this means lower ROI.
But we are here to talk about increasing ROI, so you will have to address this issue of skepticism. It can be done by highlighting social proof through customer reviews and testimonials.
Shoppers tend to imitate others and seek their confirmation. Therefore, including social proof will build brand trust and credibility, which, in return, will lead to customers being encouraged to place an order.
We realize how SEO is creating a huge marketing buzz nowadays. However, some staples will never become obsolete, and on top are PPC ads.
Utilizing PPC ads will undoubtedly contribute to boosting e-commerce ROI. They instantly position your brand in front of your target audience. Also, you can rely on PPC ads for targeting to catch up on missed chances.
Yet, it has to be done in the right way to achieve the desired results. For instance, you need to choose the most suitable platform in which your customers spend most of their time using. Also, a compelling ad copy, visuals, and an optimized landing page are all necessary elements for the success of your PPC ads.
If you are worried about handling your ads, you can always go for Convertedin. It automates your ads’ strategy and boosts sales with personalized ads across multiple channels. In addition, it retargets customers for a higher ROAS.
High conversions mean users are taking a required step, which can be adding products to their carts, subscribing to a newsletter, or referring a friend. The thing is, a high conversion rate contributes to a higher ROI.
Since we are talking about strategies to boost your online business ROI, we need to shed light on the importance of optimizing your conversion rates, as it will directly affect your ROI.
There are several key practices you need to follow for a higher conversion rate. First things first, you will have to optimize the performance of your website. Customers will abandon a website with low performance and slow speed.
Additionally, optimizing your product page with high-quality images and detailed product descriptions will encourage users to place an order. Also, highlighting social proof and offering around-the-clock chat support enhance customers’ experience and increase conversion rates.
Using Artificial Intelligence is one of the most effective ways to improve ROI for your eCommerce business. It can learn about your audience, help with content creation, and provide insights into what products will sell best in various situations.
Online platforms like ConvertedIn combine artificial intelligence and shoppers' data to personalize marketing campaigns, increasing customer engagement while boosting ROI. This platform is focused on eCommerce and automatically creates personalized ads across multiple channels.
Another way to use AI for marketing automation is by using chatbot technology. Chatbots can answer customer questions and provide product recommendations based on their purchase history or search queries. They can even upsell products related to what they're currently browsing or buying.
Final Thoughts
Adapting these strategies is crucial for increasing your e-commerce ROI, which is vital for the success of your business.
The e-commerce landscape is constantly evolving, and it is highly challenging to stand out among the competition. Therefore, you need to stay adaptable and continuously follow key strategies that will contribute to the success and growth of your e-commerce.
So, now is the time for implementation.
Let’s get the ball rolling! And Convertedin has got your back too! With its dynamic ads automation, product recommendation engine, email marketing, and auto-segmentation, there is nothing to worry about.
So, book your demo now!