Did you know that industry estimates suggest that eCommerce will account for 95% of purchases by 2040? Currently, 6 in every 10 online users (nearly 5 billion) have bought a product online at one time or another. Drawing on these trends, there’s no better time to explore the lucrative online market like the present.
But for solopreneurs who lack the marketing power of established companies, penetrating the eCommerce space is easier said than done. As someone who owns an online store; how do you reach your target audience to create brand awareness with limited funds and resources?
Read on for simple, low-cost eCommerce marketing strategies to help stand side by side with big-money players as you grow your online store:
Are you new to the game? Or are you an established solopreneur looking to create a buzz around your eCommerce business? Well, 80% of marketers believe that influencer marketing is the way to go.
A simple endorsement, review, or just a product mention from influencers with a large engaged audience could drive sales dramatically—as long as you follow the best practices. With this in mind, always work with influencers who are relevant to the offering of your brand, ensure the products are pushed organically and authentically, and determine your metrics beforehand.
If you decide to leverage influencer marketing, there are tons of tools to help facilitate a seamless process—including Mailshake (automate outreaches), Influence.co (influencer community), Heepsy (analysis of the influencer’s audience), Influencer Fee (budgeting), and Upfluence (finding relevant influencers).
Few digital marketing strategies are as effective as content marketing—especially for the long-term. It gives eCommerce solopreneurs an opportunity to establish themselves as an authority while building a community of highly engaged and loyal customers in the process.
In eCommerce, the idea of content is to show prospects that you have more to offer beyond your products. For this, ensure your content (whether it’s a video, blog, podcast, or social media post) is engaging and valuable to the target audience.
Of every 10 prospects that visit your eCommerce store, you might be losing 8-9 of them (Statista). Cart abandonment is a huge pain for most online entrepreneurs looking to increase their conversation rates. As an eCommerce solopreneur, it’s your responsibility to attract as many leads as possible, lose as little as possible, and retain as many as possible.
One way to win back buyers is with the help of retargeting ads (e.g. Facebook SDK or Google Ads). This is basically the practice of delivering highly targeted ads to users who’ve interacted with your brand. You can inform them of available promotion, remind them of incomplete orders, or introduce new products.
How motivated are you to makes a purchase when there are checkout codes, coupons, vouchers, or gift cards available? Highly motivated, right? Well, this is because shoppers (especially online ones) are always on the lookout for money-saving opportunities.
Incorporating coupon marketing as part of your eCommerce marketing strategy could boost brand visibility, increase brand engagement, and generate more leads. The good news is that there are tons of eCommerce software to help you with this strategy.
The takeaway is that eCommerce is a highly competitive and ruthless landscape—especially for solopreneurs. This is why you must go the extra mile with your marketing efforts to not only survive but thrive in the industry.
I replaced the point on “Word of Mouth” in the reference article with “Coupon Marketing” after some in-depth research into the best practices – i.e., the effectiveness of Word of Mouth in eCommerce is a divisive topic.