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E-commerce has grown steadily over the past decade, and the surge created by the Covid-19 pandemic is here to last.
This presents a clear opportunity for both new and existing businesses to increase sales and revenue. However, people are spending differently than they did before. Here are three important tips to grow your business’s e-commerce in this new economy.
Personalized Customer Experiences
With the rise of e-commerce, customers’ expectations have drastically risen as well. This means they will more easily replace brands that do not meet their expectations.
Thus, brands must personalize their relations to their customers in order to develop them. In fact, McKinsey report that 71% of consumers expect companies to deliver personalized interactions, and 67% get frustrated when this does not happen.
Personalization can range from product recommendations according to the individual customer’s fit and preferences, to engaging in 1:1 conversations with an agent. For instance, Amazon employs data analytics to display products that are often purchased together, and under Prime Wardrobe, recommends items curated by a team of stylists based on the individual’s fit and style.
Developing individualized relationships with customers will build more trust, which ultimately translates to increased sales. 49% of customers purchase items they did not intend to buy because of a personalized recommendation from a trusted brand (Forbes).
Easy & Effective Loyalty Program
The value of a loyalty program has significantly grown in recent years, as shoppers explore ways to save and businesses prioritize steady sales. By creating exclusive benefits and accesses, brands can continuously encourage social media engagement, repeated purchases, and referrals.
The key to a good loyalty program is to make it easy. Easy for them to join — by promoting the program across different mediums, including Short Message Service (SMS), email, social media, and banners on the website. And easy for them to gain and redeem rewards — by offering diverse actions they can take.
Strong Community
Brands are in a unique position of power to unite people from different backgrounds with their same love for the brand’s products or services. And taking a proactive step to foster this community can be tremendously influential.
When customers feel connected to brands, 76% are more likely to choose them over a competitor, and 64% are more likely to stay loyal to that brand. More and more businesses are recognizing the value of these connections and are creating a genuine community using social media, loyalty program, or an ambassador program.
In particular, raising awareness around important social and political issues on the brand’s social platforms can be effective because it draws people to join meaningful conversations and build a community on a deeper level. Over 86% of customers are more inclined to be loyal to a brand whose values align with theirs. Thus, leveraging the brand’s influence to build a community on multiple levels can attract and engage customers in the long run.
Check out Bubblehouse to see how you can apply up-to-date strategies to bring your business to the next level.
