Digital Ads for e-commerce are similitude to taking steroids for track races, except in this case, it is completely legal.
If well-planned and strategically deployed, it can be effective. However, the effectiveness has been observed to be wildly overestimated by over 4,000%.
Luckily, there are other methods to boost your e-commerce sales without spending on paid ads. They are also more likely to have a lasting effect on your revenue.
Table of Contents
5 R’s of retailing
The 5 R’s of retail merchandising is a framework every e-commerce owner should base all actions concerning sales promotion. They are:
- Right people
- Right product
- Right quantity
- Right price
- Right time
Ecommerce merchandising is a strategy for displaying products on a website to increase findability, conversations, and sales revenue. It helps present the right product to the right people at the right price and at the right time.
Right people
You should understand your targeted market. Research your prospective buyers’ purchasing power, buying habits, emotional trigger, and politics. This will guide you in tailoring and presenting your e-commerce products in the most appealing ways to them.
Right product
You need more than just an understanding of your targeted market. The product you showcase to them should be what they will most likely need. For instance, displaying Christmas products on your e-commerce website at the beginning of the year might be a misfire.
Right quantity
Delivery time is one of the major criteria customers now consider when ordering online. Over 40 percent of online shoppers now want same-day delivery, and about 24 percent want to get their order in less than two hours.
Companies that can fulfill orders within this time limit will have an edge over competitors.
Proper inventory tracking data and sales info can help you plan the right quantity of products to keep at a specific location for the quick delivery to customers.
Right price
Offering discounted prices and time limits for orders can convince customers to purchase.
To increase sales, instead of offering discounts on a single product, attach the discount offer to a specific number of orders to increase customers spending on your site.
Right time
Typically, there is a perfect time for every product, such as an umbrella, during rainy seasons. They even command a higher price during this time. Since festivals and seasons are not all year round, monitor news trends.
For instance, online grocery sales peaked 300 percent during the coronavirus pandemic. Many retailers had to hire more staff to handle online fulfillment and delivery hurriedly.
To make more sales, a strategic online retail store is expected to display items people will most likely order during the period, not general groceries.
To successfully execute the 5Rs, you will also need to do the following;
Identify how customers find you
Where your customers come from might be a signifier of the products they will likely be interested in.
Analytics tools such as Google Analytics can give you an overview of how customers find your site and their browsing behavior. If your customers are coming from search engines like Google, tools such as Search Console can help you to identify the keywords they searched before visiting your site.
This can better inform your inventory to know which products are in high demand and which are not.
Optimize customer service and experience
Assist customers finding it hard to decide on the available products on your site. Also, always follow up to ensure they enjoy their purchase.
According to a report, companies that work to improve their customer experience record an increase in revenue. The better your customer experience, compared to competitors, the higher you are likely to outperform them.
To optimize your customer experience, create a contact us page that customers can easily locate. Include your office address (if available), phone number, email address, and live chat link on the page.
Publish blog articles and Frequently Asked Questions (FAQs) to guide and help customers find answers right away.
Boost credibility with social proof
Although the skepticism about online purchases has drastically reduced, people are still cautious.
Buyers need plenty of assurance before they can trust you with their money, especially if you are not a popular brand.
Social proof is a psychological phenomenon whereby people are less antagonistic to an action after seeing others doing it. It is employed in digital marketing to boost brand credibility and improve buyers’ confidence.
Social proof includes testimonials, reviews, and customers’ pictures of your products. Most online shoppers will check others’ opinions about your product before deciding whether to buy.
It convinces prospective buyers that people trust your product and they have positive experiences.
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