Regardless of the industry your business operates in, as long as you have an online presence, it is crucial to hack into your growth to drive sales and ROI. Similarly, online e-commerce stores face a common challenge that must be solved in order to improve store performance and generate online sales.
There is no particular roadmap for growth hacking your online store performance. However, several e-commerce sites are successful because they have a growth hacking mindset and direct their efforts in the same direction curate and run campaigns and tests to generate more online sales.
With this 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 must harness the power of social influence through influencer marketing. Each industry comprises various influencers that customers follow for the latest updates and trends. According to Ogilvy, on 74 percent of customers rely on word of mouth to make use of services or buy products.
When it comes to online fashion and clothing stores, influencer marketing plays an important role in driving sales. If you want to double your sales compared to other advertising methods, collaborating with influencers is a great way to go.
By doing so, you can easily run campaigns and post a review of your product on your social media identifiers. This will increase the visibility of your product and make your brand known to your followers. Furthermore, the implicit trust in Influencer marketing is much higher than social media marketing. with influencers that generate more engagement compared to brand pages.
Take advantage of FOMO
The fear of missing something is commonly known as FOMO and the best-selling campaigns have mastered this technique. People don’t want to miss out on a good thing and it is the fear of being left behind that generates high user engagement on social media platforms.
About 56 percent of customers fear missing something at major events and online stores can use this to their advantage. You can take advantage of FOMO by causing a rush to consumers through limited-time promotions and content offers on your e-commerce site.
Use ad extensions to get targeted clicks
For businesses looking to scale ads on Google, ad extensions are a great way to go. Ad extensions allow e-commerce websites to incorporate relevant information about their audience. In this way, your click-through rates would increase dramatically. Online stores should run creative ads that incorporate more than the usual URL and title.
With ad extensions, you can include the following extras on your online website:
- Sitelink extensions
- Location extensions
- Call extensions
- Check extensions
- Callout 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 to connect with their existing customers. However, numerous forms of content do not necessarily apply to most segments, so an ecommerce site must analyze its target audience along with focusing on user intent for that particular topic / keyword.
To take advantage of content marketing, you need to set a content update to engage consumers and target specific audience segments entirely. You can do this by promoting content updates on well-performing blogs or on your social media ids alongside your posts.
Use strategic gifts to drive web traffic
Ecommerce stores like Amazon, Flipkart, and eBay regularly hold giveaways to get the attention of consumers. To run a giveaway successfully, you need to choose a product that will appeal to most, if not all, of consumers. This will build brand awareness, increase traffic to your online store, and generate leads that help improve performance.
With this in mind, let’s dive into some things that ecommerce websites can give away to acquire new customers and keep existing customers coming back for more.
- BOGO offers
- Free introductory products
- Sample Products
- Reward-based incentives
- Trial VIP access to tiered pricing discounts.
Incorporation of new clients
Clients are often in judgment mode and have constant doubts about whether it was worth the money. This is precisely why many SaaS companies use onboarding programs to improve user experience and make customers feel comfortable. Similarly, online stores can enable an interactive website tour to maximize retention and educate customers.
Onboarding is not just about making purchases, it has much more to do with your experience.
Use psychology in your prices
Brands use a tiered pricing structure, commonly known as ‘lure price’ structure to influence a customer’s purchasing decision. Online stores can integrate psychology when pricing products by presenting various shopping alternatives, such as numerous subscription models or expensive and affordable menu items.
This is an effective way to lure customers into intermediate prices, while other prices serve as lures. Charm pricing, another psychological pricing trick, can be effectively executed by placing a product among the available products, in the middle to be precise.
A / B test of your product pages
A / B testing, a popular growth hack leveraged by a multitude of companies, enables online stores to identify what works to improve business and the downsides that need to be eradicated. This relies primarily on trial and error and can be used to test the product pages of your online store.
Why the particular product pages? For e-commerce websites, the sale of a product happens on your product page. Trial and error in this method can be understood as experimenting until you get it right. Make minor modifications to your product page layout, images, layout, text font, and content.
Some common ways to start A / B testing on your product page:
- Button color “Add to cart”
- Product images sizes
- Mentioning limited offer
- Put on or remove a trust badge
Use exit-intent pop-up windows.
Many e-commerce websites are focused on finding ways to attract more customers to the website. Instead, you should focus on attracting customers when they leave your website. You can easily do this by placing pop-ups with exit intent. These pop-ups catch those visitors who leave your online store without buying anything.
Pop-ups with exit intent Do this by providing visitors with one-time discounts on products or by asking them to enter their email to attract them through your sales funnel.
Send a “Buy Again” email.
Returning customers are more valuable to your online store compared to new customers. This is because these customers are more likely to add a product to their cart and have low bounce rates. Furthermore, these customers are twice as likely to convertSo you need to make sure these customers proceed to buy from your website.
Sending buyers a “buy again” email every ten to fifteen days after purchase might be sufficient. Your “buy again” emails may incorporate a URL of the product they previously purchased or links to similar products. Ecommerce websites should use email marketing software to design emails and an automation tool to automatically schedule and send emails.
FOMO, ad extensions, content marketing, and using psychology while pricing products are some strategies to maximize retention, reduce bounce rates, and generate leads and conversions. Harnessing the power of influencer marketing and onboarding new customers with website tours are some additional growth hacks to dramatically improve the overall performance of an online store.