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So, you own a Magento store and looking forward for tips on Magento ECommerce Growth Strategies. Congratulations, you are in right direction and willing to take the next step. Before, we dig deeper and figure out proven Magento eCommerce growth strategies, lets answer a simple question; what do you mean by the term “Growth” in an eCommerce scenario. Are you only talking about increase in revenue? If your answer is YES, you are partially right.
I would answer “Growth” in terms of long-term relationship with customers, increase in market share, selling more than last quarter, building brand value better than before, and most importantly gaining customer’s trust which reflects in your account balance.
Think like heads of Amazon, eBay and others; they have done what is right, they have perfected the art of eCommerce and that reflects in their profits per quarter.
E-Commerce platforms like Magento have already given you a piece of mind, now you don’t have to worry about feature sets, stability of your store instead you can focus more on your business plans and growth. So, is this an appropriate time to focus on growth? Well, requirements of every business, store is different still i can categories the preliminary efforts like this
- Magento Ecommerce is installed on a good hosting environment.
- User experience of your Magento store is already taken care of based on best practices.
- Features are carefully thought of and induced in the store.
- A/B testing of features, modules and design is already done and tested.
- Products are pushed and sales are happening every now and then.
- Speed of your Magento store is good, you have taken necessary steps, cross checked Magento performance optimization list manually.
- Overall, you are happy with your store and ready to take on the next battle.
If you ask any online marketeer they will tell you lots of things to increase growth which you may also agree with, but those tips are pretty hard to implement (especially if you are new to this world). I will try to simplify those proven Magento ECommerce growth strategies for you.
Rather than implementing each of these growth strategies, first dedicate your efforts in understanding them and figuring out their relevancy to your eCommerce store. Since poor strategic implementation can be more harmful, you can’t just rely on any advice which may hurt your store’s reputation.
Magento Ecommerce Growth Strategies
Rather investing all energy on selling goods, also think about consumer behavior. Is your store responsive? whether consumers are able to see your store on their handheld devices? Figure how much traffic you are getting from mobile devices. Google Analytics can help you figure out your customer’s browsers, device, geographic location and funnel. Using them and setting goals in Google Analytics should be your first priority. Without this you are running blind.
1. Tracking & Measuring Your Efforts
When you are working hard to increase the GROWTH of your Magento ECommerce store (based on your Magento marketing strategy), everything revolves around careful thinking, implementing one thing at at time, analyzing & tracking the outcome. Use tools like Google Analytics, Google Webmaster and others to see how your site is performing. If you are using promotional emails, tracking them is super critical. Understanding the performance of different campaigns guides you in right direction.
If something is really not working for you despite several efforts, divert your attention to slightly better performing metrics. Fine tune the campaign to enhance the outcome. Keep an eye on ROI, especially if you using paid promotion like Google Adwords, balance your campaigns and track. Idea is simple; if you can’t track something mark that effort as least priority.
2. Preferred Payment Methods
Due to economic differences and sentiments people around the world have different take on preferred payments methods. If you are selling globally knowing global preferred payment choices would be a huge plus. Consumers in USA, UK loves to pay by credit card. Indian & Brazilian consumers on the other hand prefer bank transfers, French prefer Carte Bleue, Germans prefer a bill whereas Latin Americans prefer mobile transactions. Think wisely and offer preferred payment methods in your targeted countries. Thinking about geographic needs is super critical for success and growth.
3. Better Shipping & Delivery Options
Shipping & Delivery sentiments are also different across the world, US consumers accepts that they will bear the shipping cost whereas German consumers expects free delivery. So, whatever your delivery model is, that should take the geographic scenarios in the equation. Give more delivery choices and prominently display the time & cost involves to give your customers a clear idea.
4. Automatically Switch Currency As Per Geographic Location
Suppose you see prices in AU Dollar, the first reaction would be to leave the site. You won’t take the pain to switch the currency to USD. That’s exactly what a consumer from a different geographic location would do if he/she sees prices in unknown currency. Magento provides an easy way to switch the currency, still expect more than 5% consumers to abandon your store immediately if they see an alien currency. Word hard to decrease this friction by setting prices for targeted local currencies. Detect geographic locations and show relevant currency for better conversion.
5. Drive More Qualified Traffic
This is where you have to spend too much energy. Bringing in more qualified traffic, perspective customers to your store increases revenue and there is no rocket-science behind it. But due to algorithmic changes by Google i.e. Panda, Penguins etc. things have become more difficult. First of all you have to rely on multiple sources of leads. Google Adwords is great but what about other niche channels like Facebook Ads, Stumbleupon paid discovery, Yahoo ads, Reddit ads, Google merchant etc. You should try each of them on small scale and then scale it higher based on performance. It’s obvious that tracking each of them is vital.
Google Panda & Penguin Effect
Matt Cutts from Google have explained the importance of making your product pages rich in content. Consider an example, what if you have a product called baby blanket just like 10,000 other Magento stores competing for the same keyword. Store owners concentrate more on emphasizing the feature sets i.e. colors, size etc. but the actual content (text) doesn’t explain much. Having given you the example, now think how would Google or other search engines will differentiate your product from 10,000 competitors. To compete in organic space you need rich content, cover popular keywords naturally and shy away from black hat tricks. Watch this interesting video to learn more.
Penguin Update from Google targets SEO over optimization, analyze your site and fix any unnatural or over optimized SEO pages. This is critical, since couple of bad pages can hamper your overall domain reputation. Learn what’s hurting your eCommerce store in organic space.
A safe way for driving more traffic is to comment on other sites in your niche, write guest posts on popular sites in same niche, promote via social platforms, draft a signature in forums while answering, submit your store in DMOZ and Yahoo Directory and stay active in the community (in your niche). Your goal should be to achieve natural non-spammy back links. Use Google Disavow tool to ban all unnatural & spam links pointing to your site. Unfortunately, now bad back links are penalized more severely than ever.
6. Better Presentation of Price & Taxes
Displaying prices & taxes have a huge impact on how your customer thinks about your store. Think it like this way, if you show prices without rounding them
Showing product price to an EU customer at €19.81 rather than €20.00, have a huge impact. This generates friction as they think you are not a local store and purchasing from your store is little risky.
Don’t let this friction hamper the overall reputation of your store. Try to round the product prices if possible or take whatever steps you can to show product prices in natural form. Similarly, don’t bury taxes or show only on checkout pages, if you do customer will end up abandoning the cart anyways. Final price is what they are willing to see; obviously shipping is something specific to region and geography.
7. Publish Valid Contact Information
Many consumers look for trust factor before they buy something from any store. To verify if you have a contact page link, check in Google Analytics how many have already clicked on it. It’s best if you publish who you are, your support period, disclaimers, privacy and refund policies, store timings etc. Keep in mind that an online store needs TRUST FACTOR, so don’t underestimate the important of these small things. Obvious to many, but we have noticed that a majority of online stores ain’t publishing these.
8. Landing Pages For Conversion
If you’ve not created landing pages yet, this is something you should do ASAP. Landing pages turn traffic into money and they are great for targeting special keywords.
9. Use Social Platforms Effectively
Social platforms like Facebook, Twitter and Google+ are great for sharing content or even products. Don’t ignore the importance of these platforms, device a strategy so that your customers can share your products. Facebook “Want” & “I Wish” buttons are great for sharing products. Since, the popularity of social sites is huge, get your products promoted by your consumers.
10. Product Reviews
Put your marketing campaigns on Autopilot by using service like Nurture, to setup email campaigns. Setup campaigns to send out an email to all those who have bought a product from your store. Ask them nicely if they are interested in writing a review on product they just bought. This solves 2 purposes, if your customer comes back and writes a review they are validating your product and paying you an additional visit. While doing so they may end up buying something else. Moreover, they will write a review for others to read, such reviews helps in boosting confidence of other perspective buyers.
Other Magento ECommerce Growth Strategies
All the above are tip of an iceberg, there are hell lot of other elements you have to tackle like
- Increase average order values, extensions such as Magento Extra Fee can help.
- Don’t let the shopping cart link disappear at any cost. Magento Scrolling Cart extension would be an advantage.
- Promotional notifications can work for instant sales, impulse buying is difficult but at least try for that.
- Improve the brand and product awareness thought different channels.
- Device a strategy to improve customer retention and loyalty.
- Always look for proven ways of improving customer’s experience.
- Never stop working on competitor analysis.
- Target new markets, think what changes your store might need to accommodate this new market without hampering the current ones.
- Leverage the power of coupons, discounts and offers on different channels.
- Do SWOT & GAP analysis if possible to revive your customer’s experience.
I hope these Magento eCommerce growth strategies will set you up in right direction. Please leave us a comment and share your views and experiences on how you have tackled your eCommerce performance and positioning in organic space.