Every customer is an important part of your business. Each one has his/her own unique interests, shopping preferences and income levels. They represent pillars upon which you can hold high your value business propositions.
In an ideal world, online merchants would be able to dedicate a great deal of their time to every single customer. In today’s competitive world and sheer size in number of online shoppers, it just isn’t possible to spare the time or the workload.
What works instead are targeted strategies to create sustainable customer relationships. CLV (Customer Lifetime Value) is the most important metric in your eCommerce business. Your three-letter competitive advantage. Here are 5 ways to increase your customer lifetime value.
The year 2014 has been a memorable year for digital retailers, with highs and lows. Strategies were cast aside, ideas were reborn and decisions were taken. With 2015 a few weeks away, let’s take a peek at eCommerce’s immediate future.
There are predictions, trends and reports suggesting a zillion scenarios out there. A gazillion action points. But the industry is evolving at a pace that makes it difficult for anyone to realize its potential. Hence, we invite you to sit back and gain a practical perspective on what might work for you in 2015.
Last year was a significant one for mobile commerce. People flocked to mobile sites to shop to their hearts’ content. The retailers jumped on-board and revitalized their mobile platforms. Given how the millennial crowd is changing the shopping landscape, the year 2015 is shaping up to the year of the mobile.
As many a wise men have said, to know where we are going – it is important to look back at where we came from. So here are lessons we learnt in 2014 about m-Commerce that we can use this year.
Black Friday has come and gone. Cyber Monday has bid farewell. Super Saturday has just gone by. But the holidays are far from over. Customers are still on their couches. Some salivating over prospects of holiday offers. Others rue the annihilation of their Christmas budgets.
Digital retailers are still giddy over potential sales figures. Sure, the frenzied shopping season in 2014 claimed its share of victims. The ones who could not deliver on their promises to customers. Overall, the holiday season is definitely a time to rejoice.
It is however quite literally the worst time that one can pick to slack off in the eCommerce world!
Let’s not kid ourselves. There are more players in the eCommerce world that we could care to count. Whatever we want to say about our brand, somebody has probably already said it. The rising clutter however has also made it easier to differentiate the strong players with the weaker ones. The professionals from the novices. Your e-Store doesn’t just say a lot about your brand. It is your brand.
So here are 5 mistakes you must avoid while running an e-Store.
Wouldn’t it be great if you could communicate with your live customers and find out what they want to see and what they don’t? How about if you can change how you push your products to customers based on their own feedback? That’s A/B Testing in the eCommerce world.
It’s a wealth of information on customer preferences, which online retailers can use to make informed decisions; to turn their websites and product pages into optimized selling environments.
So what does A/B testing mean?
An online shopping cart is a place where hope floats, but there’s always a chance it will be dashed, abandoned and left for dead. Cart abandonment is a scary proposition for digital retailers. It shows that you can’t take your focus off customers during the purchasing lifecycle.
There could be many reasons why people abandon shopping carts. Some may just want to store products they are interested in but don’t intend to buy immediately. Others may come to late decision that the shipping costs are too expensive.
The most obvious advantage that eCommerce business have is that they can reach out and service customers – no matter where they are from. Ironically though, in today’s digital climate, accurate information on a customer’s location is viewed as a valuable commodity.
Geolocation, the technique of determining the actual location of a customer based on IP addresses, has two distinct advantages. One is that it can help merchants fight online fraud by comparing the addresses of cardholders with the IP addresses. And it can give you the power to influence customers and increase conversation rates.
2015 is here. Drum roll please. New Year resolutions are being tossed around like discount coupons on a Black Friday. In fact we came up with a few of them some time ago. But success for an e-Commerce merchant is never dependent on a single ingredient. There isn’t that one thing you can do to ensure a gazillion conversions or even a happy customer. It’s more of an evolving recipe. A winning formula based on current trends.
Safety however is a constant need in the digital retail world. If you are an online retailer, it is inevitable that you will need to guard yourself against fraudulent transactions. Maybe this year, if you haven’t already, let safety be your buzzword.