Although many eCommerce merchants don’t bother to set New Year’s resolutions, we can’t help but feel they are growing increasingly important with each passing year.
According to a Forrester report, online sales in the U.S. are expected to rise to $500 billion by 2020. If you think the competition is fierce now, imagine how heated the eCommerce industry will be in a few years.
Setting new goals is key to reaching the next level of eCommerce marketing maturity and growing your online store. If you’re not sure which goals to set, here are a few worthy resolutions to consider.
1) Use Remarketing to Combat Abandoned Carts
According to Baymard Institute, the average abandoned shopping cart rate is hovering around 69 percent. If you aren’t doing anything to combat abandoned carts, you’re leaving money on the table.
An effective remarketing strategy is crucial for eCommerce marketers. By sending triggered emails to those who have abandoned their carts, you can increase conversions and recapture lost sales.
To drive more revenue in 2018, optimize your remarketing strategies. Test the timing and frequency of your abandoned cart emails, along with the design and calls to action. By diving deeper into your data, you can make the most of remarketing and drive more sales.
2) Master Social Media Advertising
Becoming a master of social media takes commitment. But with over three billion people using social media around the world, the potential advertising opportunities are worth the effort.
If you aren’t selling on social platforms such as Instagram and Facebook, now is a good time to start. Here are a few ways to drive eCommerce revenue and maximize your ROI on social media:
3) Implement New Technology
It doesn’t matter whether you’re a big box retailer or a small startup — delivering personalized and timely messages is the name of the marketing game these days.
To outperform the competition, your marketing needs to run like a well-oiled machine. Now is the time to begin leveraging marketing automation to streamline your marketing efforts and generate more revenue for your eCommerce store.
Take advantage of free demos that many platforms offer and find what works best for you. This is an investment that can’t be put off if you want to remain competitive in years to come.
4) Get a Head Start on Your Content Calendar
Come January, many eCommerce marketers are still riding that holiday sales revenue high, but don’t become complacent after a strong Q4. To gain a competitive edge in 2018, start planning your content and promotional calendars early.
Create compelling and authoritative content for your audience to make it stand out. While everyone else is lagging on their content curation, you can give audiences a reason to seek out your brand first for the latest industry news and information.
5) Refine the Omnichannel Experience
Today’s tech-savvy consumers have high expectations and demand a seamless shopping experience both online and offline. Is your business prepared to deliver this experience?
Implementing an omnichannel strategy is key to gaining a competitive advantage. If you are already delivering an omnichannel experience, you should still work on improving it in the new year.
Seek out new tools to invest in to refine the user experience. Additionally, break down any remaining barriers in your company and promote data sharing between all departments, from IT to sales.
6) Use Transparent Business Practices
In an age of misinformation and “fake news,” consumers have no tolerance for questionable business practices. They demand full transparency from brands in order to gain their trust. Your audience expects honesty and integrity from your brand. Online companies can make their brand more transparent with these strategies:
You don’t need to wait until the start of the new year to begin improving your online business. Now is the perfect time to act upon your eCommerce New Year’s resolutions and get ahead of the competition in 2018.
Want to see where you currently stack up against your competitors? Check out Springbot’s free eCommerce Scorecard!
Springbot provides advanced eCommerce marketing technology for small to medium-size retailers. We make the overwhelming task of running and tracking multi-channel marketing campaigns ridiculously simple, from e-mail and social marketing, to online ads, Amazon Marketplace and more. The key is Springbot’s integration with Big Commerce, Magento and Shopify to deliver the power of data management, marketing automation and analytics. We then take that information and make data-driven marketing recommendations specifically tailored for your needs.
Magento is the most robust and flexible platform for merchants undergoing digital transformation. As Mark discusses, there’s a shift toward investment in digital technology to drive overall enterprise strategy. And, Magento is the only independent company delivering solutions to SMB and mid-enterprise merchants wholly focused on commerce! If you’re curious about how Magento can help transform your business, please contact our team!
A migration to Magento 2 requires a well prepared execution strategy. A smooth transition is key and not every business is prepared for that.
Once you’ve decided that migrating to Magento 2 is the right choice for your company, it’s vital not to rush through the migration process. A poor migration could directly impact your bottom line due to confused and unhappy customers. Time spent formulating an execution strategy is critical to your success.
Take your time and do it the right way by ensuring the following factors are top of mind in preparation for migration.
From customer data and order history to product data and store configuration, migrating your data is an important step in moving to Magento 2. Companies should note that this process gets more complicated with large amounts of data. What can be particularly challenging is migrating different types of product data, whether its a simple product, bundled product, or configurable product. With larger stores and customer history to consider, the time invested here can increase exponentially.
The number and level of integrations with third-party applications should be considered for migration. Luckily, Magento 2’s flexible architecture supports a variety of integrations. To ensure a smooth transition, companies should consider their current integrations and determine whether they still need them or are able to consolidate in to newer, more robust applications. We call this Application Rationalization where we’re able to simplify your application architecture.
When it comes to the best integrations, do your research. Is there an integrator that already exists for Magento 2 or will you need to create it? Furthermore, how many integrations exist on your current website? The more integrations you use, the more complex the migration process will be.
In general, the more customization you want, the more development you will have to do. Thanks to the Magento Marketplace, an online store where you can purchase and download the latest versions of popular extensions, there’s a good chance a Magento 2 version of your favorite extension is available for download. However, since the platform is so different from its predecessor, it requires careful consideration when evaluating functionality.
To determine the best course of action, review the features in your current store and determine if there are current versions of those features in Magento 2. If not, you may need to wait for a version release to support Magento 2 or develop your desired feature from scratch.
The new frontend technologies available on Magento 2 offer merchants a brand-new approach to theming and customization. However, theme and code customization are not transferable from Magento 1 to Magento 2. To take advantage of the changes in Magento 2, developers will need to rework their current code.
Consider which design aspects of your current store you would like to replicate and which design aspects you would like to recreate. While this aspect of migration might be tedious, it will force you to rethink and redo things, ideally leading to more improved usability and increased conversion.
If you decide you are ready to make the switch, ExpandLab is happy to help. Contact us to learn more about how our team of Magento Certified experts can improve your eCommerce site.
How do you prepare when traveling internationally? Between informing your bank to reading up on local cultural idiosyncrasies to ensuring you understand conversion rates, there’s a lot that goes into a two-week vacation for a family of four.
So don’t expect your online retail business to simply drop a router in England and start selling products.
There are a range of variables that eCommerce companies need to consider before they can meaningfully expand into overseas markets. From technical, cultural and logistical perspectives, online retailers must ensure they are prepared before they embark on a global business journey.
At ExpandLab, we’ve been dealing with several issues with clients who have expanded to overseas markets. Below are our top three potential difficulties eCommerce companies will run into when they venture off into foreign lands, and how Magento can help solve for those issues.
Language is as much about culture as it is about the actual words being used. While Google Translate may have gotten you a pass for your college Spanish class, it won’t pass the sniff test for a professional online store. Luckily, partnering the right team with Magento’s capabilities will make this a smooth transition.
Additionally, within a certain language, there can be many different dialects. If a company uses the same language coding in Spain as they do in Mexico, customers will be confused and unable to understand key messages behind your brand. Plus, it makes anyone look foolish and unprofessional when using the wrong syntax to communicate with a customer base. Although all of this is more time consuming from a technology perspective, it’s vital to ensure customers will actually be able to understand, and then more likely to purchase, your product.
The logic behind shipping varies from country to country and region to region. Once a company has established a fulfillment center in a certain country, like Germany, they need to determine how that dispersed shipping will work when shipping within Germany, and how that varies when shipping to other locations like Italy and England. Magento helps solve for these issues by having a huge backlog of data with updated price points for shipping costs.
Because these costs can vary so substantially, a robust understanding of these shifting expenses needs to be completely integrated into your product’s final price. According to a study by WorldPay, over 50 percent of consumers will abandon the checkout process when presented with unexpected costs. Even if your shipping prices can’t compete with local retailers, a consumer will often pay more than you think for shipping a unique item.
This is another cost companies need to carefully consider when pricing their goods in different countries. Some regions will have more than ten line items companies need to include when shipping their goods internationally. Is it best to present these to customers as one single fee or would it better to list them individually? Some countries have Value Added Taxes (VATs), creating another unique coding problem.
The other issue is that these fees are not stagnant. Companies need to ensure they have a team that monitors for increases in tariffs and other fees so their technology can be quickly updated to reflect any changes in costs. We’ve found Magento makes these changes simple and easy to implement. ExpandLab also uses a tool called Avalara that monitors for these types of changes and provides real-time updates so there are no surprises in store for clients.
Going global isn’t simply a matter of flicking a switch. But by keeping the above considerations in mind when building an oversea presence, the benefits are clear and powerful. From untapped markets to greater exposure to favorable business climates, international growth can be a real bellwether for eCommerce companies to take their businesses to the next level.
But to be successful, online retailers need a team that understands the nuances of how a platform like Magento can be used to grow their business and keep the ship sailing smoothly. Our team at ExpandLab has the experience and tools to make your international outreach as simple as possible and extremely lucrative.