08/08/2021
If your ecommerce website is not generating more than 20% of your total sales in your retail business, you have a bigger problem than you realize.
The last two years have accelerated the shift in online spending. The traditional Brick & Mortar retail market has taken an absolute beating over the same period.
Many think it will ‘return to normal’, but this is just a pipedream given the amount of time people now spend online. Digital channels will continue to grow and those who are not strong online will be the first casualties as this shift transforms the Retail market.
It’s easy to think of your ecommerce website as a small ‘bolt on’ service. So much so, many retailers use ‘DIY’ website builders like Wix, Weebly & Shopify just so they can say they have an online offering.
The problem for many retailers is a disconnect between their physical retail store strategy and their online strategy. As a result:
Ecommerce becomes a very small part of the total revenue;
Social media gets really low engagement;
Emails (when used) are not driving sales;
Overall retail sales begin to decline
So, if you find yourself in this position, what should you do?
First, focus on aligning your channels, both physical and digital. That means understanding the functions of social media, email, and your website, and how your Retail store fits into this equation.
Second, begin growing your email database as a matter of urgency. This is vital for repeat business and increasing the lifetime value of your customers.
Third, start emailing regular content (at least 2 times a week minimum) that your customer base will find very interesting. Don’t be boring, and don’t just promote product and price. Tell stories, build the brand and seek to make a connection with your customers.
Fourth, start posting social media content daily. Many fall in the trap of ‘informing’ people on social media - here’s our products, look at this, here’s a deal, etc. But people predominantly use social media for entertainment, so your content here should be focused on engagement. That means interesting and fun content that actively seeks engagement from your audience - lilies, comments, shares, etc. This will help grow your REACH and put your brand in front of a lot more people.
Lastly, ensure it is easy to buy from you online and that your online ecommerce store is geared toward ONE thing - making sales (optimization). That means no distractions with irrelevant content, a strong focus on product images and listings, and ensuring the customer journey is as frictionless as possible (easy for them to purchase).
As a former retailer myself, I have developed an eGrowth formula that rapidly grows overall retail sales using the approach mapped out above.
If you know you should be doing more online but just can’t seem to figure it out (or, like most retailers, have 100 things on your plate every day, along with fires to put out), then how about jumping on a quick call with me.
I’m offering you a no obligation free strategy session where we will analyze where the biggest opportunities are within your retail business, and outline a road map that will help you move forward fast.
Booking link in the comments.
Happy trading!
