If you look closely, the eCommerce world might seem to be developing faster than any other industry. However, while this is true in some respects, some aspects of online retail remain the same. The need for customer service, product fulfillment, and marketing are still vital components of a successful eCommerce business.
Still, with the ever-changing landscape of technology, there are always new tools emerging that can help eCommerce businesses increase their revenue. From social media to email marketing, a variety of eCommerce tools can help you take your business to the next level.
As your business grows, so do your needs. The tools you use to run your business should also change to reflect your company's new size and scope. Read on and see for yourself which ones can help your business reach new heights!
The data you gather about your sales is probably the most valuable information your business has. Sales analytics tools can help you track your sales data and understand the trends that affect your business profitability while providing insights to help you make better decisions about your product mix and pricing.
You can choose from many sales analytics tools on the market, each serving its own specific purpose. For instance, an eCommerce retail monitor can help track your and your competitors' product sales. In contrast, a customer segmentation tool can help you understand the needs of different customer groups.
Customer relationship management encompasses a wide variety of activities, from managing customer data to analyzing customer behavior. CRM tools can help you keep track of your customers and their interactions with your business so that you can better understand their needs and provide them with the best possible service.
Considering that CRM software is typically the first step in developing a data-driven eCommerce strategy, it is no surprise that these tools are in abundance. Most of them come in the Software-as-a-Service (SaaS) model, meaning you have to pay a monthly or a yearly subscription for a complete toolset.
Gathering eCommerce store visitors and converting them to leads can be a time-consuming process. You first need to generate traffic and then do your best to convince these people to hand over their contact information. Sales acceleration is an approach to improving sales figures by speeding up the sales process.
It is not only about making your purchases less hassle for customers. It is also about making your sales team maintain the same level of control over the process in a shorter amount of time.
There are various ways to speed up the sales process without compromising on quality or customer satisfaction — and that is where technology comes in. For instance, predictive analytics can feed your sales team information about which products are most likely to interest a particular customer.
The bottom line is that if you can shorten your sales cycle without compromising on quality, you will likely see an increase in revenue.
Repeat customers are the backbone of any eCommerce business. It takes much more to attract a new customer than to keep an existing one, so it is crucial to focus on those who have already interacted with your company.
The question is, however, how do you keep your customers engaged? The answer lies in providing a personalized experience that meets their individual needs. Simple solutions, such as cart abandonment tracking or automatic product recommendations, can significantly affect how customers perceive your store.
If you can convince customers to buy from your store again, they are more likely to do so in the future. But more importantly, you will gain loyal customers that will actively promote your brand to their friends and family, with or without incentives on your part.
As always, your data is as valuable as you make it. In the eCommerce world, data can help you gain insights into customer behavior and trends that you can later use to improve your marketing campaigns or product offerings. With that, you can accurately prospect the right buyers and put more effort into offering what they are actually looking for.
Such vast amounts of data can be challenging to manage, primarily if you operate a larger eCommerce business. So, why not use automation tools to do it for you? Platforms such as Google Analytics can help you track conversion rate and ROI while identifying areas for improvement.
Besides assessing your website performance, prospecting tools include other means of streamlining your eCommerce processes. Email and content marketing, social integrations, and A/B testing can all be automated to make the most of your marketing budget and improve results.
Increasing your eCommerce revenue is essentially a matter of improving your sales process and customer engagement. As your business grows, you will need to change how you operate to reflect your company's new size and scope in a suitable manner.
In the eCommerce industry, the tools you use can significantly impact your bottom line. Sales analytics, CRM, and sales acceleration tools can all help you increase your revenue by improving the way you do business. The key is to find the right tool combination for your use.
The examples above should give you a good starting point. Explore them to find the solutions that will help your company prosper.