The e-commerce world is fast-moving. If you aren't continually updating, optimizing and moving forward with it, you are at risk of falling behind the curve, and even worse: losing potential customers and sales.
Even if you have an already successful e-commerce store or brand, regular optimization, analyzing and updating your site is instrumental in your ongoing success. Failure to do so could land you in league with those online merchants and brands that have fallen by the wayside or have become an afterthought to consumers.
Many merchants settle on tried-and-true processes and fear any type of innovation; whether it be on their website, their marketing or in their overall operation or business objectives. This act of "settling" can mean life or death for your brand, especially during these uncertain times. To help you shake things up a bit, here is a list of five critical things you could be losing out on and how they are negatively impacting and costing your online business.
1. You could miss out on those first-time orders
We all know that customer acquisition can be a very time-intensive and costly process. Not only do you have to capture the attention of visitors, but you also have to convince them that your product is something they need to buy. Even with all the resources that you may be pouring into bringing those customers in through the door, you can easily send them right back out that same door if you’re delivering a poor experience or have too much friction to purchase
From easy product discovery and a seamless purchase and checkout flow, to site load speeds and mobile responsiveness, visitors are expecting a fast and fluid experience from brands and will easily bounce off your site and turn to your competitors if they don't find what they are looking for or can quickly buy
The good news is that even a small 1% improvement in your customer acquisition model has the ability to boost revenues by a whopping 3.32 percent! Continuously updating and optimizing certainly has its benefits and can help you keep your competitive edge.
2. Your website visibility is impacted
By settling for "good enough" when it comes to your online store , you're allowing opportunities to slip through the cracks. By doing nothing you risk losing out on potential web traffic. When your site isn't optimized for the best experience or lacks essential tools needed to grow your business (fast load times on mobile, customer-specific messaging, offline shopping, product subscriptions), you lose out on maximum revenue potential and lose your competitive edge to other brands which ultimately pushes you down in organic search results.
When this happens, the reaction is to typically double down and pour more resources into compensating for that lack of traffic but if customers are met with the same lacking experience, you could lose the traffic that you worked so hard to get; meaning a perpetual expensive traffic cycle without an improvement in sales.
3. A missed opportunity for nurturing lifetime customers
The overall lifetime spend of a customer is important for any e-commerce brand. By retaining these customers, you save money since retention is 5X cheaper than bringing in new acquisitions. Repeat customers are known to convert and spend more, are more dedicated and loyal to your brand and above all, help provide accurate sales forecasts.
Indeed, the loss of just one shopper that was about to buy a best-selling product on your site is more than just a "one-time" purchase loss: it's a repeat purchase loss. That one customer could have come back time and time again to repurchase and also be a catalyst for discovery from friends and family meaning net new customer growth.
The most successful and adept online brands provide their customers with a reason to return by creating memorable online experiences. By providing valuable experiences, you are fostering a strong relationship with lifetime customers and thereby are increasing their lifetime value. Beyond that, brand-loyal customers can become your brand ambassadors and help spread the word!
4. You deprive yourself of brand ambassadors and future sales
Word of mouth is the lifeblood of every business. Repeat customers give your business a great source of value: customer referrals. According to a study in the US, up to eighty-two percent of Americans source product recommendations from their close circle of friends and family and the opportunity to tap into a customer who is so delighted that they want to share their experience is the holy grail delivering the lowest customer acquisition cost with the highest return
Give your customers a reason to share the good news about your brand by providing them with an exciting storefront experience that makes it fast and easy to discovery, engage, and purchase. Failure to do so could cost your company future sales and the brand awareness it needs to keep growing.
5. You can miss out on valuable product reviews
As an e-commerce brand, you know that product reviews are vital for building trust and making more sales; and a lost sale equals a lost opportunity for a customer review. In fact, according to a study performed by Bazaarvoice network, a single positive product review can result in a 10% increase in sales and 200 reviews can result in as much as a 44% increase in sales.
Put simply, product reviews can impact future sales Without these social proof points, potential customers may not gain the trust needed to trigger conversion.
By not optimizing the post-purchase experience and allowing customers to provide feedback easily, whether through email or push notifications, you’re missing a major factor that brands require to stand out and thrive.
Go for "better than good"
While it may sound like an easier option, playing it safe in e-commerce will hurt your bottom line. The e-commerce world is an ever-evolving space, with brands following trends and competing to provide the best looking and performing sites, and customer experiences.
By not rising to the same level and taking steps to provide more value to your customers, you're risking the overall viability of your business. Giving your customers a stellar store experience, online or offline, is instrumental in building a thriving e-commerce business and ultimately future-proof your company as the industry evolves.
If you're looking for ways to upgrade your brand, without the huge costs, contact us today and discover how we can help you keep growing your business above and beyond.