How to Increase Ecommerce Revenue in 2018 and Beyond

Over the last few years, the world of ecommerce has seen tremendous growth. And it will continue to see further growth. At an estimated rate, more than 19% of retail sales were made online across the globe in 2023 alone. According to estimates, by 2027, online sales will be able to cover nearly a quarter of all worldwide retail sales.

According to Statista, in the next few years, retail e-commerce sales will increase globally by about 39%. Actually, they project that by 2027, these sales should surpass the $8 trillion mark. This therefore presents an opportunity for huge growth in online shopping for the ecommerce businesses with an opportunity to boost their ecommerce revenue, online sales, and digital transactions.

This article shares strategies and tactics that help your web store realize its full potential and bring in increased profits. You will learn how to enhance your e-commerce conversion rates, reduce shopping cart abandonment, enhance your payment gateways, facilitate streamlined order fulfillment, amplify customer retention strategies, and effectively apply cross-selling techniques.

Know the Ecommerce Market Trends

Ecommerce is booming. Global ecommerce sales are projected to reach a high of $8 trillion by 2027, up 39% from today. Driving factors for such phenomena in ecommerce are a few major trends businesses should understand to take maximum leverage from them.

Amazing Growth of Ecommerce

E-commerce has recently grown hugely. By 2023, for instance, 2.64 billion people shop online worldwide and compose more than 33 percent of the total population across the world. In the United States, 274.70 million people shop online and make up over 81 percent of the nation’s population.

New Emerging Markets

While large markets such as the United States, China, and the United Kingdom are leading the charge, new markets are bursting with promise. Countries that will join the ranks of key players include India, Brazil, Russia, and South Africa. As of 2022, 3 billion prospective buyers from these markets have internet access, allowing any business to tap into these markets and see enormous growth.

Optimize Your Website for Conversions

Invest in a Technically Sound Website

What is needed for increased ecommerce revenue is a technically sound ecommerce website design. This means doing a great job with your ERP system, integrating awesome payments within your website, and securing the site with SSL certificates. Also, shipping should be just fine.

Your teams need to come together in unity, inclusive of your frontend, backend, SEO, and even legal teams. They must ensure that your website works great for both desktops and on mobile-optimized ecommerce platforms.

Focus on Website Speed and Mobile Experience

Site speed optimization in ecommerce is of utmost importance. Research has proved that 40% of people will leave if a site is loading too slowly. This means making your ecommerce user experience fast and mobile-friendly can really help drive sales.

By paying attention to a technically sound site, speed and mobile optimization, and tried-and-true practices, you will be able to increase your ecommerce revenue exponentially.

Leverage the Power of Content Marketing

In the world of fast-paced e-commerce today, it is content marketing that plays the main role. It is supposed to drive customer engagement, build brand awareness, and boost revenue. Through the creation of premium, informative, and engaging content, you become a field authority whom people begin to trust. This will help you connect deeply with your audience.

More and more consumers are buying on channels like Amazon and Flipkart in the booming world of online retail. Those businesses that deploy smart e-commerce content marketing will rise above the clutter to make full use of this growing market.

Good ecommerce content marketing includes the creation of many types of content: educational blog posts, product videos, social media updates, and email newsletters, among others. Knowing your customer’s desires will allow you to create the content that your customers will love, while enabling you to build trust and foster repeat business.

The big rewards of investing in ecommerce content marketing are that you will start seeing a lot of organic traffic, better search engine rankings, and more engaged customers. With the right content, you drive your industry and grow your ecommerce revenue steadily.

After all, you will have to create a smart, data-driven plan by doing keyword research, planning for your content, and checking its performance at all times if you want to win in e-commerce content marketing. Stay ahead of the curve in e-commerce and get the most from content marketing in ways that keep your business moving upwards.

Apply Effective SEO and PPC Strategies

As you continue to develop your ecommerce business, you will need to have a clear digital marketing plan. It has to incorporate search engine optimization, popularly known as SEO, and pay-per-click advertising, otherwise known as PPC. The two methods shall enable your website to attract more visitors online and therefore increase sales.

Search Engine Optimisation (SEO)

SEO is important in helping your website show up higher on Google searches. The goal of SEO focuses on improving your website for search engines. This opens you to more viewership, which automatically converts into sales.

Pay-Per-Click Advertising

Pay-per-click ads, such as Google AdWords, Facebook Ads, and more, will expose your business in that very short period of time their targeting options reach, so it may interest specific people in what you are offering. In this way, they drive more traffic to your site.

By implementing SEO with PPC together, the former transforms into strong marketing, as it helps in obtaining higher ranking in search results and getting more visitors, meaning a more significant number of people will be able to discover and purchase from your site.

With proper SEO and PPC strategies, your ecommerce business can reap great benefits. You will start to see more successes in the days to come.

Ecommerce Revenue through Personalisation

Personalization is one of the biggest keys to unlocking e-commerce revenue. According to studies, there is a 40% revenue jump for brands using it. You can give customers personalized product recommendations using customers’ data and new technologies, and also offer personalized email campaigns. These steps will help with enhancing the shopping experience and driving sales.

Personalized Product Recommendations

Personalized product recommendations can phenomenally increase your revenues. After all, studies show that 53% of sales are made through recommendations. Again, this proves a point: making good use of customer data provides better suggestions and cross-selling.

Happy customers spend 140% more than unhappy customers, and to your bottom line, investment in personalization will be key.

Personalized Email Marketing

It is also a game-changer in ecommerce revenue. Personalized emails see a 29% higher open rate and a 41% higher click-through rate. This shall be in comparison with emails that have no personal touches

It is 7 times more costly to gain a new customer as opposed to retaining an old one. To that effect, personalized emails, like welcome messages, cart reminders, and reengagement emails, become very important. They help in retaining customers and bringing them back for more.

Ecommerce personalization makes shopping engaging and relevant. The strategy amplifies revenue and keeps customers returning. Whether it is customized product recommendations or other email marketing, here are some ways in which you can stay ahead in the competitive game of ecommerce.

Improve the Shopping Experience

Smooth and pleasant shopping experiences are tantamount to ecommerce success. This means offering safe payment gateways as well as giving good customer service.

Offer Safe and Convenient Means of Payment

Today, every shopper looks for different ways of paying for products, including credit cards, e-wallets, and pay-later options. For example, a smooth, secure checkout can prevent cart abandonment. Usage of well-known payment portals builds confidence and makes the checkout process go through smoothly.

Offer Fine Customer Service

Great customer service is important for retaining customers. Support through live chat, email, and social media can be offered. Train your team to make sure questions are answered quickly and problems are resolved. Personalized service, along with proactive service, makes for very satisfied and loyal customers.

By prioritizing secure payment and great customer service, ecommerce websites will return customers; therefore, the result is higher sales, less cart abandonment, and way happier customers.

Utilize Video Marketing

Video marketing is one of the most important tools in today’s ecommerce, where everything is in a rush. More than 26 million ecommerce sites go online; taking the attention of your audience is necessary. This is one of the best ways to showcase what you are offering and keeping your customers engaged.

Product Videos for Better Engagement

It is studies that indicate 60% of consumers would rather watch a product video than read the description. Moreover, 64% of shoppers eventually make a purchase after watching branded social videos. It is in the creation of quality product videos that businesses maximize customer interaction and finally emerge successful with video marketing in e-commerce.

Last Crumb and Beardbrand show the huge growth through video marketing. Last Crumb sold over $1 million in cookies within just three months, not having spent money on marketing. Beardbrand hit $100 MRR in 2019, driven by high presence on YouTube and TikTok, social media video platforms.

You can also add product videos to increase sales in your ecommerce plan. For example, Artsabers recorded a 26% increase in sales after adding shoppable videos on their website. These kinds of videos catch the attention of the customers and develop sound choices.

Originality lies in the heart of video marketing. Video retains 95% of information, while text only retains 10% of the information. And 90% of customers relate authenticity to the reason they support brands. Using ecommerce video marketing may just be the game-changer for your business. This sets up brand awareness, captures customer attention, and increases ecommerce sales.

Implement Retargeting and Remarketing

E-commerce companies can increase their revenue by using smarter methods of retargeting and remarketing. Retargeting shows ads to users who visited but never bought, whereas remarketing involves emails to win them back, like in the case of recovering abandoned carts.

It follows that out of the total 75% who view ecommerce retargeting ads, just a negligible percentage go ahead to purchase the product. That is how personalized ads may influence them to make sales. Personalized emails can get up to 41% of people to purchase, and if there is a promo code on it, that will make them so much more effective.

Also, making returns easy can keep customers coming back. About 92% of people will buy again if returns are easy. Casual font in emails and targeting by location may work.

Using data of what customers like to buy, create advertisements that really speak to them. This will also keep your advertisement personal and within the recent GDPR regulations. Ads can use storytelling to attract people and hold their attention.

Good retargeting and remarketing can really grow your sales: Google ads can increase sales by up to 161%, while email marketing may raise revenue as high as 11%. Also, 47% of people would share data in return for better deals. So, this strategy may change your business.

By doing ecommerce retargeting, remarketing, and retention, the companies can have considerable advantage. This is because it would allow them to cultivate good relationships with customers for better sales.

Leverage Emerging Technologies

There are continuous developments taking place in the ecommerce world. An intelligent enterprise should move along with the adoption of innovative changes. AR and VR rank among the major revolutions in online shopping.

Augmented Reality and Virtual Reality

AR and VR let customers view merchandise in a whole new dimension, hence making shopping more fun and allowing them to be more sure of their choices. This may also reduce returns and raise sales for businesses.

Voice Search and Virtual Assistants

Voice search is huge these days, too. More and more people started to use voice-controlled devices. This means that businesses are called upon to make their websites easily locatable by voice searches.

They should ensure their sites are friendly to use. And involve virtual assistants to assist customers in helping them shop better.

These new techs can be used to give a better shopping experience to the visitors. As this world of online shopping keeps on expanding, one has to be updated and flexible if he or she has to earn more money online.

Analyze and Optimize Continuously

In order to develop your e-commerce business, you will need to keep an eye on and analyze your performance and implement insightful adjustments. In this respect, analytics for e-commerce and key performance indicator analysis will help you identify and cure your shortcomings. By doing this, you will provide better shopping experiences and increase your revenues.

Keep Track, Measure Key Metrics

Set tracking for key ecommerce metrics. Run the data from conversion rates to average order value to customer lifetime value. This will give you a better view of who your customers are and what is working with your marketing.

A/B Testing for Continuous Improvement

A/B testing should be done to constantly enhance your site and ads. Testing different versions of pages and emails is necessary in order to see what works best. This will provide you with data-driven optimization to make decisions that will increase your sales.

As long as ecommerce exists, one has to constantly monitor the numbers, try new things, and follow the trends. Only in that way, based on data, can one secure business growth.

Ecommerce Revenue via Partnerships

In the fast-moving world of e-commerce, smart businesses are leveraging partnerships to fuel revenue growth. The main focus lies in affiliate marketing and influencer marketing because large portions of these represent two surefire ways to reach new customers and realize increased sales.

Affiliate Marketing

Affiliate marketing is the practice of a business partnering with affiliates who have a proven ability to promote a product. Affiliates are oftentimes bloggers or social media stars who get a commission for every completed sale they refer. In 2021 alone, this channel yielded an astonishing 12 times the advertising cost, according to research by Performance Marketing Association.

For example, Enro sells face masks online and experienced a very impressive 2,500% return on their ad spend. Due to influencer collaborations, the brand saw a 60% rise in monthly sales.

Influencer Marketing

Another working ecommerce strategy is that of influencer marketing. With partnership with small-scale influencers, brands can reach out to their target audiences better, who are quite engaging too. As a matter of fact, 50% of Millennials trust what influencers say about products.

While large influencers may see maximum engagement in campaigns, small influencers drive up to 60% more people to engage in such campaigns. And this is clearly indicative of how influential they are in terms of driving sales and growth.

Through affiliate-influencer partnerships, e-commerce businesses can grow their customer base, increase brand awareness, and enhance revenue. And as the world of e-commerce keeps changing, in order to stay competitive, partnerships are going to be core to businesses.

Conclusion

Ecommerce has reached an all-time high, and leading the way is online sales growth. Keeping abreast requires adherence to ecommerce best practices, complemented by intelligent digital marketing strategies, for any businesses desirous of driving their ecommerce revenues upwards.

This corresponds to website conversions, the use of content marketing, and SEO/PPC improvements. Thirdly, personalization in shopping and integration of latest technologies would also help much. In all ways, a business entity can take the lead and be successful in the changing digital landscape.

Ecommerce currently comprises 22.0% of retail sales in the United States. It is expected to reach $1.6 trillion by 2028, taking 28% of the market. This steady rise underlines the importance of a robust omnichannel approach-one assuring frictionless experiences both online and in-store.

Ultimately, the only ecommerce businesses that will thrive will be the ones that adapt and innovate with their eye on customer value. That way, they will be ready and positioned to capitalize on the high growth of the ecommerce industry, thus realizing steady ecommerce revenue growth in the future.