Smart retailers are improving their e-commerce strategy to account for the influx of online shoppers. Over the last four years, e-commerce retail sales have nearly doubled globally.¹ Although most purchases are still completed in-store, companies are not naive to the fact that many shoppers prefer the convenience of making purchases directly from mobile devices and personal computers. To drive customer satisfaction, retail brands can leverage several strategies for success.
An effective e-commerce strategy can set businesses up for sustained growth. Retailers should consider both exclusive online shoppers and those who buy online and pick up in-store.
Beyond the purchase journey, inventory management is critical to e-commerce management, as retailers must ensure orders are fulfilled to satisfy customers. Additionally, e-commerce management tools provide customer data, analytics, and preferences to create a personalized experience for shoppers that fosters loyalty. In the event that customers do not complete purchases, retailers can use the insights gained from the e-commerce data to run remarketing and retargeting campaigns in an effort to earn sales at a later time.
Account for Customers Path-to-Purchase
Modern retailers offer customers a variety of channels to complete purchases. However, e-commerce management software enables retailers to stay organized while meeting customer needs. Regardless of whether a purchase is completed online or in-store, the overwhelming majority begin online. In fact, 81 percent of shoppers research online before making a purchase.² Connecting the path-to-purchase from online to in-store enables retailers to build personalized profiles for each customer while building a truly omnichannel experience.
Without the right tools, it’s difficult to ensure orders are fulfilled. Retailers that leverage e-commerce management tools are able to streamline processes, facilitate customer happiness, and drive business growth.
Related reading: How Specialty Retailers Can Leverage BOPIS to Boost In-Store Sales
Ensure Accurate Inventory
Inventory management is at the core of every retailer’s success. E-commerce management tools can help sync inventory between channels. Alignment across channels is critical for order fulfillment, especially when it comes to buy online, pick up in-store (BOPIS), a delivery method that’s becoming more popular for its convenience. Additionally, retailers can better gauge which products have the most demand and which ones need additional promotion to generate sales.
E-commerce management software is extremely beneficial when it comes to inventory management across channels. Retailers no longer have to spend time counting inventory from different channels to ensure orders are fulfilled. The software aggregates data automatically into a single database to guarantee accuracy.
Enhance the Customer Experience with Analytics
Retailers can leverage analytics from e-commerce management software to enhance the customer experience. Insights about customers’ potential purchases can be derived from analytics reports that highlight purchase history, items of interest, and browsing patterns. Understanding how customers are engaging with the brand can shape future strategy.
Customers who receive a customized experience are more likely to return to the website or store to complete the purchase if they did not do so initially. An Epsilon survey found that 80 percent of consumers are more likely to make a purchase when brands offer personalized experiences.³ Customers want to feel appreciated and using all the information possible to deliver that experience is crucial in building rapport and eventually making sales.
Launch Remarketing and Retargeting Campaigns
Remarketing and retargeting campaigns can supplement analytics and customer experience efforts. Retargeting gives retailers the ability to reach customers on thousands of other sites where they interact, encouraging them to complete the sale. Remarketing is popular among retailers that experience shopping cart abandonment. Retailers can send prospective customers emails to remind them about items of interest and even offer deals to encourage making purchases.
Re-engaging customers is one of the best ways to drive retail store success. Retailers that leverage data from e-commerce environments can use this to their advantage, placing advertisements directly in front of potential customers.
Build Customer Loyalty
A tailored experience can turn a brand’s best customers into evangelists. Retailers can entice their top shoppers with loyalty programs that offer rewards such as exclusive sales, promotions, pre-sales, and free gifts.
Customer loyalty is important, not only for the customer who feels valued but for the retailer as a source of recurring revenue and additional marketing reach. Shoppers who enjoy a specific brand are more likely to refer family, friends, co-workers, and more.
Runit’s cloud-based integrated inventory management and POS system combined with SQQUID’s order fulfillment software form a robust e-commerce management solution that can propel retail businesses forward.
To learn how you can implement an effective e-commerce strategy to drive retail success, contact a member of our team today.
Sources
¹https://www.dtcdaily.com/2018/02/retail-e-commerce-sales-rising-evergage-expands-into-europe/
²https://www.adweek.com/digital/81-shoppers-conduct-online-research-making-purchase-infographic/
³https://us.epsilon.com/pressroom/new-epsilon-research-indicates-80-of-consumers-are-more-likely-to-make-a-purchase-when-brands-offer-personalized-experiences