June 1, 2022
Every retailer and brand wants to increase its ROI. Depending on the investment, you can accomplish ROI growth in many ways.
In this article, the experts at 1WorldSync have compiled an e-commerce guide to increasing ROI. These actionable steps will guide e-commerce brands looking to grow. Read on to discover how your brand or store can attain greater ROI today.
Marketing and business strategists know that every cent counts. With each campaign and investment in a brand, business, or site, the c-suite expects a positive return on that investment.
Retail is an omnichannel market. Consumers look to online data to inform their purchase decisions. 1WorldSync research found that 98 percent of shoppers conduct online research before going to the store, and 80 percent use their phones to look up product data in-store.
Your product content is the most crucial aspect of your e-commerce identity. Shoppers aren’t evaluating products in person, so they rely on brands to provide the data they need to make a purchase decision. Investing in quality rich content will ensure you get the highest ROI possible. And understanding today’s e-commerce shopper allows you to create marketing strategies that help you hit your targets and surpass your goals.
Below, we have outlined the best ways to increase your e-commerce ROI.
Personalized content is part of any successful e-commerce marketing strategy. Customized content is relevant to the consumer because it is built around what they like, want, and need. According to one study, 80 percent of consumers are likely to do business with a brand that offers personalized experiences.
As content marketing evolves, personalization is key to boosting engagement and driving conversion to increase your ROI. To create relevant content for your target user, conduct audience research. Knowing your customers empowers you to create personalized content that wins their loyalty –– and dollars.
Regardless of your product’s quality, customer service, and content accuracy, you’ll likely never see a return rate of zero. In fact, the average rate of return for online purchases is 20.8 percent.
While you can’t eliminate e-commerce returns, you can implement clear, generous return policies that encourage shoppers to buy from you. When customers know what to expect, and your business meets those expectations, you increase customer satisfaction. Happy customers will shop with you long-term and contribute to a robust ROI.
Each e-commerce business and marketing campaign uniquely defines success. E-commerce strategies that increase ROI come from data. Defining, measuring, and tracking your company’s KPIs allows you to see what’s working and what needs adjusting to see a more significant return.
You could track many KPIs, but not all of them are relevant, necessary, or helpful. Determine your KPIs based on your goals. The best KPIs provide meaningful, actionable insights that allow your team to curate effective e-commerce strategies that increase ROI.
Product visuals are some of the essential elements for an e-commerce brand or store. Rich product content, like 360-degree images, gives users a complete understanding of the products they’re considering. Shoppers want accurate, quality content imagery, and they want an abundance of it.
In 1WorldSync’s 2021 report, we found that 73 percent of shoppers leave a product page or site due to poor quality product photography or too few images. But when you include high quality product photography and imagery, you can promote sales while reducing return rates.
The same report found these image formats to be most helpful and effective for increasing engagement and conversions:
Utilizing these image formats helps you boost your reach, increase engagement, and increase your ROI.
Retail is omnichannel. Shoppers engage with your brand, business, and products on multiple platforms, channels, and devices. To earn trust and make the sales that increase ROI, you must ensure data consistency in all places where you list your products. 1WorldSync’s ContentCast provides data synchronization and disbursement over thousands of global retail partners, ensuring your product content updates in real-time across all channels.
When shoppers find your products online, they should see the same content wherever you list your data. Consistency cultivates trust, and data accuracy promotes a positive experience for your customers.
In addition to keeping your data the same across all channels, ContentCast provides insights into your content usage and its performance, allowing you to make data-driven decisions that help you increase your ROI.
Consumers rely on the product data you provide to learn about the products you sell.
Today’s brands utilize augmented reality technology to provide their shoppers with an immersive experience. In a retail universe where buyers don’t have the chance to evaluate goods in person and with their own hands, AR provides an experience second only to in-person shopping. And in some cases, it’s better than the real thing.
AR technology allows shoppers to see products in their homes and visualize themselves using those products. AR experiences increase the probability of purchase, which leads to a boost in your ROI.
Users shop with more than logic. They make purchase decisions with their emotions, as well. That’s why effectively creating and communicating your brand story is an essential component of growing your ROI.
Your brand story explains who you are, why you do what you do, and why shoppers should commit to purchasing from your brand. A compelling brand story wins customers to your brand and keeps them engaged for the long haul. Shoppers want to believe in the companies they spend with. They know their dollars say something about who they are and what they believe. And they want to know their values align with the brands they buy from.
Your brand story does more than inform shoppers of the hard facts about your products. It communicates something deeper and draws them to your company. Your brand story connects you with shoppers and aids in growing your ROI.
Many elements will cause a shopper to leave your product page. Apart from technical issues, a lack of information is one of the leading causes of page abandonment. You must provide an abundance of product data to the shopper to drive your sale.
Product data includes many elements: product photography and imagery, detailed product descriptions, customer reviews, product features, and product specs. The more in-depth information you provide, the better.
When customers are informed, they can confidently make purchase decisions. There’s no second-guessing, and they’re more likely to have realistic and accurate expectations of their purchase. By providing more than enough product data and ensuring its accuracy, you take steps to increase your sales and your ROI.
Every online retailer wants to increase its ROI. And while there’s no one-size-fits-all strategy, you can implement the steps we advise above to see growth starting now.
1WorldSync offers the solutions, resources, tools, and expertise you need to take those steps, increasing your e-commerce ROI as soon as today.