It’s estimated that there will be about 2.05 billion online buyers in 2020. That’s 25% of the world’s population. Tapping into this huge potential requires a sound strategy because as you may know: the bigger the profit, the tougher the competition. As an e-commerce business, you know that each visitor to your website can potentially turn into a buyer. The question is: how to increase your conversion rate and better monetize the traffic? We will go through the top 3 common mistakes people made in e-commerce marketing so that you know what to do to avoid hurting your bottom line.
Not Tracking Revenue Attribution
Revenue attribution has become a buzzword in the marketing world recently. It consists of dissecting your revenue downstream to figure out which forms of marketing contribute to it and how much. Many people confuse it with conversion tracking. In conversion tracking, you are basically tracking the actions performed by a user on a site. Attribution track the marketing actions taking place and connect them further down the sales funnel.
Marketing is evolving day after day, and new technologies are being created to make the life of a marketer easier. HubSpot, for example, offers a state-of-the-art solution for revenue attribution. The learning curve is steep, so inexperienced and busy business owners may consider working with an e-commerce marketing agency to optimize their revenue tracking process.
Overlook Conversion Rate Optimization
There are two ways to increase sales:
- Get more traffic and hope some of them will convert
- Improve the conversion rate of your current traffic
Needless to say, the second method involves no additional costs on your part, yet many e-commerce businesses overlook it.
Conversion rate optimization is all about researching your user behavior on the site so as to increase the percentage of users who complete a desired action such as making a purchase, signing up for a newsletter, etc.
If you don’t have a lot of traffic to look at, consider tapping into both paid PPC and SEO. Google Ads can provide you with unlimited traffic if your campaign is set up correctly. Social media PPC through Facebook in Instagram Ads is another way to garner traffic. By combining both SEO and paid traffic, you are building multiple traffic channels that you can rely on, and best of all, you have plenty of data to do research on.
Ask any online shopper what their pain points are when shopping online and many of them will tell you: Not being able to locate what I need easily. Many small e-commerce sites commit the mistake of miscategorizing their products or messing them up so badly that it drives customers away.
Using the right formatting for categories also help with your SEO rankings. Search engine crawlers use different HTML tags to differentiate between different elements on your page. Using the inappropriate tags for your categories will make it hard not only for customers but also for search engines to find your products.
Learn More About E-Commerce Marketing
Are you committing these e-commerce mistakes? It’s never too late to fix them and achieve the success level you deserve. Contact us today to discover ways to shoot your conversion rate through the roof!