With consumers gravitating towards online shopping, e-commerce seems to be the way forward for several entrepreneurs. The e-commerce industry expects an 18% growth in the coming years, valuing it at $4.8 trillion. That’s massive! But as the opportunity grows, so does the competition.
BuiltWith states that as of January 2019, there were a total of 2,906,789 WooCommerce websites out there, out of which 53,045 websites were among the world’s top million.
With the sheer amount of WooCommerce stores, it’s a tough job to make your business stand out. But not an impossible one. Here are some expert tricks that have helped brands like yours become market leaders. Let’s take a look.
Strategies to Beat Out Competition in a Saturated Market
The key is to implement tactics that help you build your brand, attract the right set of customers, and boost conversions.
#1 FOCUS ON A NICHE
It’s tempting to want to cater to a wide audience-set. After all, the first thing people hear about selling online is the more customers you attract, the higher number of chances of conversions happening.
But that’s half the truth. Reality is, you need to attract not a “wide” but the “right” set of audience. It’s easy to take this idea forward to your brand as well and focus on a niche market rather than a generic one.
Take, for example, Lefty’s. Lefty’s is a brand that caters to only left-handed people. Considering that only 10% of the world’s population is left-handed, the brand has laser-sharp focus and works to attract only the right kind of audience.
A niche market can help you stand apart, and have your share of voice in a highly competitive generic market.
#2 SIMPLIFY PURCHASE EXPERIENCE
Finding the right product, making a decision, following through with purchase are tedious parts of the buyer’s journey.
It’s important to ease the checkout process as much as possible. Customers who’ve had a positive shopping experience are likely to visit again and leave positive reviews on your social channels.
There are several ways to simplify the buying experience:
Smarter Search – Most shopping experiences begin with a search. The same goes for your WooCommerce store. A smarter search option (with auto-suggest) and improved navigation can ease the product finding process. To keep up with the latest trends, voice search becomes a must.
Advanced filtering – Filtering reduces buyer dilemma and helps them find the product faster creating for a happy shopping experience. Advanced filters for WooCommerce can range from product categories, price filtering, to color swatches, product attributes and everything in between.
Product bundling – Making it easy for buyers to purchase multiple products at once as a gift box, or allowing them to create and purchase assortments, can save their time. Bundling also helps boost your order value which makes it a win-win for both.
One-page checkout – Most cart abandonments happen on the checkout page. If the checkout process is complicated or too long, this could lead to buyer frustration and an increase in the abandonment percentage. A simplified checkout page is a way forward.
Partial payments – Allow option for your customers to pay in split payments. For example, you could charge 20% of total order at checkout and then charge rest each month.
#3 INTRODUCE LOYALTY PROGRAMS
Focusing on customer retention is a cost-effective way to increase online sales. It’s common knowledge that retaining a current customer is cheaper than acquiring a new one.
According to Stitch Labs, return customers account for 22% of a retailer’s revenue and spend 15% more over a year.
With that being said, you need to have a plan to make sure you keep your existing customers happy. Nurturing repeat customers can turn them into brand loyalists and advocates.
One of the most effective strategies is introducing a loyalty program that rewards customers on the purchases they make. You could create membership levels that offer pricing discounts as a customer scales up the ladder.
#4 RUN LIMITED TIME OFFERS
The best way to build curiosity is to run limited-time campaigns. These work great when it comes to boosting sales as well as for branding. Limited time offers don’t need to be limited to discounts but could also be tied to product availability.
Making products available for a limited time, expiring products after a certain period can increase customer interest and force them to notice your brand. You could even create lottery raffles to increase engagement using lottery plugin.
#5 CREATE A BRAND
A brand is bigger than a product or a collection of products. It has a voice, a look, a story that appeals to people. Building a brand is about making people aware of your existence and your reason to exist.
Once a company transitions from being about the product and moves towards being a brand, you know it has made its mark in the e-commerce market.
An email is a powerful tool that lets you connect with your audience. When it comes to marketing, email has proven to give companies a 4400% ROI, that’s $44 for every $1 spent.
Email as tool when done right can help you boost conversions and add to your brand building efforts.
When sending out, emails make sure you include clear CTAs and images/videos in line with your brand and optimize them for mobile. For best results, segment customers and send out targeted emails. Track and analyze the types of emails which work the best.
#7 LAUNCH A FACEBOOK STORE
With great advancement in Facebook advertising, you can create campaigns for targeted customers to increase sales.
#8 GO SOCIAL
The importance of social media keeps growing day by day. With search engines, like Google, taking into account the number of shares and likes your social profiles have, it’s imperative to be active on social platforms.
Being active on social media can mean that you have more face time with targeted customers. You can run campaigns, ads, to be more visible and create a brand presence.
The ease with which people can share content on social media makes it even easier to spread the word about your business.
For example, Instagram. Instagram has approximately 1 billion visitors monthly. Capturing a subset of that audience can make a huge impact on your business and help it stand apart.
#9 GROW YOUR INFLUENCER NETWORK
If there’s a sure-fire way to grow business popularity quickly, is by tapping into community influencers.
An influencer is a known personality who has a fan following. Partnering with influencers or affiliates can make it easy for you to gain the initial traction from a targeted audience.
Influencers can boost traffic flow to your site and make you stand out from the crowd.
WooCommerce Store in a Saturated Market Final Words
There are plenty of ways for a business to stand out from the crowd – you can create one-of-a-kind offers, deliver exceptional service, create unique shopping experiences, or be known for your contribution to the community.
The above list gives you a great start and ways to make your WooCommerce business appear unique and memorable! If you are just starting your online store, be sure to calculate cost of starting your ecommerce website so that you are sure you have enough budget.