2018 July 24 Archive - EXEIdeas – Let's Your Mind Rock

Over the last few decades, rising internet and smartphone penetration has brought in drastic changes in the functioning, communication, and marketing strategies of businesses. Shopping for today’s tech savvy population no longer involves running from one shop to another but rather browsing from one website to another. E-commerce industry has registered a major surge in growth for the last couple of years with many new websites being launched in keeping with the varied demands of the market.The large number of businesses existing at the e-commerce space naturally makes it a highly challenging and competitive arena of business. The digital marketing strategies applied by these businesses are what separates them from one another. The impact of digital marketing has brought in several positive changes in the e-commerce industry. Let us take a look at how digital marketing is significantly influencing the field of e-commerce.Equal Opportunities For All Businesses:Gone are the days when only the multinational companies and the corporate giants used to rule the world of marketing. Thanks to digital marketing, the small and medium ecommerce businesses too have an opportunity to compete against the established companies. The customer reach and the ability to drive sales are no less for a small business as compared to a recognized business house. The start-ups do not need to worry about vanishing into oblivion in the race of the business titans. The playing field has been levelled in the industry with all the business having equal access to resources.With the right digital marketing strategies in place, every business gets to have its own share of traffic. In the vast field of online business, the multiple companies no longer need to jostle for space due to the rise of digital marketing.Driving Of Sales Through Multiple Channels:Retaining the loyal customers along with getting new customers is crucial for any business to increase revenues, sales, and profitability. With digital marketing, the e-commerce businesses get to drive customers through multiple channels like social media, websites, mobile and video marketing. E-commerce industry gets to widen its customer reach considerably leading to highly profitable results.A great example of driving of sales as enabled by digital marketing is reminder ads. Most customers do not rush to buy a product, be it cosmetics or a blazer jacket, right after seeing an ad for it. The auto-generated reminder ads in their emails or text messages helps to keep up the attempts at marketing. The customer is constantly reminded of the lucrativeness of the product or offers to drive sales.Easy Accessibility Of Accurate Data:To make a name for itself in the world of ecommerce, a company does not just have to be diligent in its efforts, it also needs accuracy in measuring the results. An e-commerce website does not have to leave tracking its profits to speculations and assumptions. There are several digital marketing tools that enable easy accessibility of accurate data regarding the sales and market position of the company.One such tool that is widely used in the e-commerce industry is Google Analytics. Various statistics can now be easily accessed through tools like Google Analytics including cart abandonment rate, average cart total, percentage of total revenue, number of orders processed, and so on. This helps to keep a business on its toes and at the same time, enable it to make any of the necessary tweaks in order to bring in the desired sales figures. The website knows exactly where it stands and how far it needs to go to reach the target.Greater Return On Investments:The potential for return on investments is probably the highest with digital marketing and the e-commerce websites are the biggest gainers in this aspect. One of the sure shot ways for increasing the return of investment as applied by the e-commerce businesses is sending personalized emails. For instance, a fashion-based e-commerce website sends the emails regarding the new launches in women’s section to the women customers. So, as you can see, the company gets a high return on investment with something as simple as a customized email.The customized email is perhaps the oldest trick in the book of digital marketing when it comes to having good ROI. The other applications too like streamlining operations and stock management also become less costly but highly profitable when applying the simple strategies of digital marketing.Ability To Build-Up Reputation:Potential customers have more ways than one regarding finding out about ecommerce websites. From social media campaigns to online reviews, the avenues of marketing the website to a customer are many. Any ecommerce website worth its salt remains proactive on Social media by constantly posting updates and engaging the audience.The reviews on Google or Yelp are closely monitored by the ecommerce sites and feedbacks are immediately generated to ensure that the customer feels valued. Also, there are many third party websites now, like Shopify or Wix that help an ecommerce business to be noticed by the potential customers. This lets the businesses gain wider reputation in the industry as spreading the word has now become easier than ever.Digital marketing strategies, if used right, can take any ecommerce business to the heights of success. As more strategies develop and evolve in the years to come, the field of digital marketing holds bigger promises for the future of the ecommerce industry.About the Author:Harsh is the co-founder of Fynd, a first-of-its-kind, e-commerce fashion platform dealing with a live inventory of 8K plus stores catering to more than 8 million customers. Fynd is a central online shopping destination for fashion, offering clothing items like blazer jacket, trousers and other accessories for Men, Women and Kids. Harsh is an engineer from IIT Bombay and has 7+ years of experience in the field of Fashion Retail, Hospitality, Management Consulting and Human Resources. He is currently working on expanding Fynd’s presence on the global radar.Find Me On GooglePlus | Twitter | LinkedIn