What your ecommerce strategy should include in order to grow? Mid- and long-term vision resources for the online store manager.
The ecommerce field is not the same as it was yesterday.
To be successful in today’s market, you need to establish a personalized connection with every customer.
The need for unique attitude towards a group of customers derives from the very nature of e-commerce.
In addition to the traditional stores, printed ads, and emails we have websites, social media, mobile applications, SMS communication, and, of course, word-of-mouth.
With that many variables, you cannot rely on a single channel to grow your business.
Consumers these days use more than a single platform to purchase your products.
Multichannel marketing is essential for your business, as it enables full control over every single platform you are using.
Put simply, multichannel marketing is the ability to implement a single, solid strategy across more than one platform. This is done to maximize your interaction with potential customers.
Channels may vary, but your goal is to give your consumers a choice of action. Given that choice, they can pick a when and where to buy from you.
People are different in many ways but not in the way most of us think. It is in our human nature to prioritise short-term vs long-term.
That’s why some of the most successful entrepreneurs learn the discipline to consider both and make decisions rationally.
It hurts when we see people acting like they’re here only for a day and apply short-term strategies that don’t bring profit in the long run.
Why is this a problem?
Ecommerce is a wonderful field – anybody can start and succeed.
The community is huge and you can ask for advice people with all kinds of experience and background.
But I see in many discussions among ecommerce entrepreneurs is that some still believe the simple guiding rules some guru wrote long ago, when commerce was young and competition was smaller.
“Just put $5 there and it’ll start pouring.” or “Find a Chinese supplier, put up a site and never work again.” BS.
Customer lifetime value in ecommerce is not interesting to look at every day.
Busy with day-to-day tasks, we often forget that, however, it is powerful enough to make or break the business.
In this article, we explain why customer lifetime value should be part of your long-term ecommerce strategy.
In order to talk about LTV, let’s take a look at the bigger picture first.
eCommerce is obviously booming. More and more people are jumping on the online retail wagon and this is all good because it pushes the whole industry forward.
But there’s the downside that almost no-one talks about, although everybody’s struggling with it.
It’s the fact that more and more businesses are fighting for the customer. Which leads to one thing – increased CAC (customer acquisition costs).
It’s obvious that it’s never been more expensive to acquire a customer. But the reality is it’s never going to be cheaper to acquire one, either.
High CAC is not the issue, though. Low LTV is.
Magento is one of the most popular platforms for medium and big eCommerce businesses, and for a lot of reasons. Being one of the most flexible eCommerce solutions, it allows you practically any kind of integrations and adding any features that come to your mind.
While working with Magento, you may stumble upon different challenges and being prepared for them will save you lots of time.
Let’s dive in some of the most common ones and how to solve them!