The Growing E-Commerce Industry and How to Succeed In It?Hayley Smith
Making money in your sleep is becoming more and more realistic as the e-commerce industry is growing rapidly each year. The impact of social networks and the development of cashless transactions have contributed enormously to this industry, which is growing at almost 20%. While making money in your sleep may be practical, it does take hard work to achieve. Many e-commerce companies create the product, launch a website and then wait for orders to be put in. Since you may not have the opportunity to meet them face-to-face, where and how to get the word out is increasingly becoming very important.
Entrepreneurs will need to learn and stay current on: how to acquire new customers, how to a keep existing customers, and effectively spend money on advertising.
- Search engine optimization is just as important as a social media presence, as search engines drive 300 percent more traffic than social media. Social media allows you to collect user data, which can be more telling than search.
- Existing customers on average spend three times more than first time customers; keeping these customers informed and engaged may be worthwhile.
- Retargeting and advertising to website visitors is a great way to keep orders coming. People who visit your site once may be very interested in the product but are shopping around. Those retargeting ads you’ve been thinking about could be the difference in them converting.
According to data in the US from Q3, around 98% of all visitors will not make a purchase the first time entering your website, acquiring them and then keeping the customer will continue being an evolving challenge.