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In today's highly competitive eCommerce landscape, businesses are constantly searching for effective strategies to achieve rapid growth and stand out from the crowd.
Growth hacking combines innovative thinking, data analysis, and unconventional marketing and product development approaches that lead to exponential growth.
In eCommerce, growth hacking is typically centered on customer acquisition and retention, and expanding the overall reach of an online store by, for example, internationalizing the company. But there are endless possibilities to growth-hack your eCommerce business.
What is growth hacking and how can it be applied to eCommerce?
Growth hacking is a term that refers to the process of experimenting with various marketing and product strategies to achieve rapid growth for a business. It typically involves a combination of creative thinking, data analysis, and unconventional approaches to marketing and product development.
When applied to eCommerce, growth hacking focuses on driving rapid and sustainable growth in terms of customer acquisition, revenue, and overall business expansion.
Here are some ways growth hacking strategies that can be applied to eCommerce:
- Viral Marketing: Implement strategies that encourage customers to share your products or promotions with their network, such as referral programs, social media campaigns, or incentivized sharing. Go ahead and check these 10 successful viral marketing campaigns to get some inspiration.
- Conversion Rate Optimization (CRO): Optimize your website or online store to increase the percentage of visitors who make a purchase. This can involve A/B testing, technical SEO improvements, content tweaks, design and user experience, and pricing.
- Customer Retention: Implement tactics to retain existing customers and encourage repeat purchases, such as personalized email marketing, loyalty programs, and post-purchase incentives.
- Influencer Marketing: Collaborate with influencers or brand advocates who have a significant following in your target market to promote your products and drive sales.
- Data-Driven Decision Making: Utilize data analytics tools to gain insights into customer behavior, preferences, and trends. By tracking eCommerce KPIs, you can help identify opportunities for growth and inform marketing strategies.
- Social Proof: Leverage customer testimonials, reviews, and social media engagement to build trust and credibility, which can lead to increased conversions.
- Upselling and Cross-selling: Implement strategies to encourage customers to purchase additional products or upgrade to higher-priced options. This can include kitting, personalized product recommendations, and limited-time offers.
- Mobile Optimization: Ensure your eCommerce platform is optimized for mobile devices, as more and more consumers are shopping on smartphones and tablets. This includes having a responsive website design, fast loading times, and a seamless mobile shopping experience.
Why is growth hacking so important for online stores
Growth hacking helps online stores reach their goals faster and sustainably. Here are some of the ways how.
Growth hacks fuel rapid growth
Online stores operate in a highly competitive environment where businesses are constantly vying for customer attention. Growth hacking allows online stores to implement strategies that can drive rapid growth and gain a competitive edge.
By identifying and capitalizing on growth opportunities, online stores can quickly expand their customer base and increase revenue.
Growth hacks create cost-efficient operations
Traditional marketing methods often require significant financial investment, which can be challenging for small or budget-constrained online stores.
Growth hacking, on the other hand, focuses on low-cost or cost-effective strategies that deliver high returns.
By leveraging creative and unconventional approaches, online stores can achieve substantial growth without the need for a large marketing budget.
Growth hacking is agile and highly adaptable
The digital landscape is dynamic and constantly evolving. Growth hacking embraces an agile mindset and encourages experimentation, allowing online stores to adapt quickly to changing market conditions and customer preferences.
It enables businesses to test and iterate different strategies, discard ineffective ones, and scale up successful initiatives.
Growth hacking is always based on data
Growth hacking emphasizes the use of data and analytics to inform decision making. Online stores have access to vast amounts of data about customer behavior, preferences, and purchasing patterns.
By analyzing this data, growth hacking enables online stores to make informed decisions, optimize marketing efforts, and personalize the customer experience.
This data-driven approach increases the effectiveness and efficiency of marketing campaigns and ultimately leads to better business outcomes.
Growth hacking encourages online stores to focus on understanding and meeting the needs of their target customers. By adopting a customer-centric approach, businesses can create personalized experiences, develop products that address pain points, and build long-term customer relationships.
This customer-centric mindset fosters customer loyalty, repeat purchases, and positive word-of-mouth, which are essential for sustained growth in the competitive eCommerce landscape.
10 Most popular eCommerce growth hacking strategies
There are several popular eCommerce growth hacks. Here are some examples:
1. Referral Programs: Referral programs incentivize existing customers to refer new customers by offering them discounts, credits, or rewards.
2. Social Media Marketing: Use social media platforms to reach and engage with target audiences by creating compelling content, running targeted ad campaigns, and utilizing social media influencers to promote products.
3. SEO optimization: Improve site speed, curate product page information, update the “about us” page, make images lighter, and implement a mobile-first approach in the design and usage of the website.
4. Email Marketing: Build and nurture an email subscriber list to engage with customers on a regular basis. You can send personalized email marketing campaigns, promotional offers, product recommendations, and exclusive content to encourage repeat purchases and increase customer loyalty.
5. Conversion Rate Optimization (CRO): Optimize various elements of the online store to increase conversion rates. You can use A/B testing different layouts, designs, calls to action, and pricing strategies to find the most effective combinations.
6. Personalization: Create personalized experiences for customers based on their preferences, browsing behavior, and purchase history. This can include personalized product recommendations, customized email marketing, and dynamic website content that caters to individual customer needs.
7. Influencer Marketing: Collaborate with influencers who have a strong presence in the target market to promote products, leverage influence and trust, and drive sales.
8. Upselling and Cross-selling: Encourage customers to purchase additional products or upgrade to higher-priced options, thanks to strategies like product bundling, related or complementary products, or limited-time offers and discounts.
9. User-generated Content: This can be in the form of customer reviews, testimonials, social media posts, and user-generated videos. User-generated content helps build social proof and increases trust in the brand.
10. Data Analysis and Optimization: Analyze data to identify patterns, trends, and areas of improvement (website analytics, customer behavior, conversion rates, etc.), to optimize marketing efforts and improve overall performance.
The ultimate growth hacking eCommerce move: include automation in the customer experience
Combining automation with the rest of the strategies we have mentioned earlier will not only provide your customers with a better shopping experience but also make your business operate in a more automated manner, requiring fewer resources, reducing errors, and ultimately increasing efficiency.
One of the ways you can achieve more automated operations is through the use of software tools.
For instance, if you are interested in automating order and shipping management, tracking and notifications, returns and exchanges, and issue resolution, Outvio is the perfect software for that. Automate post-checkout processes while enhancing your customer's shopping experience through brand strengthening. Do it now.
Growth hacking has become a vital component for the success of online stores. By adopting growth hacking strategies, businesses can tap into innovative marketing approaches, data-driven decision-making, and customer-centric practices.
This way, eCommerce businesses can quickly scale their operations, attract new buyers and markets, and retain existing customers in a cost-efficient manner.
The integration of automation software is the cherry on the cake that enhances the customer experience while streamlining operations and reducing costs.
By embracing growth hacking techniques and staying ahead of the curve, online stores can unlock their full potential and realize their ambitious goals.