Swerve attendees were treated to a upbeat February event and inspired by Daryl Shaw’s presentation on Strategies for E-Commerce success. Daryl focused on two primary strategies: Trends and Media Channels.
Current Marketing Trends
Daryl shared that the E-Commerce market is divided into 5 main segments according to Statista’s E-Commerce 2017 Report.
Top E-Commerce Market Segments and 2018 Projections
- Fashion ( 481 million )
- Electronics & Media ( 395 million )
- Furniture & Appliances ( 259 million )
- Food & Personal Care ( 198 million )
- Toys, Hobby, & DIY ( 394 million )
Identifying the market segment your business falls into is key to building a successful online store. Once the market segment is determined, you need to consider the media channels for promotion.
Three main media channels to consider . .
Earned Media Types
Examples of Earned Media
- Mentions ( likes and comments )
Utilizing influencers known in your industry is an effective way to rapidly grow an audience. While hiring an influencer to participate in a campaign or promote a product is actually paid media; any shares, likes, comments, or retweets that the posts get are a type of earned media. Shares and retweets are ideal because people see the content and your brand offering. This encourages people to promote it to their friends.
Owned Media Types
Examples of Owned Media Channels
- Email List
Be sure to keep a consistent tone or message on Owned Media Channels. Once you establish the voice of your brand, you need a strategy for creating and sharing content to as many channels as possible. Make sure to capture audience data as interactions take place on these channels.
Paid Media Types
Examples of Paid Media Channels
- Google Adwords and Facebook Ads
- Paid Influencers
Daryl stressed the importance of developing a solid strategy before diving into Paid Media posts. You should establish the budget spend and determine the messaging needed for a Pay Per Click strategy ( PPC) . Paid Media takes some time to be effective, and you will want to establish your goals and the Return on Investment (ROI) you hope to achieve. The marketing team should plan to experiment with different variables before finding what works for their audience. This usually takes about three months of A/B testing to find the right fit.
Q and A with Daryl Shaw
What is the Biggest Reason for Losing Sales?
Daryl stated that shopping cart abandonment is the number one reason for losing sales. Check out the 13 Ways to Combat Shopping Cart Abandonment to help boast your conversions.
Which E-Commerce platform is the best?
Daryl suggested two E-Commerce platforms to consider
Shopify is great for someone who is ready to do it themselves. Shopify has plenty of templates to choose from, and multiple integrations available.
WooCommerce is the E-Commerce platform for WordPress. WooCommerce must be installed on your WordPress theme’s files. This platform is for someone who has some development experience, or who has a team that can assist with the coding. WooCommerce is free and has great integration capabilities.
E-Commerce is fast becoming the primary way consumers purchase goods. According to the “Statista E-Commerce Report 2017”, The United States had 638 billion dollars of E-Commerce sales in 2017 across all segments. The US E-Commerce sales were second to China which had 957 billion dollars in sales. It’s time to move online and open up a storefront to optimize the digital avenues for your business’s potential!