New York Digital Marketing Company, Lounge Lizard, shares the 5 Important E-commerce Tips you aren't Using

NEW YORK, Feb. 13, 2019 /PRNewswire-PRWeb/ -- Lounge Lizard is globally recognized as a top New York Digital Marketing Company within the web design and development industry. Lounge Lizard's brandtenders are creative, tech-savvy, and passionate in developing innovative strategies that drive conversion for both startup and established clients of all industries, making them the "best of breed since 1998."

With the global e-commerce market in the trillions of dollars each year, to say competition has grown would be a massive understatement. Everyone wants a bigger piece of that pie which means outperforming the competition while staying relevant in a particular niche. While some e-commerce businesses have mastered this concept, everyone wave at Amazon on top of the mountain, many others waste money and time to only end up scrounging for crumbs. Today the New York Digital Marketing Firm, Lounge Lizard, shares the 5 Important E-commerce Tips you aren't Using.

"What the ancients called a clever fighter is one who not only wins, but excels in winning with ease." ~Sun Tzu, The Art of War

• Knowing your customers – Customer knowledge should be at the forefront of any successful e-commerce business plan. While it did not happen overnight, Amazon developed a very good understanding of their customers which they have used to help make decisions and developments to their platform. They consistently look for feedback from customers and then apply that information, combined with a stockpile of analytical data, to speak to their customers and provide options and services that are highly valued. Any business has a number of options for gaining more insights about their customer base. Surveys are a great method for obtaining specific information and customer reviews offer a ton of data. Social media platforms can also provide useful information based on mentions and comments. There are also built-in analytics with social platforms, such as Facebook Audience Insights, which can provide additional understanding about content and interests customers might have. Forum sites such as Reddit are also a useful spot to learn more about industry perceptions, issues, and pain points. Knowledge is power, after all.
• Creating a unique value proposition – A business must have a unique value proposition to stand out in a crowded e-commerce landscape. That doesn't always mean building a better mousetrap, but instead offering something in a unique way that will appeal to the target audience. The first step in this process is gaining a better understanding of both current and the target customers. The next step is gaining a better understanding of the competition, what their value propositions are, and where differences lie between the subject business and competition. The question to ask is, "Why should anyone buy something from this business versus buying from that business?" Once a list of differences and advantages has been compiled, then it is a matter of understanding which differences will be most appealing to the target customer and then crafting a value proposition highlighting this and communicating it to customers as it should be a core aspect of marketing and messaging. For example, Walmart regularly touted a, "Low price guarantee," to go with a price matching program which has now morphed into their "Savings Catcher" program.
• Mastering price competition – Price is still the top factor on determining where people shop. Most people rank it as a primary factor in a purchase decision. When people search online one of the more common methods used for sorting page results is by price from lowest to highest. That is why mastering price competition is such an important concept. The first step is to understand profit margins as making sales without enough profits is an overall losing strategy. Reducing costs should be a focus which then allows for lower prices while still maintaining a reasonable margin. Make strategic choices with specific products such as those that sell like crazy with a low profit margin or feeder products that can be sold undervalue but typically result in the sale of secondary items. Using items that produce low or no profits to get shoppers on a site can be a successful strategy as long as customers can then be encouraged to purchase other more profitable products which is how the price competition can be won.
• Making shipping and delivery an advantage – Amazon has completely redefined the online retail space with their Prime subscription service that offers two-day free shopping. Right behind price as a customer influencing factor comes shopping costs and delivery speed. Our society has come accustomed to getting things right now with limited costs. Due to this, shipping and delivery should be a high priority as it not only factors into the purchase decision but is also a key customer satisfaction metric. Again, knowing what the competition is doing should be step one in creating a better experience for customers. Next, take the time to copy what Amazon and other retails have successfully done which is to offer free shipping at a specific price point for a total sale such as $50. This can increase average cart size and encourage additional shopping to get to this point. Some retailers offer free shipping at $30 and then combine this with sale items available at a price such as $24.99 to encourage the purchase of two items rather than one.
• Having an effective customer retention plan – Customer retention should be considered just as important as customer acquisition. Cost studies have consistently shown that across all channels on average it is 5x the cost to acquire compared to retain. Unless a business is selling higher end products that are only purchased infrequently, it makes little sense to not focus on retention for a steady stream of conversions at a cheaper cost than always finding new customers. Additionally, a strong customer retention plan feeds into a strong overall marketing strategy because it provides better overall data for creating customer profiles, allows a better understanding of the market which then allows for offering products and service that resonates with customers, and offers more opportunities for upselling and using feeder products successfully.

Lounge Lizard New York Web Development Company is an award-winning, high-end design boutique specializing in website and mobile app development, UX/UI, branding, and marketing. Lounge Lizard excels in creating the ultimate brand strategy, fully loaded with expertly crafted visuals that work together to increase sales and effectively communicate a client's unique personality.

Media Contact: Ken Braun, Lounge Lizard, 631-581-1000, ken.braun(at)loungelizard.com

SOURCE Lounge Lizard

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