Easy steps to help your online ordering thrive.
An increase in e-commerce has been the trend with businesses since its inception. Since the Pandemic started, the market shifted to e-commerce in a big way. An increase of 44% in Q2 and a 37% increase in Q3 for online sales. The surge in digital spending during Q2 attributed greatly to the stay-at-home orders made sense as consumers’ only option was to shop online. Even as stores reopen, there hasn’t been a dramatic drop off with online spending, more of it just tapering off. Online shopping accounts for 20% of every dollar spent in the US. Walmart, for example, gained 97% of its revenue from e-commerce in Q2 of 2020. Even as restrictions lifted and stores reopened, online orders still account for 79% of their fiscal third quarter. With all of the money spent on e-commerce, not having online shopping will hurt your bottom line.
80% of your company’s future revenue will come from just 20% of your existing customers
There are steps you can take to not only implement online ordering but to help it thrive. First, focus on repeat customers. Whereas most companies focus on new customers, repeat customers generate more revenue. Repeat customers spend an average of 15% more per transaction and 25% more per transaction during the holidays. The Gartner Group stated, “80% of your company’s future revenue will come from just 20% of your existing customers.” If a customer comes back and makes a second purchase, they are twice as likely to return. Using a loyalty program is a great way to incentivize repeat customers. Set up a rewards program where each purchase generates points towards a discount or a free item.Studies show customers are 77% more likely to return over trying a new establishment when a good loyalty program is in place. Branding plays a vital role in standing out from the competition and should be considered in every aspect of your business. Loyalty programs, brand recognition, and frequent communication are essential in bringing a customer back.
We’ve found the most reliable way of communicating with your customers outside of your establishment is Social Media. Whether you’re a retail establishment or restaurant, using your page to share specials, deals, and events have proven to increase sales. Effective Social Media marketing will have a call to action, most of the time leading to your online store. In 2019, mobile accounted for 79 percent of social media sites visited, so you’ll want to make sure you have a mobile-friendly online store. A study from Google showed that a mobile-friendly online store made 72% of consumers more likely to purchase products, including restaurants. However, just having an online store isn’t enough. It needs to be optimized. Simplifying your website’s navigation on mobile phones by using easy-to-read fonts and even providing a search option helps this flow smoothly.
E-Commerce is mandatory in today’s climate. Keep up with today’s market while taking your business to the next level with Big Eye POS Technology!
