Ecommerce startups face immense competition in standing out and acquiring new customers. With thousands of online stores selling similar products, startups need to get creative with their marketing to grow their customer base and revenue. Utilizing the latest marketing techniques tailored to ecommerce can position a startup for rapid scaling and increased conversions. This article explores the top 5 innovative marketing approaches ecommerce startups should consider to expand their business in today's dynamic digital marketplace.
Influencer marketing involves collaborating with industry leaders who have established credibility and a large audience in your startup's niche. Identifying influencers with follower counts in the thousands or millions who are genuinally interested in your products sets the stage for driving targeted traffic and increasing awareness for your brand.
Instead of big promotional budgets, providing influencers discounted or free products can secure organic brand mentions, reviews and referrals from them. The trust followers have in the influencers recommendations makes them more receptive to checking out your online store. As your products get exposure to targeted and engaged followers, the increased interest drives more sales for your startup.
With ideal influencer partnerships aligned to your brand, startups can gain instant credibility. Getting potential customers routed directly from influencers they actively follow and engage with is an innovative way to scale an early-stage ecommerce business.
Referrals are one of the most effective ecommerce marketing techniques since they come from direct word-of-mouth recommendations. Compared to other acquisition channels, referred customers have higher conversion rates and order values as they arrive at your online store with a testimonial from family or friends.
To kickstart viral referral traction, ecommerce startups should provide incentives for existing customers to share your brand within their network. Offering discounts, account credits or free products in exchange for successful referrals motivates shoppers to voluntarily market your products to new segments.
Integrating a digital referral program with unique referral links and codes provides tracking abilities to attribute sales to advocates. Startups must strategically design worth-it referral perks tailored to their profit margins as the initial customer acquisition costs get paid back over time via repeat orders from referred shoppers.
Retargeting or remarketing involves serving customized ads across channels to users who previously visited your ecommerce store. Targeting shoppers who added products to their cart but didn't complete the purchase or return visitors who didn't convert optimizes for a segment that already knows your brand.
Configuring pixel tracking and cookies to anonymous website visitors marks them for future advertising. Then, displaying banners or social ads with their previously viewed products when they are browsing other sites keeps your brand fresh to drive them back. The tailored messaging with reminders of their interest reinforces the intent for them to finalize the purchase.
As ecommerce startups launch their fledgeling advertising initiatives, retargeting gives the best return on ad investment. The brand familiarity and indicated product interest allows startups to serve contextually relevant ads driving higher performance. Funneling past visitors who didn't convert their first time back to complete checkout is an innovative and cost-efficient customer acquisition play.
Video dominates today's digital landscape as the most engaging form of media. Shoppers actively seek out videos and tutorials for product research before purchasing. That is why startups must embrace video to showcase their offerings instead of relying solely on static images.
Creating short-form videos guides potential customers through your products and highlights all the features and capabilities in an easy-to-understand visual format. The more informed shoppers are and the better they connect with your brand via videos sets up higher conversions once they are ready to buy. Platforms like Youtube, TikTok and Instagram are prime channels to publish videos that travelers looking for recommendations will find during their purchase journey.
Ecommerce startups stand out by developing useful and relevant educational and promotional videos aligned to customer searches. Recording series on product comparisons, upcoming releases, user-guides establishes your company as an authority buyers can trust. Video marketing done consistently lands more qualified traffic that converts higher as viewers perceive the quality and care your brand puts into the content.
Live commerce represents the convergence of live streaming video and online shopping. It involves brands or influencers hosting liveshows where they demonstrate and promote products for viewers to purchase instantly without leaving the video.
Ecommerce startups can create their own live shopping events or partner with influencers to integrate the checkout capabilities for featured items. The interactivity from shoppers tuning in and the sense of urgency promotes impulse purchases from recommendations coming through an engaging platform like live video.
In 2023, live commerce expands social shopping penetration, especially with Gen Z and Millennial consumers already conditioned to shop via Instagram and TikTok. Startups providing frictionless mobile checkout whilst influencing consumers in real-time differentiates the experience from standard ecommerce. The innovative model allows customers to interact with founders and ask direct questions before buying - establishing loyalty and trust.
As livestream shopping takes off, early adoption allows startups to convert their initial following into loyal customers and microwave brand growth. The technology and infrastructure integration required means the barriers are lower now before more saturated competition arrives.
Implementing the latest marketing techniques tailored to ecommerce gives startups an advantage in accelerating their customer acquisition. As funding and resources remain limited in their early phases, the high-impact strategies of influencer partnerships, peer referrals, retargeting ads, educational videos and live shopping enable cost-efficient and viral growth.
Ecommerce businesses focused on lightning traction should double-down on video and live stream content. The engaging mediums best resonate with digitally native shoppers already accustomed to browsing and buying via Instagram, TikTok and livestreams.
For long-term gains, referral programs incentivize existing customers to voluntarily market to new segments across their personal networks. Combined with retargeting visitors who previously engaged on your website tightens marketing spend while increasing conversions.
With the right innovative marketing mix for acquiring and retaining modern online shoppers, ecommerce startups are primed to aggressively scale and sell to their full potential.