Ecommerce Tips for the Savvy Retailer

W

hile online commerce experienced an overall 27.6% growth since 2020, international markets like China and Southeast Asia are growing at a surpassing rate too. So, seemingly, the conditions for market expansion are in retailers’ favour, but is accessing these markets the only challenge?

True, the opportunity is there. Between 2021 and 2027, the cross-border ecommerce market is projected to grow at an annual CAGR of 27%, reaching $4.8bn by 2026 - and processing cross-border payments is getting easier too.

In today’s world, businesses that want to thrive need to go beyond borders and start targeting a global audience. Gone are the days of using antiquated marketing methods to attract customers in new geographic markets. To gain a competitive edge retailers need to embrace new and innovative technologies, while also exploring alternative avenues like ambassador marketing to get sales across the line.

How can savvy retailers take advantage of this opportunity?

Ambassador marketing
For a few years now, businesses have been using influencer marketing to generate new customer leads. While it might have worked in the past, today’s customers want (and need) genuine customer-centric “ambassador marketing”.

With ambassador marketing loyal customers are rewarded with perks when they promote a brand’s products or services online. Unlike traditional influencer marketing, ambassador marketing engages with real customers, who are passionate about the brand’s products and can influence their inner circle of followers - similar to how celebrities do it with their massive follower base.

Thomas Adams, CEO of ambassador marketing platform Brandbassador, says: “The opportunity is for brands to get more involved with their customers and their fans on Instagram and Facebook. If you open the door for people to be a part of your brand, they’ll give it back to you ten times.”

Voice Search
Another great tool brands can use to effectively engage with new audiences is using voice search.

According to UnivDatos Market Insights, the global voice assistance commerce market is expected to grow by 77.7% between 2021 – 2027 to reach $1.3trn.

When using voice search it’s best to approach it from a voice optimisation standpoint instead of standard Search Engine Optimisation (SEO).

AR is a great way to give your customers a distinctive and memorable experience. It can also help your brand bridge the gap between the online and in-person shopping experience.

For example, Ikea’s Studio App enables users to virtually redesign their space by ‘placing’ furniture in their homes. Another great example is L’Oreal, which launched its virtual ‘try-on’ feature which allowed customers to try on different makeup shades as well as changing their hair colour.

• Similar to how we talk to Alexa, Google Assistant and Siri, it’s wise to use conversational language and long-tail keywords into your content marketing. 
• It also means using ‘why, what and where?’ questions in future blog content.
• To improve your chances of being a featured snippet, you should include paragraphs that answer specific questions within 29-41 words, while having the question as a subheading.

Augmented reality
AR is a great way to give your customers a distinctive and memorable experience. It can also help your brand bridge the gap between the online and in-person shopping experience. For example, Ikea’s Studio App enables users to virtually redesign their space by ‘placing’ furniture in their homes. Another great example is L’Oreal, which launched its virtual ‘try-on’ feature which allowed customers to try on different makeup shades as well as changing their hair colour.

Today’s consumers don't just want to buy stuff, they want to know that the brand they’re buying from is socially responsible and aligns with their values. Now more than ever, it’s important for brands to focus on their sustainability for the long-term.

Here are just a few ways brands can increase their reach with conscious consumers, while also taking action:

1. Using a low impact website: While this might not work for every brand out there, using a low impact website is an effective way to reduce energy consumption. Low impact websites only load the most crucial programming scripts, reduce energy waste and lowers your carbon footprint.
2. Carbon offset: Joining a carbon offset programme is a great way to neutralize the carbon footprint your business has on the world. You can also give customers the chance to balance out their carbon emissions from their purchase – this can also improve conversion rates.
3. Give back: Integrate a give back function on your website that allows customers to donate to a charity of their choice when they purchase an item.
4. Body positivity and representation: Consumers don’t want to purchase items from brands that only appeal to one specific demographic or body type. Instead, a brand’s website should be inclusive and project imagery that appeals to wider demographics.

Global success is not feasible if your business is bogged down with high-transaction fees and a subpar customer experience. This means onboarding a financial services partner that empowers businesses of all sizes to grow without restrictions and to operate anywhere, anytime.

The right financial partner should assist with:

• Global accounts: receive, hold and send multiple currencies across borders without having to pay extortionate transaction fees.
• Transfers: pay 90% less than what high-street banks are charging and instead look for a partner who can offer 0.5-1% + interbank rate for currency exchange. In the case of Brandbassador, they were able to save over $100,000 per year in costs and put that towards further growth of their business.
• Online payments: increase ecommerce margins with a multi-currency payment gateway that integrates with your online store and charges less per transaction.
• Borderless cards: eliminate hidden bank charges when paying for international expenses by using physical or virtual borderless cards.

By implementing the right tools, ecommerce brands can not only increase their relationships with global customers, but also create a borderless business.

Jed Rose is GM EMEA at Airwallex