Ecommerce as an industry is expected to grow at a minimum of 6.3 percent per year. According to Statista, user penetration will be 82.2 percent by 2024 which will be up from 77.3 percent in 2020.
The worldwide pandemic and the retail apocalypse have boosted eCommerce growth and this is good news for eCommerce companies and eCommerce companies with an agency that’s ready to take advantage of this growth.
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Set Your Goals and Desired Outcomes
Your approach should be geared towards direct response marketing. You have to send your customers a relevant message that’s designed to get them to learn, subscribe, follow, or buy.
These are some simple goals that you can use as a starting point with your agency.
- Improve qualified website traffic
- Increase time on site
- Increase the subscribers to your email list
- Increase the followers to your social media accounts
- Increase sales
- Increase upsells
- Improve average order values
- Decrease expenses and marketing costs
- Improve customer retention
And these goals have to be oriented around specific outcomes, regardless of the goals you choose. Here are some examples of outcomes:
- Increasing return on ad spend by 13 percent
- Boosting website traffic by 26 percent
- Increasing year-over-year sales by 30 percent
- 2x product upsells
- Add 125K more subscribers in 18 months
Each of these examples has to be focused on producing a specific result or outcome for your business. Providing your agency with specific goals will provide you with a plan to achieve those goals.
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Essential Characteristics That Make a Great Ecommerce Agency
1. Must have the knowledge and experience of your business
The agency that you choose should have the industry experience you need to work with your customers, your business, and the industry successfully. Because, your industry has its own culture, jargon, and problems.
If you are having a broader product line or having a lot of products that you offer, you should work with agencies with a broad or generalized skill set. And if your industry is highly technical, it’s important to choose an agency with subject-matter experts who understand your business well.
Only an agency like ours, that has this know-how, will have what is needed to promote your business effectively. We know which images work best; our writers will understand the tone and voice that should be used in your content and we also have a pretty good idea of the promotions your customers will respond to.
2. Must put customers first
The agency you choose should treat your customers as a priority. They must work to get to know your customers as well as you do. It’s not just about the understanding of the things your customers want and need, but it’s also an understanding of the way you work with your customers.
This is very important because your agency should be able to say no if they see something that could affect customers negatively.
Hence you can trust your agency to always do what’s best for your customers and your business. This also will indicate that your agency will be focused on managing your budget well, so they’re able to generate results for you.
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3. Should prioritize revenue and returns
All efforts of your agency should lead to revenue. It should generate leads, sales, and revenue consistently for your business. Hence, your agency should be one that can help you find ways to cut costs, specifically in high-cost areas like shipping or returns.
Your agency should show you a process to increase your return on marketing investment and lower advertising costs.
4. Should Focus on the right metrics and KPIs
There are a number of eCommerce metrics you can track. The ideal agency should be able to identify the core metrics that lead to growing your eCommerce business. If you want more data, you can add more metrics on an as-needed basis.
Core metrics that your agency needs to focus on:
- Website traffic rates: It is essential to identify the traffic sources that will make you money, and the sources that will lead to increased conversion rates over time. If your traffic generates interest from qualified customers, means, your source is good. If your agency uses CRO procedures, it will increase your traffic at a lower cost over time.
- Email opt-ins: Email marketing is undoubtedly one of the most valuable marketing channels that produce an ROI of $42 for every $1 spent. Building an email list helps in converting paid or earned media to owned media. The agency that you choose to work with should be focused on building email as a marketing channel, using it to stabilize your cash flow and revenue.
- Sales conversion rates: With consistent testing, your agency should be able to increase your conversion rates year-over-year and should also be tracking both micro and macro conversion rates.
- Average order values: This tracks the amount that is spent by your customers each time an order is placed on your website. Your agency should provide you with concrete steps to increase your average order values over time. They should create upsell, down-sell, and cross-sell opportunities and thereby provide you with a list of tactics that you can use to increase your average order values.
- Return rates: Returns cost eCommerce companies more than $550 billion. The brick and mortar return rates average around 8 to 10 percent, and eCommerce return rates are more than double at 20 percent or more. The agency you choose should be able to help you lower your return rates. This is indeed a tough job to do because 41 percent of customers buy products with the intention of returning some or all of their items.
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Conclusion
The eCommerce industry is continuing to grow. This is indeed a huge opportunity for eCommerce retailers and is also going to be a challenge for the businesses that are unprepared for the competition that follows.
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