Marks and Spencer, Dressbarn, GameStop, Walgreens, Gap, and other prominent retailers are shuttering stores – can the nation of eCommerce survive?

According to Coresight Research, this year, US retailers have announced 5,994 stores closure which already exceeds as compared to last year’s i.e 5,864.

Do you think its icky? Read the new study!

As per the investment bank UBS report, “75,000 stores could be close their shutters by 2026”.

E-commerce industry may be on an impetuous growth curve, but we can’t deny the recent studies that have revealed some shocking facts about this industry. Brands that are experiencing a golden phase did not achieve it overnight, they have refreshed their branding strategy, squeezed omnichannel shopping experience to highlight the advantages of their physical stores to reinforce the customer experience.

CBRE Global President of Retail Anthony Buono said:

“Retailers that aren’t adapting to this new reality and using an omnichannel orientation — outlet stores, e-commerce, partnerships, licensing agreements — are the ones that are suffering from closures,” Buono said. “That’s the biggest differentiator that I’ve seen.”

The giant of eCommerce outlets like Amazon has made it harder for newbie retailers to attract customers to their stores and forced companies to invest the bulk amount in branding and promotions. Which pushes them to cut shot the cost of other expenses in turn scale down quality. Many online retailers have turned to sales promotions and pile-up digital efforts to increase customer retention while shutting down brick-and-mortar locations.

Year-over-year the growth of digital online shopping has been increasing but a number of eCommerce businesses are struggling to survive. If you own an eCommerce store, then you may encounter the following nightmares, i.e

High abandoned cart rate

Does your cart abandonment rate higher than 70%? If yes, you are losing an enormous opportunity for reconnecting with people who showed an initial interest in your product, but who didn’t convert.

On the basis of Adobe study, 70% to 81% of people fill up their eCommerce shopping carts but leave the site without making a purchase. This is one of the major problems that need to be addressed if you want to be successful in the eCommerce marketplace.

You can rejuvenate abandoned carts with the following tactics:

  • Create an email automation series
  • Personalized web push notifications along with the product image
  • Implement exit-intent popups.
  • Sales motivator bar.
  •  Ai chatbot.

Related: Get Artificial Intelligence And Upshot Your Abandoned Cart Recovery Performances.

Low customer retention rate

This is another point that awakens retailers in the mid of the night. Customer retention refers to the ability of a company to retain customers, it is affected by how many new customers are acquired, and how many existing customers churn no matter how.

If your customer retention rate is low, you have almost lost the game. It is must to have a high customer retention rate to increase your customers’ lifetime value and boost your revenue.

It also helps you build strong relationships with your customers and foster trust so they can come back again and again.

Your loyal customers don’t just buy, they build relationships and you have to maintain that relation with loyalty rewards.

Scattered customer insights

According to Gartner, “Retailers will not be able to compete in the digitalized marketplace without advanced analytic capabilities.”

Consumer insights capture the behavioral journey of customers, it holds all the necessary footprints that are required to define the customer timeline. Consumer insights are essential to fill the gaps that are causing low ROI. Its gives you an ability to personalize your email marketing campaign according to your customer’s journey and gives you sure shot trigger to target potential audience.

Low customer engagement

What’s your customer engagement strategy? What steps are you aiming to increase your customer engagement?

Confused? Seriously?

In order to stand out from your competitors, choose wisely your costomer engagement strategy and make them feel valuable via sending personalized email serials including everything from your loyalty points, referral program rewards, to Free Product vouchers. This will help you engage your customers in a fruitful manner and enhance your sales.

Targeting the wrong audience

You cannot design an effective customer experience if you don’t know whom will you target? If you know your customers, you can personalized all your customer’s journey.

Audience can make or break your business, so do the selection of the audience in a precise manner. Because driving the right audience to your store and consistently turn them into your loyal customer is a perk.

If you are hitting into a wrong aim then it would be useless even if you are giving your best. So always segment your audience and meticulously track your customer metrics for designing a better strategy.

Always define your target audience first, how they’ll help you reach your objective. Once you have the answers to these questions, you can begin your marketing campaign.

Poor online marketing

Poor digital marketing can be nocuous and even destroy your business reputation in the digital market. When this happens, it distracts everything behind your brand. Poor digital marketing ruins brands’ credibility which is one of the major driving factors of customer engagement.

Always sketch your online marketing planning based on customers’ insights and pave the shopping path inlined with their digital footprints. It encourages consumers to participate in your online marketing activities which help you boost your customer engagement and shoot up your business reach.

Summing Up

These are the nightmares that always come in the mind of online retailers and keep them awake through the night.  If you are reading this, then you surely are an E-commerce seller and can relate with the stated points.

Don’t worry we haven’t come to the end yet.

We can save you from all these nightmares. AiTrillion has all the solutions which will help you automate your marketing strategies even while you are asleep.Use AiTrillion’s automated marketing platform and track all the important metrics of your customers, and you’ll be as strong as an ox on your way to eCommerce success.