Ecommerce offers a world of opportunity for business owners to take advantage of in the skyrocketing market of online shoppers, but success isn’t guaranteed. Competition can be steep in many Ecommerce industries, and there’s the added challenge of business impersonators and bad actors that threaten online brands.
Implementing proven strategies used by the most successful online stores and brands can help you build a successful business and ensure your revenue is protected. These 6 strategies will help you do just that. Learn how to increase your revenue in Ecommerce, protect your brand, and run a successful online shop with the following methods.
There really is no limit to the ways in which you can utilize social media to boost your brand, engage with your audience, and grow Ecommerce sales. While many businesses have branded accounts on Instagram, Facebook, and Twitter, simply existing on these platforms isn’t enough to boost sales.
To see a notable revenue increase from social media, you will have to develop creative campaigns that set your brand apart from the competition. Spotify is one such brand who knows how to leverage SM marketing to their advantage, with their hugely successful Spotify Wrapped campaign.
The annual event began back in 2016, offering users an aesthetically-pleasing compilation of the music they streamed over the past year. With these interesting listening statistics provided in easily-shareable graphics, millions of users shared their lists on social media. Today, millions of users take part in this now-coveted event that goes viral on social media platforms every year.
Through one campaign alone, Spotify has created an uncapped amount of free advertising and community growth annually. You too can benefit from the power of social media by thinking outside the box and creating unique campaigns to promote your brand. Just remember to keep brand protection in mind when utilizing various platforms, as counterfeits and business impersonators rampant on these sites can threaten your brand.
Consumers want to support brands they can trust, which is only becoming more difficult as scammers and counterfeits continue to flood the Ecommerce market. Consumers rely on Social proof, usually feedback on your brand from former customers, to weed out the legit brands from the scams. One of the most effective ways to build social proof for your Ecommerce business is through online reviews.
As the top global Ecommerce marketplace, Amazon changed the game when it comes to online reviews. The company’s transparent reviews, listed directly under products, was not only a huge part of the brand’s success, but has also become the standard. Over 90% of online consumers read reviews before making purchases online, and every online business needs reviews in order to build that necessary social proof.
If you don’t already have consumer reviews on your products, you’ll want to ensure you add the capability quickly. Having this kind of social proof on your site will show you are trustworthy and increase your Ecommerce sales. Just make sure you check on your reviews often, and never leave a negative review unaddressed.
Even one negative review can have a big impact on your revenue. In fact, products with an average rating of 4 stars get 11.6 times more orders than products with an average rating of 3 (Yotpo). Closely monitor your reviews, watch out for fake reviews, and ensure your brand is protected as you build your social proof.
Make your content work double-time by promoting your online brand and earning you a passive income. Monetizing your content means that you can control, claim and make money from your videos on YouTube and Facebook, and from articles on your blog. If you are already producing the content to increase your web traffic, why not earn money from it, too?
Many brands have found their way to creating monetizable content on Youtube, like the meal-kit delivery service HelloFresh. They share their unique recipes in video format, which serves as promotion for their brand and earns them a passive income from video monetization. You can do the same by monetizing the content you share to promote your brand.
To monetize videos on Youtube, you’ll need at least 1,000 subscribers and a total watch time of 4,000 hours. If you don’t have the time or resources to grow a channel, not to worry– you can also monetize your branded blog content. You can incorporate affiliate links into your branded articles that earn you passive income and boost your Ecommerce revenue.
Unauthorized sellers are rampant on Ecommerce marketplaces, and put your business at risk if your products are targeted and sold as counterfeits. Counterfeit products steal your revenue, create unfair competition for your brand, and put your reputation at risk.
Take Hugo Boss as an example.
Cheap counterfeit knock-offs of their luxury clothing products were being sold online, creating a reputation problem for the brand. They were inundated with customer complaints from those who had received low-quality products, and the brand lost thousands in potential revenue from the counterfeits sold.
To ensure your business is protected from the threat of counterfeits, it’s vital to identify and stop unauthorized sellers. You simply can’t afford to ignore this issue and let unauthorized sellers profit off your brand and steal your Ecommerce revenue.
Along with counterfeit items, Ecommerce marketplaces and social media platforms are also riddled with bad actors looking to rip off legitimate brands like yours.
If your business becomes the target of this brand protection issue, you can lose revenue to scammers stealing your intellectual property and pretending to be you. When you see these bad actors impersonating your brand, report them immediately to the platform where they are operating.
It’ll be harder than ever to increase your Ecommerce revenue if it’s being stolen by bad actors and brand impersonators online. Don’t leave your intellectual property unenforced and make it easy for scammers to steal your revenue and profit off the business you’ve built. Take back your revenue and protect your brand from these threats by monitoring your brand on the internet.
By monitoring for infringements, you can catch them early on and mitigate the damage they do to your business. As soon as someone tries to infringe on your products, take them down immediately from whichever platform or marketplace they are being sold.
Even if you are in the midst of a counterfeit problem, there is hope for you to handle these infringements and take back your Ecommerce revenue. Take Catan for example, a brand who increased their revenue and experienced their best quarter in history after taking down 224k counterfeits online. It’s never too early to protect your brand, and never too late to take back your revenue and get back on the path to success.
It’s exponentially more difficult to increase your revenue when counterfeit products and brand impersonators are stealing it. Taking back your revenue will improve your brand reputation, create a better customer experience, and increase your revenue in Ecommerce.
At Red Points, we offer innovative Revenue Recovery solutions to help brands like yours take down infringements and take back your revenue. Our automated system means increased revenue for you, as well as minimized manual IP enforcement, thanks to automated monitoring and takedown features. Learn more and see how you can take back your revenue with Red Points.