For e-commerce businesses, particularly multi vendor models based, it’s not a cakewalk to increase sales and revenue using a certain marketing approach. Using different marketing strategies and channels is most important for them. From PPC ads to promotional emails, multi-vendor e-commerce marketplaces have a lot of arsenal in their stable to give a boost to their sales. However, out of all of them, email marketing is one of the most reliable, profitable and underused methods. It is a tried-and-tested tool for increasing sales in e-commerce.
Unlike social media which is usually influenced by algorithms, email is still a sacred space where the bulk of the emails is delivered to its recipients. The fact of the matter is that just like personalized ads or landing pages, your emails must be personalized if you own (or plan to start) a multi-vendor e-commerce store.
Emails can have a huge impact on sales of e-commerce websites if tailored to serve customers’ interests in a timely manner. So the question arises, how to best use email marketing for increasing revenue of e-commerce website.
Let us take a closer look at the tips for multi vendor e-commerce websites to increase revenue through email marketing.
Personalize the email
The first rule of email marketing these days is to give it a personal touch. Several studies including one done by MarketingSherpa has stated that personalized emails have a much better click through rate for e-commerce websites. How much you ask? More than 750%. So next time you send an email, personalize it by addressing it to the first name of the receiver.
In addition to that, you should also present the email in a more friendly way. All you need to do is keep the tone of the email such that the receiver thinks it is sent by a human and not some bot.
Do not forget cart abandonment email reminders
One of the biggest issue faced by e-commerce marketplaces is cart abandonment. Over 68% of all e-commerce visitors abandon their shopping carts at some point in time and it amounts to a total revenue loss of $4 trillion. This is a huge business and almost two-thirds of it is recoverable.
As an e-commerce marketplace, you can use email marketing to remind consumers of their abandoned cart so that the transaction can take place again. Another thing to keep in mind is to include the products in the cart so that the consumer can easily continue the transaction. By placing “make payment” within the email, you can recover the lost transaction as quickly as possible.
Send an occasional buying guide based on the browsing history
There are times especially during the holiday season when consumers face a dilemma of what to buy and gift to their friends and family. Google also sees a spike in search queries revolving around “Gifts” nearly the holiday season. That’s the time when you can increase sales of your e-commerce marketplace by sending a buying guide to the consumers.
The main purpose of this email is to help consumers make an informed decision. However, you can also use the recent browsing history of the consumer to send them occasional emails highlighting the products they might be interested in.
Re-engagement emails to bring back stagnant users
A lot of times, e-commerce marketplaces face a conundrum, where they have a significant user base, but the bulk of them are not active shoppers. This is where re-engagement emails come into practice. Their main focus is to build a relationship between you and the customer, with an element of reciprocal exchange. The objective of these emails is to tell a customer that they are important to you and your marketplace is missing their absence. Doing this will help you build a strong bond with the customer and help you win back the sales from those who haven’t purchased from your marketplace over a period of time.
Reward Loyalty via email
It is generally said that if you reward your loyal customers you just open a channel for them to purchase more. Just segment the list of your customers based on the amount they have spent. However, keep in mind to offer discounts based on average order value of your marketplace. For example, customers who have to spend 25% above the average order value get these loyalty benefits.
Never forget transactional emails
Most of the e-commerce marketplaces do not realize the importance of transactional emails in increasing sales of their website. Several studies have shown that transactional emails have 10 times better open rate than traditional bulk emails. Additionally, the click through rate of transactional emails is 17% as compared to 3% for bulk emails. So when a customer makes a purchase, send them a transactional email and include some deal or promotion in it. Additionally, you could also use cancellation email to this benefit and improve conversions. When a customer cancels an order, you can suggest them something different (that might suit their needs) within that cancellation email.
Keep your email template consistent with your website
Last but not the least, you should always ensure that your email template is consistent with your website theme. Ever looked at the email of Amazon? It looks exactly like their website, with all the same color and typography elements. This is because an email is just an extension of your marketplace and by following a consistent design throughout you are offering a holistic experience to the customer. This will not only build trust in your brand but also increase the click through rate of your email, thus increasing the probability of customers making a purchase.
The bottom line is that whenever you launch an email marketing campaign for your multi-vendor e-commerce website, keep the customers in your mind. It is not always about bombarding customers with emails. You will just alienate them further and your emails will end up in the spam folder of the customer. Offering value is the secret sauce of the emails, which will supercharge the sales. Nothing else beats that!
Manish is the founder & CEO of FATbit Technologies, a web agency known for its cutting-edge-ecommerce solutions. Manish counsels businesses on technology, online marketing, & helps them build effective strategies as per their specific needs.