E-commerce remarketing is one of the major online business trends of 2011. In fact, many experts are calling this practice absolutely essential. Unfortunately, many e-commerce website owners do not understand what e-commerce remarketing is, much less how to use it towards their own ends. This article is intended to be a primer on this relatively new business practice.
What is Ecommerce Remarketing?
You are probably familiar with the term ‘marketing’ and all of the facets it encompasses. Remarketing is similar, but you are working in an already identified market: people who leave your website without performing the desired action, which usually is buying your products. When you remarket, you are approaching former website visitors, often via email, and attempting once again to get a conversion. In short, you are marketing to an audience that has already demonstrated both interest and intent to buy. This is most effective when you have a method of identifying why the customer left in the first place and when you approach them as soon as possible after they leave your website.
Is This a Temporary Trend?
There are definitely trends in e-commerce, just as in any field. However, we feel confident saying that remarketing is most certainly not a trend. Why? Because it works! Identifying people who were almost customers and then closing the deal is simply good business. It is the type of practice you would see in an old-fashioned small town store, and it is just as effective in the less personal medium of the internet.
Effective strategies with relatively low cost tend to enjoy long tenures. No one wants to be the businessperson who puts themselves at a disadvantage by giving up a policy that increases profit. A recent report found that remarketing can bring in 20 times the sales. That’s a huge number… and a market that you cannot afford to ignore.
Why Does My E-commerce Website Need Ecommerce Remarketing?
When you are looking at your bounce rates and abandoned shopping carts, keep in mind that each one of those is a lost sale. Each one represents a person who came to your website, most likely to make a purchase, and for some reason left. It is not too late; if you identify why they likely left, you still have time to woo them back. With researchers claiming that 56.2% of shopping carts are abandoned, this presents a significant market for e-commerce website owners.
If you are tired of losing sales—and who isn’t?—ecommerce remarketing may be the answer that you are waiting for. It gives you something that we once thought was impossible: a second chance to make a first impression. There are more and more programs that are addressing the need for remarketing, virtually identifying and responding to website bouncers. These tend to be low-cost compared to the additional sales that will result, and as a bonus they require very little time from an already busy small business owner.