With new strong players that came to market during pandemic times competition became tougher, advertising rates - higher, consumer behaviour is unpredictable and the whole media space is overloaded with endless exclusive offers.
Is there a way to run your eCommerce business to stable ROAS increase? Well, there is one. The best way to make rational informed decisions in any high-competitive online business is to use reliable data as a basis. We asked RedTrack.io – a well-known expert in ad data tracking and management – to share some tips on how an eCommerce business can not only survive but boost its return on ad spend in such difficult times.
In RedTrack eCommerce report, they’ve recently highlighted the main positive and negative points of COVID and post-COVID performance:
“The whole eCommerce industry is indeed going through big changes. We see more and more clients coming to us in hope to find new growth points and restore stability in their profit. Can ad tracking really help them? Yes, it can. It shows you the effectiveness of all your marketing and media-buying activities in one place.
Having the detailed and unbiased information helps you make better strategic decisions: whether to invest more or cut the budget. On top of that, it helps you stay on top of trends and test new ideas faster and with better ROI. How? Let’s see how it works in the example of the latest eCommerce trends”.
The Rise of the re-emerging Markets
The re-emerging markets of Russia, India, China, Brazil, and South Africa are expected to play a huge role in the future of the eCommerce industry.
Due to a recent analytics report, 20 percent of all retail sales in 2022 will come from buyers who currently live in these territories. So, it seems like these GEOs can become a real battlefield among eCommerce players pretty soon.
Here’s the question: Isn’t it the right time to expand your media-buying activities? If yes, how to protect yourself and not lose a lot of money on ineffective ad campaigns in those regions?
First, learn the market you’re going to try. Each GEO has its own cultural, economic and media-buying peculiarities that needs to be taken into account. Creatives which show great results rotating on the USA market have little chance to show the same results on Russian market. So, the best strategy will be to sign up to a reliable ad tracker and :
- Test your ideas. Use A/B testing and divide your budget into several testing parts.
- Don’t try to sell at the first onset. People who are not familiar with your brand are unlikely to buy right away. Build Sales Funnels. Measure the performance of every step and know the possible weaknesses right away.
- Don’t concentrate too much on ROI at the beginning. Pay attention to metrics that measure audience interest like CR, CTR, add-to-cart and abandons, etc. Measure the demand and test your hypothesis first. It will all pay back in further optimization decisions.
In a competitive environment where the winner is the one who does everything faster than others. That’s why automation has become a key success factor for eCommerce business growth. It allows you to free up your time for more strategic and meaningful work. Today, almost each stage and each department of online business can be automated to some extent.
Ad trackers can help you automate the full cycle of your media-buying activities from campaign launch to its further analysis. In RedTrack, for example, you can apply automatic rules to your traffic. Just set CR, EPC or ROI you want to reach within your ad campaign and set a deadline. If the metrics are not met, the traffic flow will be automatically stopped by RedTrack algorithms and redistributed to more effective creative, ad placement or campaign.
Ecommerce business is driven by a myriad of channels. Today’s consumers are becoming more and more selective and prefer to check several sources before making a purchase. That’s why today it’s getting harder and harder to determine which channel ultimately led to the needed event and scale it further. Advanced eCommerce marketers know that the secret of high ROI lies not in CR or engagement metrics. It lies in the right unbiased answers to three main questions: where your visitors are coming from, what do they do after they arrive on your landing page or banner and what makes them press on the right button or fill out the right form.
Advanced ad trackers can help find the answers to these questions and acquire the complete understanding of which of your actions led to your goal fulfillment. For example, the first-click attribution model will basically tell you which of your acquisition channels is the most effective one, while the last click model will show you which one is better at closing the deal stages.
In RedTrack Reports you can find both of them and get a complete picture of how successful your campaigns are.
The power of white-labeled affiliate solutions for your eCommerce business growth
Private Label Manufacturers Association states that private labels account for almost 20% of the consumables market. But white-labelling in eCommerce shows its great efficiency not only in relation to product branding. It’s also considered to be one of the most effective ways of their promotion.
The key drivers of the eCommerce market are resellers, retail partnership organizations and affiliate marketers. While partnerships and resellers can take too much of your time, affiliate marketers can become effective for the growth of your business almost for free.
Some advanced ad trackers may provide you with special workspaces where you can build and manage your own affiliate or referral programs or create full-stack eCommerce stores in one place. In RedTrack, for example, you can do all this in one Publisher Panel space. Create as much white-labels here as you wish, experimenting with an unlimited number of landing pages and combinations. Customize the design, upload offers, invite and accept your affiliates or referrals.
Want to see how it works? Sign up at our partners platform for free or visit RedTrack blog, for more smart guides!