eCommerce

8 Must-Know Online Merchandising Strategies That Can Boost Sales

Shane

April 1, 2023

Min read

“Looks do count. Deliver visually stunning merchandising. Engage at the point of sale. Help consumers shop with eyes,” said Michael J. Silverstein, who is known for his expertise in consumer behavior. How do you do that for your e-commerce venture? Through a powerful online merchandising strategy.Almost 40% of the world's internet users have bought products online - which means there are about 1 billion people that use e-commerce for their shopping needs. To make the most of such a massive target audience, having a growth-oriented online merchandising strategy can drive up sales and improve revenue.

Here are some useful online merchandising strategies that you can get inspired by and incorporate for your e-commerce venture.

1. Visually Impactful App & Web Layouts for Your Online Store:

Attractive Website Layout — Image Source

Your app and the website will create the first impression in your user's mind. Make sure it's a good one. Curate visually-appealing landing pages, filled with photos of your most attractive products. This will encourage the user to explore other products. You can also feature the best-selling products. Invest well in your app and website's UI/UX design.

2. Mobile Display Optimisation - Get it Right:

Make sure that the photos of the products on your e-commerce website are programmed intuitively for mobile. If they stretch, pixelated, or do not display correctly on mobile, it will affect your overall revenue as this will discourage buying. By 2021, 54% of mobile commerce will dominate the online sales market. Are you ready?

3. Segmenting the Conversion Rate by Product to Know What's Working:

The conversion rate for your online store speaks volumes about what's working for your store and what's not. Segment the conversion rate and look at conversion by product. There will be a few products that will sell more than the others. These products are the benchmark. If they are selling a lot, it means they are merchandised well. Follow it for the rest of your products.Also, read the analytics to understand audience demographics as you can and tailor your products to suit your buyers (for example, if your buyers are more women than men, increase women-centric products).

4. The Pictures Speak a Million Words:

Product photography is serious and a must-have. Because e-commerce heavily relies on product photos and videos, your merchandising strategy must focus on product photography. Make sure it is done by an expert, edited well, and does justice to the product. For example, a product photograph in weak lighting will not look appealing to a buyer. Good photographs long way in encouraging a user to 'buy now'.

5. Focus on 'Search':

Your eCommerce search function should also include related synonyms as sometimes people might call the same thing differently in different regions. You can also add the top items sold in the search results to boost the conversion ratio (Footmart improved its on-site conversion ratio by 82% by doing so). Also, include the auto-correct feature, not everyone is a great speller.

6. Keeping a Tab on the Competitors:

Ecommerce Business Competitors — Image Source

In the heavily competitive e-commerce arena, knowing what your competitors' merchandising strategies are is a plus. For instance, you can always have the lowest price - this way, customers will turn to your website. For this, you can try dynamic pricing to automatically lower the price of your products and increase sales.

7. Use Cross-Selling and Up-Selling:

Show similar products to a user at a similar price level (cross-selling) and at the same time, show products that are priced slightly higher than what they are looking for (up-selling), below the product they are looking at. Show products that are frequently bought together with the product they are looking for to drive up the total sale value for your e-commerce store.

8. Reviews and Ribbon Overlays - a Big Yes:

Along with your products, display the reviews. This inspires confidence in a buyer and supports a product. Another interesting strategy used by major e-commerce players is ribbon overlays on your product photos. These enhance a feature of your product like by creating overlays such as 'limited edition' or 'bestseller'. This adds value for a buyer, boosting your conversion rate.Quick Tip: Create omnichannel product listings. Apart from your website, make sure your products are listed on major e-commerce websites like Amazon. This helps sales and increases brand awareness.

To Conclude

Always curate your online merchandising strategy based on your customer's preferences. Use digital marketing to promote your products. It is important to update this strategy with the changing times and assess whether it is working for your e-commerce brand or not. Keep experimenting! We hope these online merchandising strategies help you grow, evolve, and expand your business.

The Evolution of KYC

KYC is a fundamental regulatory requirement aimed at preventing money laundering, fraud, and identity theft. Historically, KYC involved manual verification processes that required customers to submit physical documents, leading to delays and potential errors. The advent of digital KYC has transformed this space, enabling faster, more accurate, and seamless verification processes.

Image courtesy of Vlada Karpovich via Pexels

Vision and Approach

Neokred is at the forefront of this digital transformation, offering cutting-edge solutions that simplify and streamline KYC procedures. Their approach is rooted in leveraging advanced technologies such as artificial intelligence (AI), machine learning (ML), and blockchain to create a secure, efficient, and user-friendly KYC process.

“In a world older and more complete than ours they move finished and complete, gifted with extensions of the senses we have lost or never attained, living by voices we shall never hear.”

Key Features of Digital KYC Solution

AI-Driven Verification
Neokred uses sophisticated AI algorithms to verify customer identities in real-time. By analyzing patterns and detecting anomalies, AI ensures that only genuine documents are accepted, significantly reducing the risk of fraud.
Seamless User Experience
The platform is designed with the end-user in mind, offering an intuitive interface that guides customers through the verification process effortlessly. Users can upload documents, capture selfies, and complete verification steps from the comfort of their homes.
Blockchain Security
Blockchain technology enhances the security of KYC data by creating an immutable ledger that is resistant to tampering. This ensures that customer data is protected and can be audited with transparency.

Success Stories

Conclusion

Digital KYC solution represents a significant leap forward in the way businesses approach identity verification. By harnessing the power of AI, blockchain, and seamless integration, not only simplifies the KYC process but also enhances security and compliance. For businesses looking to stay ahead in a competitive market, embracing innovation could be the key to unlocking greater efficiency, cost savings, and customer satisfaction.