The internet has opened up a global marketplace and made it even easier for anyone to launch their own business. Whether you’ve given up your day job to launch an ecommerce store or you’re selling products online as a side hustle, running your own business can be a fun and exciting way to make money.
To enhance your success, however, you’ll need to ensure that you’re maximizing the amount of money generated from your ecommerce store. To find out how, take a look at these five ways to boost ecommerce revenue:
1. Increase Your Digital Marking ROI
Before people can buy anything from your store, they’ll need to know it exists! Digital marketing can be a great way to increase brand awareness and convert users into prospects. With the right strategy, you can optimize the return on your investment and ensure you’re getting the best possible results from your digital campaigns.
Conduct a marketing audit to assess your current performance and take a deep dive into your company’s web analytics to find out what’s working and what isn’t. By enhancing successful strategies, discarding ineffective ones and implementing new techniques, you can optimize your digital marketing activities and acquire more customers.
2. Feature Offers and Discounts
Offers and discounts can be an effective way to incentivize potential customers and increase your conversion rate. People love the idea of getting a bargain, which is why even relatively modest discounts can have a significant impact on the number of sales you make.
When deciding what discounts to offer, think carefully about your pricing strategy. For some companies, selling a product as less than market value (and making a loss), can be a viable way of acquiring customers.
However, if you want to avoid making a loss, you’ll need to calculate discounts carefully before you advertise them. With a handy percent off the price online calculator, you can ensure that your discounts will still enable you to make a profit on each sale.
3. Sell on Marketplaces
As well as hosting your own website, you can sell online via established marketplaces, such as eBay or Amazon Marketplaces. Although you’ll typically need to pay a flat-fee or a commission on each sale, the right pricing strategy will still enable you to make lucrative profits.
Popular marketplaces are well-known global brands, which means they have a far larger reach than most small and medium-sized businesses. As a result, you can advertise your brand and store to a larger demographic when you promote your products on an established online marketplace.
Additionally, these marketplaces have clear guidelines and rules when it comes to selling and dispatching goods via their platform, which makes it easy to incorporate them into your sales strategy.
4. Start Drop-Shipping
Online sellers who drop-ship products simply receive orders from customers and instruct suppliers to ship them, rather than holding stock themselves. This can be a great way to reduce your costs, as you won’t need to pay for inventory storage, but there are other advantages too. When you drop-ship goods, you can have them dispatched from a variety of different locations, depending on where your suppliers are based. This can reduce delivery times and costs, which benefits the customer and encourages them to proceed with a transaction. Due to this, drop-shopping can be a viable way to cut your own costs while increasing your customer acquisition rate and boosting revenue.
5. Deliver Great Customer Service
Making great customer service one of your unique selling points (USPs) can be an effective way to increase your revenue. If you don’t have the brand recognition that larger retailers benefit from, potential customers will want to be reassured that you’re reliable and trustworthy business. By providing swift, effective and professional customer service, you can reinforce these brand values and optimize sales.
Studies have shown that 67% of customers are willing to pay more for a product or service if they receive good customer care, which shows just how important it is. With automated, omnichannel solutions, such as chatbots and emails, businesses of all sizes can deliver outstanding customer service and reap the rewards.
Planning Your Growth Strategy
By growing your business, you can increase your commercial success and generate higher revenues, but it’s important to use the right strategy. Whether you decide to target a different segment of the market, increase your product range or broaden the scope of your marketing campaigns, there are a number of viable ways you can take your ecommerce business to the next level. The last piece of the growth strategy needs to be an idea of when its time to move on. Eventually a time will come when it makes more sense to sell your business so that you can move on to the next stage in your life. Use a trusted service like ExitAdviser to help you with this difficult process.