You can be very happy that your dream of starting an e-commerce business has come true and is up and running. But if you thought that was the ultimate challenge and you overcame it, then you’re wrong. Your goal should always be to get the most profit and that you can’t achieve without optimizing the store and devising the right strategies to engage customers.
One way to increase revenue is to generate new business. But you can do so much more than that for your existing customers. Here are some ways to boost your sales, especially through online mode.
- Eliminate abandoned carts – Did you know that for every 100 customers who visit your website, 50-60% leave their shopping cart behind? This is one of the most common causes where e-commerce businesses suffer and lose potential revenue. There are many reasons why shoppers abandon shopping carts and one of the main reasons is the extra fees and the high price. If they can find the same products at a cheaper price elsewhere, they’ll jump right in. There are several ways to stop this and one of the most effective ways is to track emails. You can go for a simple automated sequence starting with reminding customers what they left in the cart, using big headlines and eye-catching copy and photos. You also opt for discount codes and also keep their items, especially if your stock is low.
- Upsell and cross-sell products – Feature-related products have become the new trend of this platform. Upselling is the art of enticing a buyer to buy a product similar to the one they intend to buy but with a higher margin or selling price. Cross-selling, on the other hand, involves encouraging customers to purchase the complementary products with the item they intend to purchase. This process is mostly done on the product detail page during the checkout process. You can use sales affinity data to encourage shoppers to add items to their cart and increase their purchase value.
- Slow-moving items must be closed – Products that sit on your shelf for a long time and sell slowly can slow business growth and reduce cash flow. This is why brick and mortar retailers have fence sails. And for the same reason, closing sales are also vital for e-commerce. These should include products in inventory that are perishable, seasonal, sell less each quarter, have been replaced by a newer version or model, or have not sold online in a month. or more. Try offering these items at special prices on your website.
Here are some of the ways you can increase sales for your e-commerce business. Always stay up to date and take advantage of the latest technology to stay ahead of the rest of the industry and be on top of your game.