So, you just launched an e-commerce website. You’ve selected your products, developed a fabulous website, and are ready for sales to flow like a river. However, the results you are getting are not what you expected. Whether you’ve been in the e-commerce realm for several years or you’re a new entrant, getting more sales will always be your prime business objective.
But, unfortunately, a business can experience declines and plateaus at any point. Not to mention the never-ending competition, as just about everyone is trying to sell something on the internet these days.
Setting up an e-commerce store is not the tricky part. It is making money off it that requires a lot of patience and brainstorming. That said, we agree that selling products online is something that is trending right now. However, not all online businesses can offer services or products and generate tons of online sales simultaneously. So yes, as a digital marketer, you have to know that whatever the nature of your business, it has to make money to stay afloat. And sooner rather than later, there will come a time when funds will become scarce, and your e-commerce store will close down before it starts to make some real money. So follow the tips listed below if you want your e-commerce store to flourish and keep making money for the foreseeable future.
Sell on other online marketplaces
An online marketplace will offer you a platform other than your o-commerce store, of course, to sell services and products. Doing so means you’ll have lower start-up costs as you won’t have to spend money on creating a dedicated e-commerce website for your business. Plus, services such as eBay operate on a global level. So, you’ll have access to a broader audience. For instance, you might be a seller located in the USA, while your target customers might be in the UK or Canada.
Not to mention, you’ll enjoy lower merchant charges, and there is always the trust factor that comes with working with such a huge name. So, if you want to supplement your e-commerce business with a huge brand name such as eBay, get up to speed on how to sell on eBay and make the most of the platform’s 175 million+ customer base.
Target existing customers
When online businesses have trouble experiencing growth and success, they think it’s because of not having enough customers. That is not true. Instead of investing all your resources to acquire new customers, focus on retaining your existing ones. Compared to new customers and ones who make a one-time purchase, loyal customers generate more revenue for your business.
That said, it will always be beneficial for your business to acquire new customers. However, it is a more cost-effective solution to target your existing ones. This is because they are already familiar with your brand and know how your products work.
Online consumers love videos. Most marketing professionals worldwide believe that video has the best ROI compared to any other form of content. Websites that incorporate videos will entice an average visitor to spend 88 percent of their time on their web pages. In addition, video can be great for advertisement purposes. Such an approach increases engagement while building up interest in the products you’re hoping to sell online.
For example, if you’re an online apparel store, you can always create an instructional video that tells the consumer how to fold a t-shirt properly. This will provide customers with valuable info about your products while simultaneously boosting your sales.
It might be somewhat of a simple strategy, but not every online business offers discounts. So if you’re in the same boat and you’re worried about your profit margins, use this age-old trick; Increase your prices and then put your products on sale.
For instance, jack up your prices by 60 percent and offer a 40 percent discount on particular products. After all, customers will come pouring in when they see a 40 percent sale on items they wish to purchase. They crave a good deal. So, offer discounts and deals on products you know sell like hotcakes to drive more traffic to your e-commerce store.
Offer multiple payment options
Not everyone has a Visa or a MasterCard. So, giving people different payment options allows you to avoid alienating potential customers. Ensure that your store accepts debit cards as well as credit cards. For example, Best Buy has six different payment options, and it also allows consumers to pay for products using their PayPal accounts. The last thing you would want is a customer reaching the check-out page and not completing a sale because a specific option wasn’t available.
Furthermore, alternative payment options such as Google Pay are gaining popularity as well. For example, if your e-commerce store has a mobile app, customers can easily purchase products via Google Pay.
Highlight your best products
You probably know of the Pareto principle by now. It states that 80 percent of results come from 20 percent of actions. It is also the case for online sales. You’re likely to make 80 percent of your entire sales, selling only 20 percent of your products. In simpler words, prioritization is key to increasing sales.
Once you focus on promoting and highlighting a small number of your best-selling products, you’ll be more likely to experience growth. So instead of paying an arm and a leg to advertise your entire product line, concentrate on the ones that fetch the most revenue.
If you follow the tips mentioned above, you’ll end up seeing a nice bump in online sales and, in turn, revenue. However, if you want to experience even better results, consider taking a more personalized approach. Even though sales matter, there is a vast difference between selling a 2 dollar t-shirt and a 20,000 dollar watch. It is all about offering your customers a unique value proposition and telling them how a product fills a void in their life and allows them to stay satisfied.