eCommerce is continuing to challenge the brick-and-mortar space, with consumers spending a whopping $453 billion on online purchases just last year. Although that does shine positively on eCommerce as a collective organism, looking at it at a cellular level may show a whole different story. If you are currently having problems maintaining your sales figures as an online business, read on further as we discuss three surefire ways to attract more people and generate more revenue:
Sell More Stuff
If you are selling a single product line, you can really only sell so much before sales and revenues start to plateau. A quick fix is to sell more stuff. Make sure your products complement each other otherwise it can be difficult to define what your brand is. Selling more stuff doesn’t come without its own set of challenges, however. Since it costs money to design, manufacture, and market new products, you need to be very meticulous and practical about which product lines and ideas you want to push forward.
A good example is selling virtual reality headsets and gaming consoles as a complementary product line to your indie games. Another example would be selling complementary clothing accessories to your sustainably sourced clothing line. You don’t necessarily have to create everything that you sell online. In fact, it’s fairly common for dotcom entrepreneurs to make money through affiliate marketing.
Streamline the Customer Experience
The easier it is to order from your website, the more likely your customers will come back. On the other hand, if your website takes too long to reload or if the checkout process is confusing or exhausting, customer retention and sales are bound to suffer. There are many ways to improve the overall customer experience. Start by using analytical tools to monitor how people navigate through your sales pages and which products or services are the most sought after.
Don’t forget to follow up with your customers after making the sale. Send out an email and ask them to leave a product review. Encourage your customers to review your products and their shopping experience with a giveaway or reward, such as a chance to win a $100 gift certificate for the customer who leaves the best product review within a given timeline or a free one-month subscription plan upgrade.
As mentioned earlier, your web pages should be served fast whenever a customer requests for it. A modest reload speed to aim for is between three to six seconds. Any longer than that and you could lose an impatient customer. Use Google Analytics to track your site’s reload speed. Take advantage of the byproducts of retail innovation, such as IoT and AI, to personalize your customer’s experience.
Change the Price Per Unit
Lowering the price point can effectively increase the average size per order per customer. Meanwhile, a higher price point means more revenue even with the same amount of sales. This can be a tricky subject to touch, though. Lowering the price point too much could drastically affect your sales and revenues and drain your budget while hiking the prices up too high can lead you to lose customers.
A common misconception in the startup world is that it’s frowned upon to ask for more for your products or services. Don’t be afraid to charge more for your products and services, especially if you are delivering real value. Finding the right price point is often a painstaking process of trial and error. For example, if you are charging a $5 monthly subscription on your services, try increasing it to $10 and see how the market reacts. While you might see an immediate drop in sales numbers, give it some time for your market to adjust and your sales to normalize.
Generating more sales and revenue is all about delivering a better product or service and a more intuitive and seamless customer experience. Avoid chasing profits blindly and instead focus on your customers, employees, and business offerings.
by: Mikkie Mills