The eCommerce industry is a booming one, with millions of people pouring billions of dollars a year in online purchases. But not all businesses share the success that the eCommerce space has enjoyed for the past decade. If your business has plateaued in sales and you’re wondering how you can boost the numbers higher, read on further as we discuss three surefire ways to make more money with your online business:
Offer Something New
Online businesses that offer no new value propositions to its target audience and market will not survive the long haul. You need to be able to offer something new that existing competitors cannot otherwise customers won’t have any reason to try your brand out. If you’ve been using Tide or Time Warner or any other brand for years now and haven’t had a problem, why risk trying out a relatively nascent brand that offers the same product line and price point?
Continue to develop new products that bring something new to the table, whether it’s a larger screen, a sharper camera resolution, or a lower price point. If you have something of value, there is little marketing needed to consistently attract new customers and keep existing ones happy. Deep dive for the latest industry news, technologies, regulations, and product ideas.
Improve Customer Service
The whole customer experience is an art and science, one that takes time to perfect. But most businesses get lazy and greedy. They focus too much on sales and profits that they neglect customer service or at least any attempts to continuously improve it. But what exactly does customer experience encompass? It’s basically anything and everything that your customer does while on your site, from signup and login to checking out with their orders.
Since it is your first and only point of contact with customers, start tweaking and improving your website. Make sure your site is responsive to different screen sizes. If your website renders fine on a desktop computer, does it render the same way on a smartphone or tablet? Use good web development practices when building and maintaining your websites, carefully selecting the right navigation menu options and making sure no links are dead.
Last but not least, don’t forget to follow up with your existing customer base. Use the services of a professional email marketing agency to help you distribute content whenever you have new product offerings, business updates, and brand overhauls to announce.
Lower Your Price Point
Put yourself in the customer’s shoes and ask yourself – what would make you buy more of a product or service? Perhaps one of the answers you’ll come up with is to lower the price point? It’s painfully obvious that, to get people to buy more of something, one of the simplest ways is to make it more affordable. However, few people successfully lower their price to a point where the desired effect is achieved without any undesired complications.
Look at your current sales model and figure out how you can lower the price point without losing revenues. One common way that businesses achieve this is by negotiating costs with their supplier or manufacturer. If you can negotiate cheaper costs on manufacturing or raw materials, you can pass on the savings to your customers, which will encourage existing customers to buy more and attract new leads.
Reducing prices will not only increase the number of customers, but it will also effectively increase the average order size. When you get customers to visit your site and place an order, this leaves an opening for you to upsell them complementary products. For instance, if a customer goes online and tries to buy a shirt from your site, you can upsell them with a tie or even a whole suit to match it.
Boosting your online revenues is a matter of lowering prices, improving customer experience, and continuously expanding your product offerings. It doesn’t require a Master’s degree at a top school or the deepest pockets backing you up. By following the three simple strategies mentioned above, you can boost your online revenues in a sustainable manner.
by: Mark Palmer
Tags: business, Online business, Revenue Boosting
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