You may be very glad that your dream of setting up an ecommerce firm has been fulfilled and it is up and running. But if you have thought that it was the ultimate challenge and you have overcome it, then you are wrong. You endeavour should always be to squeeze out the maximum profit and that you cannot achieve without store optimization and devising the right strategies for engaging customers.
One way to enhance the revenues is by generating new businesses. But there is much more that you could do for your existing customers than this. Here are some ways to boost up your sales especially through the online mode.
- Eliminate Abandoned Carts – Did you know that for every 100 customers who visit your website 50-60 percent will leave behind their shopping carts? This is one of the most common causes where ecommerce firms suffer and lose potential revenues. There are a lot of reasons why shoppers abandon carts and one of the main reasons is the added fees and high price. If they can find the same products at a cheaper price elsewhere they will immediately go for it. There are a number of ways to stop this and one of the most effective ways is to follow-up emails. You can go for a simple automated sequence starting from reminding the customers what they left behind in the cart, using great headlines and attention grabbing copy and photos. You also opt for discount codes and also hold 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 encouraging a buyers to purchase a product similar to the one that he or she is intending to buy but with a higher margin or a higher selling price. Cross-selling, on the other hand, is the process of encouraging customers to buy the complementary stuff with the item that they are intending to purchase. This process is mainly conducted on the product details page during the checkout process. You can use the sales affinity data for encouraging the shoppers for adding items to their shopping cart and thus, boosting their shopping value.
- Slow Moving Items Should be Closed Down – Products that sit on your shelf for quite a long time and sell slowly can slow down the growth of the business and reduce the cash flow. This is the reason why brick-and-mortar retailers have closeout sails. And for the same reason, close-out sales are vital for ecommerce, too. These should include those products in the inventory that are perishable, are seasonal, sell less through each quarter, have been replaced with a newer version or model or that haven’t sold online in a month or more. Try to offer these items on special prices on your website.
The above are some of the ways in which you can boost up your ecommerce business sale. Always stay updated and leverage the latest technology so that you can stay ahead of the rest in the industry and be on top of your game.