If you’re wondering if you’re doing enough to increase revenue, and be as profitable as possible, I can tell you that the answer is “no”. There are always tweaks and adjustments, as well as tactics to execute to ensure that you’re able to generate more revenue, whilst keeping your costs lower.
Just like all areas of business strategy, whether it be marketing, distribution or sales, you need to develop a fluid plan for executing and profitising on revenue. This can include improving current tactics, whilst deploying new methods of operation and execution, generating more revenue and optimising profitability.
As we know, the world of Ecommerce is only on the raise. More and more people turn to purchasing online, than they do on the high-street. Thus being said, as this increases, so does online competition, and this is not only from the surrounding bricks and mortar stores - like we notice on the high-street, but actually globally. Ecommerce does not rely on local shoppers, nor does it develop its strategy based on local competition.
For these reasons - you, as an Ecommerce seller must make sure that you select the strategy which will enable you to snatch a larger Market Share, whilst keeping costs low.
Here you will find some strategic ways in which you can achieve just that.
Ok - So, the key is to be where your customers are. Let’s think about our customer, and what simply comes automatically to them when they connect to a telephone or a computer… Social media - Facebook, and Instagram to be specific. Research has shown that Facebook and Instagram provide more the 2x the engagement of any other social platform.
Facebook has a user base of 2.07 billion per month, making it the largest social media platform in the world. On average, 85% of all social media orders come from facebook - why would one not exploit this?! Moreover, Instagram actually has the highest average order value of around $65 per order.
Knowing this, from now on, I highly recommend you integrate your online store with Facebook and Instagram, making sure that your customers are able to see and feel your online presence.
Furthermore, as all Ecommerce platforms integrate with Facebook, you can sell directly through the Facebook store, linking back to your platform. This is a very cost effective and organic way to reach new and existing clients and increase sales.
The average cart abandonment rate is 66.63% - did you know that you’re losing as much as two thirds of your revenue, right now!?
That is a lot of lost sales, and a lot of money.
There are numerous reasons as to why people are abandoning their carts, and the key is to reduce this, and consumption hesitation as much as possible.
Incase a shopper does abandon their cart, you want to have a strategy in place to entice them back. There are a number of reasons as to why people abandon their shopping carts - for example, to shop around, sace their cart to come back to later or they’re not quite ready to make a purchase.
Reaching out to a client with an abandoned cart through recovery emails help you to entice the client back in and stay in touch with these people. It is recommended that you email them within the hour of cart abandonment, if not, within a couple of hours, and at most, the following day. Redirect them back to their cart within this email and offer a promotion or discount. Build demand through a personal and compelling message about the items within their cart.
Moreover, you can ask these people why they abandoned their carts - and use this information and feedback as your greatest source of learning.
It is known that 70% of customers trust the opinion of other clients and customers in regards to their approach to consuming online. Word Of Mouth recommendations are a strong influencer, so I recommend you sell a product which will spur on a conversation and hype online, and leverage your business using this method.
There are a number of ways to increase and leverage on social proof. For example:
There are many tools available for purchase which aid in adding social proof to your online store. One great one is Yotpo, which allows you to leverage customer reviews and photos throughout the buyer's journey to increase trust and social proof and sales.
For a busy store, an application like this can generate more sales and traffic by providing user generated content about customer experience.
The most important thing for customer experience is optimisation. Each customer is looking for ease of use and navigation before they enter your store, around your store and before they leave. This being said, there are three things to really optimise in order to engage your customers and give the best experience.
Although your ecommerce platform is an ecommerce platform, it is still a website, which demands organic traffic to the page, therefore it is important to use a user friendly URL, and offer the correct keywords to support your site, so people really know what they are getting before they land there.
Try and be constant, precise and fluid in your keywords - this is not the time to be fluffy or cloudy in your content. This is strictly the place for business, meaning product descriptions must contain all and only physical elements of the product.
“Beautiful, one of a kind headphones”
“Red Noise-Isolation-In-Ear Bluetooth Earphones”
Let’s look at overall design and user experience. And the most important thing is page load spread.
It is as simple as this - slower the loading time equates to a loss in revenue. I is said that you have two seconds to get someone interested during loading time, and every second after that you lose 10% of visitors.
Another very important element in this topic is navigation . How fluidly can a customer navigate around your website? Is the flow of your site obvious and coherent? It can be very frustrating for a client who is visiting your store, and it is not logical for them to navigate themselves around. Remember: If they can’t find it, they can’t buy it.
When planning your UX, think about the navigation and how users look for your product.
As mentioned above - there are many reasons why people abandon their shopping carts, but it is key to remember that if you do not optimise this section of your site, your clients will move on, to a competitor. This being said, there is another huge issue regarding load times.
A load time of more than two second, at this stage will increase abandon rate to 87%. This being said, there are a number of ways to prevent this from happening:
Whilst it is extremely tempting to get new customers through the door, it is crucial to retain the ones that already came through, and know your offering. This is one way to truly hold your own against your competition - offer exceptional customer service. By investing in customer service, and actually valuing the custom of your clients, you will increase long-term loyalty and lifetime value of your customers.
This being said, below are some things that can be implemented within your customer service to help increase revenue:
In conclusion, there are many different way to maximise on revenues, and each Ecommerce store must explore their options available to maximise on revenue. Strategies are built from identifying what is needed to snatch a Market Share, whilst keeping costs low.