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How to increase sales and profit in your business?

A1dezine Ltd | June 14, 2018 | Online Marketing | no responses

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These days a large number of entrepreneurs are entering the eCommerce online market. As a result online marketplace is getting more and more competitive. Today every business owner wants to generate more sales and increase profit. They want to attract more customers in order to beat their competitors. However, the greatest challenge is to find effective ways to accomplish it.

Of course, you can choose the common options like striking advertisements, exciting offers and launching a new product. This can play a great role in grabbing the attention of your customers, increasing sales and revenue. But if you want to make your eCommerce store stand out from the competition, you need an effective strategy.

Boost the average order value of your eCommerce store

Increasing your average order value is one of the best ways to grow your business quickly. It is probably the easiest way to generate more leads from your existing customers and increase your profits. However, you will need a great strategy to make this work. As it is not just based on engaging traffic, grabbing the attention of new customers and establishing relationships. It involves a lot more work which can take your efforts, money and time.

You can consider taking larger orders as it will decrease transportation costs and increase profits. When you give incentives which make your customer buy from you while spending minimum amount. It will gradually raise your average order value. You can try a number of strategies and plans to achieve it. But don’t forget to do your homework so you are able to generate the right profit. Make sure to find out your existing AOV (Average order value), product weight and their shipping costs, cost of shipping bundle products and average order. Also, make sure to determine the margins for every product in your online inventory.

  • Offer bundle products

If you want your customers to purchase more products try offering bundle deals. By bundling your products you can control the cost of shipping’s as well as margins. Make sure to bundle those products that are related to each other. After shipping, determine your margins and according you can give a discount on the individual rates.

  • Free shipping

This is one of the common and simple way to raise your order value. You can offer free shipping on orders of a value which is more than the existing average order value. First wok out your current AOV and then 30 percent to it. This way you can determine an appropriate free shipping level. This will work effectively when you are able to maintain the shipping costs. Otherwise, you can understand your margins and cost of shipping to find out the free shipping level. Just calculate how large order you can comfortably ship while making a good revenue.

  • Introduce add-on items

If you introduce small add-on-products it will entice your customers and encourage them to shop more from your store. Amazon the world’s largest online retailer has offers add-on-items which compel people to spend more on its products. They offer small and low-priced products which were previously being offered as part of a multi-pack.

If a customer wants to get these items they have to place a larger order. This makes people think that they are getting advantageous deals. And they don’t find it beneficial to spend a little extra money on products. If you have some products in bulk you can sell them at a low price to people who don’t shop often.

  • Offer related products

You can also empower your customers to decide which products they want by giving those options of related items. This means providing a list of items which complement their desirable product. This will encourage the shoppers to buy more items. If you want a higher profit, consider linking items with higher margin. Alternatively, you can also add an item having less shipping costs.

Offer a simple and smooth checkout process

  • Introduce a live chat support

Majority of online shoppers prefer eCommerce store with chat functionality. As they can easily and quickly clarify their questions by accessing a live chat support. And this can definitely make a difference when a client a take time to shop and change their mind. When you have someone screening through products on your site you must focus on converting them in a customer.

According to a current research, people highly trust companies which use chat functionality on their websites. You should appoint the right customer care staff to give an exceptional service.

  • Offer a secure cash payment system

Many customers nearly 61 percent tends to leave their shopping carts just because they don’t trust the payment system. This happens when you don’t offer convenient payment options. If you give a plenty of secure modes of cash payment, your customers will be less likely to change their mind. When it comes to shopping online, PayPal is a highly trusted option. You can also make credit card payments by using a PayPal portal. 

Online shoppers also hesitate to finish the transaction process because they have to sign up. When the process of signing up is long it turns off your customers. Therefore, you must choose to offer an option of guest checkout. Although this won’t help in collecting useful data but you can increase the chances of getting a sale.

  • Use social media for advertising

One of the most inexpensive option of promoting your product’s sale is to advertise it on social media. You can maintain a conservative budget and use it for social media advertising.  Remember every social media platform is unique in their own way. So, you can use a platform where you have maximum followers.

  • Display product reviews

You can encourage your shoppers to make a quick purchase by putting positive reviews about a particular product. According to a recent survey 77 percent of online customers check product reviews before actually buying it. You can do this via website, social media, or email short surveys to people before they shop. You can also encourage people to leave their reviews about the product.

  • Retarget your customers

If you want to speed up the process of generating more sales and revenue consider retargeting your customers. Many online shoppers visit a website at least 9 times before they finally make a purchase. Once your eCommerce business is already known to a person you can just target them with regular reminders. This way you can influence them in the correct direction to make a purchase. Social media platforms like Instagram and Facebook offer custom audience settings. By using it you can display your advert to only people who have already seen related products on your website. You just need to add a particular URL and then design an attention grabbing advertisement for your shoppers.

Conclusion

With ever growing competition in online marketplace everyone wants effective ways to boost their business. The above discussed ways will help you to achieve it by attracting the number of customers. So, make sure to offer a simple and smooth buying process to people. Also keep your transaction process as easy as possible.

When you speed up and simplify things in your online store your shoppers will be more likely to return back. You can also grab attention of new shoppers by giving incentives and enjoyable buying experience. But don’t forget about retaining your existing customers as they are equally valuable. They trust your services and already know about your quality products. This means you don’t need to put much effort to turn them into loyal customers.

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