The primary goal of any ecommerce website is revenue, but growing your ecommerce business can take time and effort. When inflation-weary consumers are always looking for deals, raising prices is hard to do. Supply chain issues and that same inflation can make it just as hard to lower your costs. Placing product listing ads might boost traffic but also requires investing dollars and resources into marketing. Fortunately, there are plenty of other steps you can take.
Form Influence Relationships
Younger consumers are more likely to have discretionary income to spend on what you sell. They’re also more likely to follow social media influencers who can boost your sales and build brand awareness. Identify social media figures whose followers overlap with your target demographics, and then offer long-term brand ambassadorship, unpaid gift programs, and discount coupon codes they can share.
Establish In-App Shopping
Social media platforms have tools to let their followers buy things within their respective apps. When mobile shoppers can buy items you advertise on Facebook, Instagram, or TikTok without leaving the app, you reduce the distance between their spending money and your sales.
Optimize Your Sales Funnel
Ecommerce website metrics can be confusing data to sift through, but they’re also an opportunity to pinpoint the weaker parts of your sales funnel. Your website and business might be established relatively effectively from top to bottom but be losing potential sales at one or two crucial chokepoints. If you get good traffic but suffer low conversion rates, tweaking the weak points can get money flowing.
Enhance the UX
User experience is everything. Take a neutral look at yours as you consider your website’s design, branding, product pages, and checkout process. The mobile version of your ecommerce website matters most, given how much online traffic happens on smartphones and tablets these days.
Minimize Cart Abandonment
More than half of all carts wind up being abandoned. In fact, you might get only one buying customer for every two that put an item in their cart but never checkout all the way. Combat this by offering support, using retargeting ads, sending out reminder emails, and accepting as many forms of payment as you can.
Create a Loyalty Program
Identify and reward your most loyal website customers. This customer engagement technique encourages regular spenders to shop more and get casual visitors to stop by more often. Repeat purchases increase customer retention rates and also average order values.
Two Final Thoughts
You can try these techniques to boost your online revenue, and many other ideas are out there. Whatever you do, remember two things at all times. First, employ A/B testing. Also called bucket or split testing, you can compare two different versions of content, individual pages, functionality, or entire ecommerce websites to see which one converts better. You can even try two different revenue-enhancing ideas simultaneously to see which produces better results.
Second, emphasize customer service. Over two-thirds of all online consumers give return business and future sales to websites that treat them well. Evaluate your online store’s performance based on customer feedback, offer support through multiple channels, and provide self-service options whenever possible. Monitor your reviews and ratings, thank people for their business, and respond quickly to questions or complaints.