How to Boost your Ecommerce Revenue More and More Every Quarter?
Few years back Pizza Hut had hit headlines not for any mouth-watering variety of pizza but by telling twitter that “the first-ever online purchase was a Pizza Hut pizza in 1994.” However, there is evidence that the Net Market Company in Nashua, New Hampshire had beat Pizza hut to the punch by a week or so by selling a copy of Sting’s album “Ten Summoner’s Tales” in early August. Today, a little more than two decades after the first online transaction, the ecommerce industry has come a long way.
Let data do the talking
A lot has transpired in the ecommerce industry over the past few years; Economic Times reports that the worldwide market worth is $22 trillion. According to Statista, around 42% of consumers make online purchases globally and this number is estimated to rise to 50% by 2020. This online statistics portal further states that B2C ecommerce will inflate to an astounding $1.5 trillion in annual sales by 2018.
“It is the mark of a truly intelligent person to be moved by statistics”
– George Bernard Shaw
Are these stats inspiring you to venture in the ecommerce realm? Get in touch with our team of ecommerce development specialists to make a profitable web presence. Once you get e-store developed you can follow the below mentioned tips to increase your ecommerce revenue.
Leverage influencer marketing
It’s high time to take advantage of influencer marketing by building strategic partnership with celebrities or industry experts. Eventually these key individuals take on the role of influencers as they can pull large number of potential customers.
Sid Bharath of Thinkific states that as advertisements and other traditional sources of traffic generation are getting tougher, influencer marketing is starting to become mainstream.
Practice multi-channel selling
“One of the best ways to boost sales revenue is by participating in multi-channel selling. One study from Stitch Labs shows that merchants who sell on just one marketplace (in addition to their own online store) experience a 38% increase in revenue, compared to when they sold exclusively on their site,” affirms Liz Hull of Merchant Maverick.
You can make the most of your ecommerce platform by diversifying across internet. Although managing different channels can be challenging but once properly integrated it can give a boost to your revenue.
Focus on converting prospects
Do you focus only on your web traffic? This is a grave mistake because it is meaningless unless and until your web visitors perform the action you actually want them to perform. Therefore, you must equally focus on converting visitors into customers. It could be done in many ways like implementing one page checkout, an exit offer, etc.
Never ignore branding
Always keep in mind that you should never let you customer get confused about who you are and what you do. It is true that products and services have lifecycles but brands do have perennial staying power. Therefore, let you logo, website and customer communication reflect your brand message because it is imperative to your business.
Being an outsourcing ecommerce development agency, we have always exceeded our clients’ satisfaction and enabled them to engage their ecommerce customers effectively.
Build relationships with customers
Nothing is more important than maintaining good customer relationships in business and ecommerce is no different. If you can alleviate the pain points of your customers by your website or add value for them with your blogs then your customers would love to visit your site.
“One way to get more web traffic [and engagement] is having a blog and offering your customers help rather than just a sale,” explains Charlotte Lynch of Modern Retail.
For instance, if you sell cameras through your e-store then an educational blog post on photography would be really beneficial for your customers. They would come back for consuming more content on your site and eventually buy from your site.
If your site gets hacked then you are ruined for your lifetime because consumers never like to get robbed of their credentials and personal details. Therefore, it is wise to secure your website and payment gateway by implementing SSL certification.
David Decorte of Chargebacks 911 advises, “Merchants should look at other ways to increase security and defend revenue streams which won’t impact conversion, such as chargeback mitigation, better reporting, ensuring MID health and reducing operational costs.”
Use video marketing
Video marketing is essentially an effective medium to get your message and market your product across your online audience. It’s benefits are better explained by Miljana Mitic of GoodVidio. In her words, “SEO-savvy ecommerce marketers use rich media to attract visitors. One such example is videos, which on average lead to 157% more organic search traffic.”
Hope it was a useful read. Did you notice any difference in your sales by implementing these tips? Also let us know if anything else has worked for your e-store. We would love to include your tips in this list. Happy and successful selling!