How to Make More Money With Your E-commerce Store

Monday, 22 April 2019

How to Make More Money With Your E-commerce Store

Posted by Rahul Gupta
Many e-commerce business owners wonder how they can earn enough to survive. Fortunately, there are some simple steps that you can take to captivate your target market and significantly increase your sales. 
Make More Money With Your E-commerce Store
Consider how you can boost your e-commerce profits by making a few changes.

1. Accept all Types of Payments

Accepting multiple forms of payment is essential for making profits both online and offline. If an individual lacks the funds that they need to complete a purchase using one method, offering a variety of other payment options makes more room for closing the sale. 
Accepting credit and debit cards makes it hassle-free for consumers to purchase on your site. Electronic payments are becoming more common, and e-commerce store owners must be ready to make the transaction. 

Electronic currency payments through Shopify are possible compared to other alternatives to Magento Enterprise. Shopify allows consumers to spend electronic currency to buy what they desire on your site, and the POS executes the transaction with ease. With access to dozens of payment portals, your company can accept payments worldwide.

2. Offer Store Credit and Shopping Rewards

A few ways that both small businesses and big-name retailers are standing out among the crowd is by offering store credit lines and bountiful shopping rewards. Sometimes, a consumer may not have the money at the moment that they find your site, and expecting the person to return later on becomes a letdown when they make a similar purchase somewhere else. 

However, store credit offers shoppers the opportunity to get what they want. Providing store credit to promising and loyal customers at their time of need can boost sales exponentially. Shopify allows you to offer discount cards and gift cards through your store, lending greater convenience to consumers and builds the brand.

Utilizing a points reward system can go a long way in generating more sales. Stacking up points that lead to free products, hot discounts, and other cool perks can cause consumers to spend more money to collect juicy rewards. While customers get excited over excellent deals and a bunch of satisfying perks, your business reputation and sales levels can thrive.

3. Build a Subscriber List

Encouraging consumers to become email subscribers is a fantastic way to reel them in for the journey. Many consumers of all backgrounds are grabbing money-saving deals and freebies, and email subscribers are eager to sweep up exceptional deals on what they love. If you want to gain subscribers and company exposure, you can encourage people to sign up for free stuff via email. 

You can offer sample products, an incredible deal, or other information in exchange for new subscribers. Building an email subscriber list takes time, but it is well worth it. Once you obtain an email address, you can start campaigns to share limited-time-only promotions and promotional codes that provoke sales.

4. Adjust Your Pricing

With so many stores selling similar products, your brand, pricing, and perceived quality often reign supreme. However, bad pricing in an e-commerce store makes you lose sales. A product that is priced too cheaply can be a turnoff, and those that are priced way above average often seem like robbery. Finding the right combination of product prices on your site can lead to swift sales that clear your inventory.

It is fundamental to experiment with your pricing if you want to be a sales champion. Review the pricing of your top competitors and then offer something more tantalizing to consumers. For some retailers, using the ninety-nine cents pricing strategy yields more sales than merchandise that is presented in whole dollar amounts.

5. Use A/B Testing

A/B testing, or split testing, is a valuable practice that many e-commerce store owners have heard of but do not use to their full advantage. With split testing, a specific variable is selected for improvement. For example, you may decide to toggle between two brand colors, images, headlines, sales offers, or a call-to-action (CTA). The list of changes you may consider depends on how effective each part your sales page or funnel is already.

Every time a consumer visits your site, they are shown one of two options. By studying the data collected, you can predict which alterations will resonate most with your target population. It is often surprising to see how simple color scheme changes, and advertisement and banner rearrangement and a fresh copy can make all of the difference. Also, ensuring that the shopping cart on your site works correctly so that you do not lose precious sales at the end of the funnel.

6. Offer Low or No Fee Shipping

Free shipping is a very attractive offer for modern consumers. Believe it or not, many people will choose one e-commerce shop over another based on shipping prices. If your shipping rates are perceived as too expensive, you may lose sales from consumers who are seeking savings. If you can offer discounted shipping prices or fee-free shipping, you can bet that your e-commerce sales will increase.

Creating a famous e-commerce store brand that exceeds your sales expectations takes the application of resources and effort, but it can be done. Increasing your e-commerce store sales often depends on the strategy that you are using already, and your ability to analyze the results. If you receive feedback or discover that something about your site that is slashing into sales revenue, commit to changing it, as you make tweaks here and there, your e-commerce site will become more productive.

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