Are you not happy with the amount of money you make from your ecommerce business? Being in a competitive market and fighting against other brands can get pretty rough and demotivating, especially if you have not seen growth for a while.
Of course, abandoning the business you have worked so hard for is also not an option. If you want to continue and break through, there are lots of ways you can accomplish that.
The following ideas below should help you with creating a solid strategy and boost the profits of the ecommerce store to the point where you are satisfied and want to continue working on it. Continue to find out how you can reach that point.
Tactic #1 – Leverage Available Marketing Platforms
Start with looking for new channels where you can market. You should already be on Instagram and Facebook since the two are unquestionably the most popular social media sites. But what about other, less popular platforms?
Pinterest is a good example. Quora and Reddit can also be put in the category of social media, though marketing on them can be a bit tricky for certain niches.
Consider fast Shopify advertising with Cleverecommerce and other pay-per-click platforms. PPC tends to get overlooked because of the heavy emphasis on SEO and social media.
The bottom line is that where there are people online, there are potential customers waiting. Spend some resources and see what you can accomplish by expanding your operation and targeting different platforms.
Tactic #2 – Focus More on Email Marketing
Email marketing also appears to be a forgotten technique. The difficulty of gathering email lists is noticeable, but there are still a lot of great plugins that grow the list for you in most cases.
The biggest obstacle is persuading people to opt-in for an email. Perhaps you can attract them with an exclusive offer, like a special discount for the next purchase provided that they subscribe to the newsletter.
Having a solid email list will give you an opportunity to send out future offers and retarget people who have visited the store before but have not done so in a while.
Tactic #3 – Implement Scarcity Tactics
Scarcity tactics are starting to become a norm in a lot of online stores. If you were to browse in a few, you might notice that there is a pop-up on how many people are currently viewing the item, or how there are only a few left in the stock.
The strategy creates fear of missing out and incentivizes people to buy the product. Some may consider the tactic dirty, but if it is not against the law and works, why not try it yourself?
Tactic #4 – Work on Customer Support Experience
Building good relationships with customers is another idea that is bound to turn beneficial in the future. Not only will you retain your old customers, but you can also expect word of mouth to spread and attract people to the store as well.
Be sure that there is someone who can answer the phone or respond to emails as well as messages on social media or live chat on the website. Preparing an in-depth FAQ section is also a good investment.
Tactic #5 – Invest in Website Improvements
The website itself should also function without any hiccups. Optimal loading speed, sleek and responsive user interface, optimization for mobile users, proper security system, and social media buttons are just a few requirements for a website. You will have to introduce improvements constantly and not let other brands get ahead of you.
Tactic #6 – Reduce Shopping Cart Abandonment
Shopping cart abandonment is a big problem. Do not let it continue to be a hindrance to the business.
Try out some things, like adding new payment options, eliminating the need to register for purchases, and simplifying the checkout procedure in general.
Tactic #7 – Reward Loyal Customers
The most loyal customers are going to be the driving power behind your success. Do not let them leave you after they have made a few purchases. Retention of customers is a difficult objective, but if other brands can accomplish that, so can you.
Create a loyalty reward program. Offer discounts for every purchase. Other perks like free shipping or even exclusive products might also help. Perhaps a hall of fame would be a good addition to the store as some people would certainly like to be in the spotlight and get some attention.
It is all about making people who give you money to feel special. Show them that you care, and they will reciprocate with kindness as well.
Tactic #8 – Research the Competition
Competition can be an ally in some cases. If you feel like you are behind other businesses, dedicate some of your time and research them. See how they are faring and what makes them stand out from the rest.