7 Strategies to Increase Online Store Sales
With increasing competition in all markets, online stores need to keep thinking of increasing revenue so that their businesses are stable and cover operational costs that continue to increase.
Here are the seven strategies to increase your online store sales:
- Getting New Customers
Every e-commerce business generally looks for new customers. But, are you really focused on that effort? Here are some ideas.
- Referral / reseller sales.
Make a referral / reseller program to increase your customers. Give them incentives to refer you to their friends through social media, email or other places.
- Improve Advertsing.
Pay-per-click ads, ads content, advertisements in print media, add keywords.
- Social Media Buzzing
Buzz social media by running sweepstakes or contests on Facebook to get new customer emails, blogs, tweet about special products or new products, increase followers and fans.
- New marketing campaign.
Create a new marketing campaign with a fresher and more attractive appearance for different market segments, do your website refresh with a more modern look, get coverage from the media and create buzz about something you do differently from your competition.
If you want to increase your sales by 20 percent, you need to get 20 percent more customers. It is possible that your new customers will not buy as much as your old customers, so make this factor your plan.
- New Market Target
New market refers to new consumers who do not know of your store. In some cases new markets can be reached through new stores. In other cases, such as targeting foreign markets, that might require translation of your website.
- Foreign markets
Consider localizing your website for various languages and targeting other countries through advertisements, social media or B2B portals abroad.
- Market niche.
You can expand your offer in a niche market and open a new store just serving it. Conversely, if you have a niche store, consider expanding your offer to a wider market.
- Wholesale or retail?
There are many stores that start with wholesale or retail and find by modifying their pricing strategies, they are able to serve other markets.
- Selling through new channels.
Expand your product offerings to markets such as Amazon, or eBay. In many cases, customers from this new channel are consumers who are different from what you already have.
- Selling more to existing customers
This strategy is very good for most businesses. Traders sometimes get lost to get new customers and forget the thousands of customers who have bought from them. There are many ways to get more income from existing customers. Most of these methods require less investment than getting new customers.
Email newsletters are a great way to do marketing. You can send promotional emails to the abandoned shopping cart (abandoned shopping carts), send transactional promotional emails with all orders and delivery confirmation.
- Aggressive promotion.
Target your email subscriber, Facebook fans and Twitter by promoting a number of items. Offer them with products that you know they like and try to up-sell and cross sell other products with higher margins. (upselling = directing customers to buy more expensive products, cross selling = directing customers to buy other products, usually by bundling)
- Loyalty programs.
Offer your customers who are loyal with a “temptation” to buy products cheaper. This seems simple, just like sending free days or the same day.
- Aggressive promotion.
Offer deals regularly to keep your customers always looking at your store. This will increase the possibility of buying from your store, even if they don’t respond to the deal that day
- Increase Average Order Size
Many companies ignore this strategy. Here are some specific ideas.
- More aggressive in upselling.
Make sure your website can display up-sell items on detailed product pages and in your shopping basket.
One study found that by presenting customers with the same 3 or 5 choices, they almost always chose products in the mid-to-higher range.
- Cross-product selling.
Provide relevant related products on the product details page and in your shopping basket. Serve items that are often sold together. Like relevant products.
- Promotional volume.
When your customer wants to checkout, offer a volume discount. If your average order is $200 offer a 10 percent discount and a 15 percent discount. Make a pop-up to remind their customers of just a few dollars less than a discount, and present a number of items in that price range to choose from. Increasing the average order as a strategy is sometimes difficult to understand in the long run, as a measure of your order, because it may fluctuate over time.
- Expand the product
Of all the strategies listed here, this is probably the most effective. This might increase your investment if you make a large investment in stocks and labor to get products in your store and be promoted to your customer base. However, this is also very easy: Know your customers and add the products they buy the most.
Take a look at your competition and look for what is selling well. Talk to your supplier and see what other stores sell. Also ask your customers what they want.
- Add a new product line.
In this case, of course the product you are adding is “a little off the mark” of the product you are selling right now. You may benefit from additional sales for existing customers and you may also be able to target customers who have not visited your store.
- Expand the choice of existing product lines.
Add choices from the best-selling products that already exist in your store, such as color, size and other similar things to the new customer. Adding a new product line might require the study of new markets first. This may also require more resources to display items online or fulfill orders. Make sure you consider the impact on your business before you continue.
- Increase Prices
This is an old concept that still works. Increase your prices with a very small percentage. You don’t have to do it on all items. It doesn’t have to be in large quantities. If you increase your price across products by 5 percent, your income increases by 5 percent.
The risk of losing sales is there, but it’s quite small. A 15 percent increase will be very striking, but not for a small increase of 1 to 5 percent.
- Mark up prices on all products.
Try with a small increase.
- Mark up prices for certain items.
You may have certain items that do not have far price elasticity. Price increases for these items will be annoying for some of your customers. In this case, leave the price intact and raise prices on niches or less popular items.
- Fees for shipping.
In the era of free shipping, this is a different approach. But try it. Add a charge for sending smaller orders. Shipping costs go up every year – usually two or three times per year. Why pay it constantly? This reduces your profits. If you are shipping 500 orders per month and recovering from the shipping costs of $10 per order, that means $5 million in revenue.
- Cross-channel Marketing
For those of you who have a good online or physical store, here are some Cross-channel Marketing ideas that are widely used by retailers.
- Selling online but customers can take it in an offline store.
If you have an online store, you can try to get your customers to take orders at a physical store. This allows them not to pay shipping costs, and the other goal is that customers can buy something else.
- Buy at a physical store, but offer free shipping if shopping online.
If the customer is in your physical store and wants to buy something but you don’t have stock, invite them to order online and send them to them free of charge.
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