How can ecommerce increase a business’s revenue?
How can ecommerce increase a business’s revenue?
The ecommerce model has simplified operations both for business merchants and buyers by enabling instant transfer of services and products across the internet. The platform allows exchange of an array of products and services such as online auctions, payment gateways, online shopping, internet banking and online ticketing among others.
Ecommerce is the fastest growing retail market, forecasted to hit $4.058 trillion in sales by 2020. It is described as the best internet tool to emerge as the percentage of sales and revenue arising from the platform grows by two to three folds in each subsequent year.
Here are tips on how businesses can improve their revenues through ecommerce;
How to increase a business’s revenue through ecommerce
Focus on your target market
To increase your business revenue via ecommerce, you need to focus on your market. It is important that you identify your niche and perfect on it. Product diversification is good, however, ensure that you specialize on one item at a time and drive it to perfection before venturing into the next. Doing a range of products concurrently limits your ability to give your best.
Create a good and responsive website
Improve on your site speed to ensure that your customers and other site visitors experience uninterrupted browsing. Lagging internet speed can really get on someone’s nerves and this might make you lose potential lifelong customers. An investment in high site speed is a step closer to high business revenue.
Your website should allow a customer to make a purchase without necessarily having to register with your business. You could have the option that allows the customer to decide for themselves whether or not they want to register with you. Attempts to coerce clients to register before they can view or even buy may make you lose out on sales because most people do not like to share their personal contacts and emails on public platforms for security reasons.
Embrace various payment options
Having only one or two payment plans can be very limiting to most customers and this may see you lose out on several sales. To avoid this, get several payment options to ensure that all customers are covered. While at it, ensure that customers’ personal details and credit cards used for payment are not hacked into. This will make customers gain confidence in you and retain your services overtime.
Ensure your online store is properly stocked
There is nothing as annoying as finding an item you are interested in purchasing and then as you proceed to process its acquisition you notice the ‘out of stock tag’. To avoid such easily controllable mistakes, properly check your inventory and stock accordingly.
Check your pricing- make it as competitive as possible
So many ecommerce business ventures exist and thus you should be informed that customers have a wide range of service providers to choose from. Ensure that your pricing is such that it’s not exploitative and compete well in the market. You could opt to provide free shipment to regions proximal to your ware house and offer discounted shipment costs for sales exceeding a certain amount. Managing your shipment costs will make you the favourite website and thus add to your sales and revenue. Offering referral discounts may also create traffic to your website translating to more revenue.
Excellent customer service
Customers will always remember a business that catered for their needs unconditionally. Such customers are more likely to obtain services from the same venture in future. To ensure this, always look out for your customers and perform a customer satisfaction survey from time to time. Try reaching out to repeat customers. These are customers who are always promoting your business by getting one item or the other occasionally. Reaching out to such customers will make them feel appreciated and intercept them from shifting to your competitors in the future.
Make good use of social media
Use social media to get more customers to your business site as this translates to more sales hence higher revenues. The use of social media for all manner of entertainment has become so frequent. Sliding in an advert in there may go a long way in getting you unexpected sales as the ads never go unnoticed.
Create a brand which people identify with
Displaying a trademark or logo on your website makes it more professional and gives it a reliable appeal. Customers on online platforms prefer to associate with trustworthy service providers and this simple act can go a long way in getting you more sales and revenue.
These tips are a sure to helping you achieve constantly rising revenue for your business venture. If you are not able to apply these tips on your own, you can always give us a call here at Runrex to help you increase your online business revenues. We are a full service digital marketing agency offering high quality services to businesses of all scales at competitive rates. Give us a call today and take your stalling online business to new heights.