Some simple strategies that guarantee ecommerce profitability
There is stiff competition in most markets today; hence unless you adopt ways and means to increase profits running your business is going to be an uphill task. Popular e commerce services advocate that it is important that revenues improve rapidly in order to manage the ever increasing operational costs. Here are some simple strategies that will help e commerce companies flourish.
Getting new customers
Customers are the mainstay of any business, hence the more you acquire the better for the business. However, this is easier said than done, and how exactly are you going to acquire new customers?
- Referral or word of mouth is still the best way to increase your customer base. Hence, introduce a referral program if you don’t have one in place already. You may use the social media and email for your program.
- Advertising is probably the most effective way to attract more customers. Today, you have various paid options like pay-per-click (PPC) ad campaigns, content ads, banners, etc for attracting new customers.
- Social media has proven to be a powerful means of diverting traffic and holding it. Introducing various campaigns and contests on popular social media platforms like Facebook is very effective.
Exploring New Markets
Ask any of the e commerce services experts and they will unanimously suggest that targeting new markets, whether local or overseas is the key to increasing e commerce profits. You may think of tuning your website to suit various languages globally, and also creating suitable landing pages for specific targets. Look for niche markets that are yet untapped and open up to service such segments. Similarly, if you have been focusing on retail markets alone, you may want to consider going wholesale as well to attract more business in larger volumes. Don’t ignore the significant mobile market that comprises Smartphone users. You may want to go for responsive web designing for targeting this growing market.
Don’t ignore existing customers
Your existing customers are your base, and it is easy to get more out of them by increasing the portfolio of offers. Remarketing is a great strategy, and what better way to do it than through email blasters that will help prevent abandoning their online shopping sprees midway. Promotions need to be introduced at regular intervals in order to retain existing customers. Reach out to Facebook users, and Twitter followers with new promotional offers and one-time deals that sound like steals. Similarly, loyal customers need to be surprised with rewards. Even small gestures like limited period free shipping offers, bonus points that can be redeemed etc are great ways to retain existing customers.
Up-selling and cross product selling
Ask any e commerce company and they’ll tell you that your landing page needs to always display some up-sell item or the other, as should your product detail page. Presenting many choices that are similar, except for small variations induces customers to choose the ones that hover in the mid-range. When there are no choices, people tend to go for the cheapest options available. When only expensive options are displayed, it forces customers to look elsewhere. Also, consider offering volume based discounts which will increase the turnover.
To know more about e commerce services look up Infognana, the experts in e commerce strategies who know how to drive more revenues and profits.