How to Increase your Ecommerce Profits
Although there are countless numbers of small businesses online and just as many product categories, there is a common goal that all ecommerce owners share; that’s to make as much money as they can. Below are some ways you can increase your ecommerce profits.
Target New Markets
By ‘new markets’ it’s being referred to as totally new consumers that have no idea your store exists. In some instances, you can reach a new market simply by opening your new store and reaching out. In other instances, like targeting an international market for example, you might have to take it a step further and translate your site into their local language.
Overseas Markets – Think about translating your site for different languages and then target those countries through social media, advertisements and other marketing initiatives. For the English-speaking market, it could be as easy as making a landing page specifically for their country to show your commitment to their country, customs processes, shipping and local habits.
- Niche Market – Expand your business into a niche market and start an ecommerce site just to service it exclusively. For instance, you can open an online store that focuses on beads and pendants instead of jewelry.
- Broader Market – Likewise, if you have a niche online store, perhaps you might want to expand your business into a broader market.
- Mobile – It’s a fact, people are shopping more on their smartphones and this number increases daily. You are losing sales if you don’t expand into the mobile market.
Keep Your Existing Customers
Stay in touch with your loyal customers by sending them emails or even a ‘we missed you – here’s 20% off’ customer coupon from time to time. It’s always more cost effective to hang on to existing customers than having to get new ones.
So, your customer has done the browsing and selecting process on your site and is now down to the checkout phase. This is not where you want things to slow down. If your checkout process is too complex it could end up abandoned. Shorten up your checkout process by including things like defaulting to the cheapest shipping options, using smart algorithms to save steps for customer or making it simpler for returning customers to log in.
Whatever you can do to make the ecommerce experience of both new and existing customers better will help to increase profits. If you need help in this department, you can look into professional services such as http://www.celerify.com/ which will help take all the hard work out of creating a truly user-friendly ecommerce site.