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5 Ways To Unlock More eCommerce Revenue

5 Ways To Unlock More eCommerce Revenue

When push comes to shove, any eCommerce business will be judged on how effectively it can sell its product or services, as well as the revenue it generates.

There are of course many different strategies you can implement to grow the revenue of your eCommerce store – but you need to give time and thought to each one. Just like any marketing plan, failing to prepare is preparing to fail.

To succeed in eCommerce, you need to develop a fluid and constantly-evolving strategy that will see your business change its tactics when required, as well as devising new ways to increase traffic and boost revenue.

So what are some of the ways you can unlock more eCommerce revenue without breaking the bank, to begin with? We take a look:

1 – Abandon Cart Strategy

One of the most shocking statistics that many online retailers are simply unaware of is how many customers abandon their carts midway through the checkout process. In some cases, your business could be losing up to two-thirds of its potential profits – the average cart abandonment rate is 69.89% according to the Baymard Institute.

There are a lot of reasons why potential customers choose to abandon their cart, but there are things you can do to try and address this.

  • Present any and all shipping charges upfront, before the customer reaches the checkout phase. Hiding delivery charges or other costs until the last step in the process is a sure-fire way to lose sales – this is the number one reason behind customers abandoning a purchase.
  • Keep your checkout process as quick and simple as possible. Long-winded or overly complicated purchasing processes are another common reason customers give up on buying online.
  • Don’t force customers into signing up to your site. Around 14% of customers say they will avoid purchasing from any online store that makes registration mandatory.
  • Offer as many purchase options as you can, as this should provide all of your customers with a payment method that suits them. Limited payment options make up on average 7% of all cart abandonment.

If a customer does still choose to abandon their purchase midway through checking out, it pays to have an automated system in place to email them within a few hours. An email platform like DotMailer, for example, can send a personalised email direct to the customer, offering a discount or coupon code to entice that customer back to complete their purchase.

An email platform like DotMailer, for example, can send a personalised email direct to the customer, offering a discount or coupon code to entice that customer back to complete their purchase.

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You can also take this opportunity to ask them why they abandoned the purchase if you wish.

2 – Focus On Product Packaging

Another area where your business can steal a march on the competition is product packaging design, as very few online retailers take the time to work on this.

The design of your packaging can play an integral part of the overall shopping experience for your customers. When done correctly, it can help to build brand identity and even retain customers that would otherwise have gone elsewhere. Unboxing one of your products should be enjoyable, so consider building in elements that will keep your customers entertained.

3 – Social Media & The Buying Process

For this strategy, you need to understand the power of social media and how a strong presence can deliver both traffic and sales to your store.

Instagram and Facebook are the two key platforms as they have over two times more engagement than other social platforms like LinkedIn and Twitter. Harness these two social media powerhouses correctly and your store will benefit in the long term.

Most eCommerce stores already integrate with Facebook to sell their products or promote their services – this is one of the most cost-effective ways to improve your reach online. We’d suggest you set up a dedicated business profile with a strong logo that will catch attention as people scroll through their newsfeeds.

With over 167 million active daily users, it just makes no sense to ignore Facebook as both a promotional and selling tool.

With over 167 million active daily users, it just makes no sense to ignore Facebook as both a promotional and selling tool.

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4 – Product Descriptions

Regardless of whether your store is user-friendly or benefits from stocking popular products, an unhelpful product description will almost certainly prevent conversions.

When customers are shopping online, they lack one key ability – to touch or pick up the products that you are selling. They can’t examine its features in any detail, so they are fully reliant on the images you upload and the detailed descriptions you provide. If either of these are particularly weak, the customer won’t feel confident enough to part with their cash.

Take a moment to put yourself in your customer’s shoes. How will they use this product? What are they looking for when shopping around? Are there any features of this product that aren’t visually discernible? If you can create a compelling product description that really covers everything that particular item has to offer, customers will be much more likely to buy into what you’re selling.

Product descriptions that are customer-focused are almost guaranteed to improve conversion rate and drive more sales.

5 – Keep Exploring New Opportunities

Lastly, there should be a constant desire within your business to keep exploring and learning. If you stand still in the eCommerce industry, your competitors will be quick to overtake you with a better offering.

Most brands are so desperate to grow that they never truly explore their niche and therefore fail to leverage its potential. The businesses that trade successfully and enjoy long-term success are the ones that make the most of their existing business structures. Growing too fast too early can be a curse, as many startups have found in recent years.

Follow these 5 simple steps and you should see your bottom line improve in no time!

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