December 23, 2020

5 Strategies to Increase Your eCommerce Store’s Revenue in the New Year

Sierra Jackson

We can all agree that having an ecommerce business and trying to grow your store’s revenue is no easy feat. However, the bright side is that you don’t have to go at it alone. Let’s look at a few strategies to help you increase your ecommerce store’s revenue in the New Year:

1. Serve First, Then Sell

Of course, the objective is the increase your company’s bottom line. However, you won’t get there without serving your customers first. A few examples of ways to serve your customers could be visual storytelling, blogposts, infographics, videos, etc. The goal is to create informative content that is also unique and engaging. You want to provide information that is helpful and ultimately assists your audience to better themselves, whether it’s their personal life, professional life or business that can benefit from your content. These strategies will help to build trust and sequentially, your brand’s awareness.

The key is to focus on quality over quantity, when serving and building brand awareness. While some people may think posting on social media three times a day or sending out several emails daily to your email list is the key to brand awareness, its not. If you are posting on social media daily but the content is lousy and useless, it could actually be more bothersome than anything, and cause customers to do the complete opposite: unsubscribe and stray far away from your company.

2. Know Who Your Ideal Customer Is

By knowing your ideal customer, you can create content that speaks directly to them, which will in turn make them want to purchase your products. Understanding your customer’s wants, needs and pain points can determine who your ideal customer is.

Contrary to popular belief, customers tell you exactly what they want and expect through many different ways: surveys, product reviews and comments on social media. These small details are actually huge in the grand scheme of things. By paying close attention to these types of customer feedback, customers are giving you direct responses to help you understand them.

This allows you to create better content, advertisements and ultimately better products. When you know who your ideal customer is you can resolve their pain points in a way that makes your customers feel like they need your product. Ask yourself: What is it about my product that solves a problem for my customers? For what reasons would someone need my product? By bridging any gaps in the customer experience, this can definitely increase your company’s revenue.

3. Improve Customer Loyalty with Excellent Customer Service

Excellent customer service is crucial, especially with ecommerce businesses. Not only does bad customer service put a dent in the customer experience, it also poses a threat to your brand’s image and reputation. In today’s world of social media, it’s easier than ever before for an unsatisfied customer to express their dissatisfaction online through bad reviews and social media posts. Bottom line: keeping your customers satisfied is necessary to boost your company’s revenue.

There is no “one-way” to providing excellent customer service. Delivering excellent customer service can look a variety of ways. For example, providing an online chat option to answer questions customers may have while shopping, quickly responding to emails and social media inquiries, and actively listening to customer feedback then fulfilling the necessary changes, are all ways to provide excellent customer service. By implementing these strategies your customers will feel extremely satisfied and safe, ultimately becoming loyal, return customers because of the experience they had with your company.

4. Combat Cart Abandonment

Cart abandonment is the act of disregarding your virtual shopping cart while shopping online. Let’s say you’re surfing the web and see a product that you like. You add it to your cart and click checkout. Then, for whatever reason you decide you no longer want the product and leave the page before completing your purchase. This is an example of shopping cart abandonment.

There are many reasons as to why a customer abandons their cart: product price, high shipping costs, lack of payment options, complicated checkout process, having to create a new user account and more. The key to eliminating shopping cart abandonment is to make sure your customers’ needs are being met from beginning to end. Thoroughly describe products in your product descriptions and make sure your products are organized within the website. You want to make the process to checkout as easy as possible so that customers aren’t overwhelmed when shopping. Additionally, its best to make creating a new user account optional (not mandatory, so customers don’t feel pressured). This also cuts down time during the checkout process.

Another way to eliminate cart abandonment is to automate emails that recover abandoned carts. For instance, Shopify gives you the option to automatically email each customer that abandons their cart at checkout, and each email contains a link that reminds them to complete their purchase. This email can be edited to your liking by adding a customized message and logo. Plus, you can select the number of hours that Shopify should wait before sending out the email. Implementing these tactics will decrease cart abandonment and increase conversions tremendously.

5. Don’t be afraid to delegate tasks and outsource.

One of the biggest adjustments as a growing ecommerce business owner, is having to delegate tasks and outsource help as your business grows. When you’re used to doing everything by yourself, it can be difficult making the decision to outsource logistics services, such as ecommerce order fulfillment. However, it’s a necessary change that must happen as your business grows and develops. Here are a few indicators that you need a 3PL:

  • Your team can no longer meet the demand of your orders.
  • Customer service complaints and dissatisfied customers are adding up.
  • You no longer have any shelf space to store products.

By hiring a 3PL like Fulfyld, we handle every step of the supply chain for you: storing your products to picking, packing and shipping every order. We also have the very best tools and systems to help ensure everything runs efficiently. You’ll be able to check on the status of all deliveries, track products, and update our systems with any changes to your inventory in a simple, timely manner. We pride ourselves in making order fulfillment as easy as possible for you.

Ultimately, the main goal is to increase your bottom line. However, that can only be done with the right systems and processes in place. Use the strategies given above to help you increase your ecommerce sales and grow your business. If you have any questions, contact Fulfyld and we would love to help you succeed!  

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