This Is How E-commerce Websites Increase Their Revenue

5 months ago in Business Cyber
This Is How E-commerce Websites Increase Their Revenue

Every entrepreneur wants good scaling potential for their ventures. To do this, building an e-commerce website is one of the most popular and realistic strategy.

It gives the user unlimited scaling potential. You can’t think that you will put up an online store and launch it and soon it will be the next Amazon. It won’t happen like that. You have to plan and use creative strategies to have the power of unlimited scaling potential.

 

 

Here are some ways for you to follow so that you can scale your online store.

1) Add an abandoned cart on exit: Most visitors shopping online, add things to their cart but forget to actually purchase them. You might think that only a small percentage of people do that. But it is around 60 to 80 percent. So if you add an extra option of an abandoned cart, then the cart can show the items that the user want to buy when pressed exit. For example, suppose if you were selling a product for $50, and you have an average of 1,000 visitors add it to the shopping cart every month. If 40 percent convert and 60 percent abandon, that generates $20,000 in revenue. Now, if you could cut that cart-abandonment in half, it would take the monthly revenue to $35,000. It is a significant improvement in your revenue. Coupon codes and services like free shipping can also generate a higher revenue.

2) Start an affiliate program: If you have budget limitation and can’t expend much on advertisings then you can start an affiliate program. This will give your site the traffic you need and increase your sell. If any item of that affiliate program is bought by someone then you will get a commission. If you can’t make a sell there is not that much of a loss either. So, it is a very risk free strategy. You can start your own affiliate program or join the existing ones. There is a drawback if you start your own program instead of joining the existing ones. You have to hire someone or do the job yourself of managinf the items. But, if you join the existing networks, then you will get a lot of items that you can start selling instantly without managing the item yourself.



3) Set up additional offers: Sometimes some customers buy additional items with the things they already purchased. It is very simple. You just have to find right ways to find such an offer that your customer will be interested in that which will eventually led him/her to buy that product. It can be done by analyzing data of the customer’s purchased items and then recommending them similar products to buy. If utilized properly, this step can make your revenue go higher instantly.

4) Advertising on social media: You must have to advertise to gain a wider audience for your store. In order to do that, most of the people today advertise their store with Facebook Ads. With more than 2 billion users worldwide, you can find your ideal audience easily. At first you have to start small and spend what you can afford. It’s important to optimize your ad campaign to build a profitable business. There are many free groups, forums, and articles available online to teach you how to create Facebook Ad campaign and ask questions directly to experienced advertisers.

via TheNextWeb

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