Ecommerce is growing faster than ever. In 2019, it accounted to more than 14.1 percent of all retail sales worldwide.
Needless to say, this figure is going to become even bigger in the coming years. To be able to enjoy the biggest chunk of this ever-flourishing industry, it is essential that you act right, and make plans to increase your ecommerce revenue.
You would be surprised to see how focusing on the very basic areas can shoot your revenue chart straight up! Of course, the quality of products and services is the ultimate need for a healthy and budding business.
Apart from that, focusing on the following can get you that cherry on your cake.
Focus on Existing Clients
Popular opinion: Growing customer base is a major key to grow any business.
Unpopular opinion: Satisfying and pampering the existing ones is an even major task.
The immediate fix most entrepreneurs think of when they hit a low is that they need new customers.
Now expanding the customer base is obviously good for the business, but retaining existing ones is the best for the business.
According to the famous theory of Vilfredo Pareto – 80% of your revenue comes from 20% of your customer base. This applies to almost all businesses which is why it is all the more essential that you focus on your existing clients who will, in turn, become loyal customers to your business and contribute to your revenue.
Reward Loyal Clients
In this age when everything we do is a barter, everyone expects something in return for their cooperation. Naturally, your loyal customers would believe they deserve something extra for their loyalty to your business.
Offer customer loyalty points to such eligible customers. This scheme is a very popular marketing strategy as it ensures customer retention as well as rewards your loyal forces. Win-win!
Make it User-friendly
Now, this is a no-brainer. Any prospective, or even existing, the client will browse through your website or app only if it is convenient and easy to glide through. Too many elements and irrelevant links on the website will obviously annoy the user.
Remember, every business has numerous competitors and hence, your customer has a plenty options to visit if they are not satisfied. So the key is to make the user interface attractive and easy to use. No one likes a tangled pair of earphones, you got to smooth itout!
Every healthy relationship is built on effective communication. Business relationships are no different. Wherever possible add options (like live chat, personal call back, etc.) to enable your users to communicate with you.
A user may wish to clarify various queries related to your business or products, and the fastest way to resolve this is by institutionalizing dedicated customer support which would immediately clear their doubts.
Sure, email works. But instant messaging is all rage in today’s world for a reason.
Showcase your Bestsellers
Boasting about achievements may be frowned upon in real life, but in business, it is an important ingredient to cook a smashing success. Ensuring your best work catches the eye (and mind) of your customers is of utmost importance.
You can do this by adding a bestseller section or an achievements section on your homepage. Any visitor would first prefer to know your capabilities and best areas before signing you. Make sure you ace the check!
Offer Something, Anything More!
It is no secret that a customer is unpredictably attracted to discounts, free services and anything extra.
Offer something more with your products and/or services compared to your competitors to gain an obvious competitive advantage. You can try various combinations and schemes to attract customers.
Some very common and effective ones are free shipping, no-cost EMIs, exchange offers, buy more save more offers, and so on.
Keep Track of Your Customers
Well, this obviously doesn’t mean stalk them. You can keep track of your customer’s relationship with your business by sending newsletters and email reminders to them. You need to do this tastefully. Marketing harassment will cost you your customers!
You can also boost your chances by having pop-up offers on your website. These will encourage customers to sign up for your business and hence giving you the opening to charm your way into the customer’s life.
Get those Testimonials
References give you the edge – be it in a job application or business. Loyal and satisfied customers will offer offline testimonies and get you new ones. But very obviously, attracting new customers is difficult that way.
However, getting those loyal ones to review your products and/or services and displaying those testimonies on your website/app would work hugely in boosting your customer base. Reading other users’ experiences would create a sense of trust and positivity in the minds of customers and make them more inclined to get into business with you.
Make Payment Easy-breezy
This is an extremely obvious and important part of boosting your business – payment gateway. Now making the payment process lengthy or complicated will annoy the user. The complications may be in the form of unwarranted server issues, acceptance of specific payment methods only, and the like.
Make sure the user experience is hassle-free and quick. Add all payment methods, accepting all cards, wallets, and other payment options. You don’t want to lose your hard-earned customer on the last step, do you?
Engage in That Media Hype
Social media may have got a bad reputation for various reasons, but it plays a key role in boosting any business in today’s world. Almost every person is engaged in some social media platform or the other. Instagram, Facebook, Twitter and all else – get on it, mark your presence and get noticed.
This is a sure-shot way to get the customers talking about you.
The Next Steps
These are just some ways to boost your dipping revenue. Get into the modern entrepreneur mode and get creative for more!