If you’re operating online, then you already know the benefits of being able to tap into customers, no matter where they are. You have probably also realised that the online space is extremely competitive. If your last meeting with your e-commerce accountant left you feeling underwhelmed, in terms of your sales and profits, we’d like to help.
Below, you’re going to find top tips that can see you increasing your sales. If you want to know more, then read on.
If you want to increase your sales then it makes sense that you should be looking to increase the number of customers that you have. It may be that your e-commerce accountant can provide guidance in terms of marketing, or they may be able to signpost you to someone else who can help.
If you decide to go it alone then you’ll need to ensure that you have a sound understanding of search engine optimisation. You’ll also need to have a clear idea as to who your customers are so that you can use laser targeted paid for ads.
Do you know what your best selling products are? Do you know what it is about them that sees them sell so well? If so, this information can be used to help you to explore, and launch, new product lines. New products can generate a great deal of excitement and attention. Or even simpler– why don’t you just ask your customers what products they will be interested in?
It will cost you far less to retain a customer than it will to attract a new one. What if you sell fewer products to higher-spending customers instead of focusing on increasing sales volume alone? That means that you need to be working towards creating customer loyalty, especially where your most profitable customers are concerned.
You could look at offering discount schemes, making charitable donations to causes that they care about, or even holding exclusive events for them.
Following on from the previous point, you need to go above and beyond for your best existing customers. Find out who your best customers are, what they buy and when they buy it. Use this information to market to them more effectively. Also try to improve their experience when they buy from you, make them feel special. Can they be offered a priority level of customer support? Are there ways of making shipping faster? Is there anything that you can do to keep them onside?
Often, the best way to work with your customers is to ask them what they want. A simple questionnaire or feedback form could lead to plenty of ideas for you to explore and implement.
A basic strategy that has been used in retail, both on and offline, for decades is up-selling and cross-selling. Pitch additional products to your clients. Point out the benefits of your more profitable SKUs. Offline, this is all about switched on employees making suggestions, or the placement of products in a shop. Online, this strategy is even easier to implement.
You can create product bundles that see a slight discount when compared to purchasing everything individually. You can also ensure that your site is set up to suggest additional products. No doubt we have all seen the likes of ‘ Customers who bought xxx also bought yyyy’.
Where are your current customers based? What do you know about them and have you created a customer persona? If so, then you’ll know exactly how to target similar people, no matter where they are located. Do some market research to see if there are opportunities to expand in new areas.
The wonders of the internet mean that no one is restricted to selling locally, or even nationally. There is a global marketplace that you can become part of. Your e-commerce accountant will be able to guide you in terms of taxes and implications for selling abroad. Even if there are additional expenses involved, international sales as certainly worth exploring.
Bricks and mortar stores understand the importance of great customer service. In fact, many organisations, in retail and other sectors, spend a great deal of money on training their employees to deliver in this area. Unfortunately, in the online world, this is an area that is often neglected. Develop staff training program.
Stand out and be different by delivering outstanding customer service. Respond to enquiries, provide numerous contact methods, and do all that you can to ensure that your customers feel valued.
By increasing your prices, you may fear that you are going to lose sales. This is why it takes research to find the sweet spot in your industry. Pricing too low may be great for sales numbers but can be equally disastrous in terms of profitability. Review the prices of your products and your costs regularly and adjust accordingly.
By increasing your prices, you may even find that you attract new customers. Your marketing should be portraying your product as being high quality and worth, at least, the price that you are charging.
No, we’re not contradicting the point above! There are two ways that price discounts can work to boost your online sales. First off, a short term sale, properly marketed and advertised, can bring additional sales your way. You then need to work to retain any new customers that come your way as a result.
Price discounts can also be used to clear out some of the slower selling items that you have. These may be lines that you decide to discontinue as they have effectively been ‘dead money’ sitting in a stock room.
If you have staff working in your e-commerce business, be sure that you are seeing value for money. Are they working in the most efficient ways? Can you streamline your processes and look at ways to save money? Can your employees spend more time focusing on customer retention and boosting your sales?
There may be training needs that are identified and also at the moment there are grants for business improvement. Your e-commerce accountant will be able to advise you how what you can apply for.
In the offline world, a great deal of thought goes into planning retail displays. They need to be eye-catching. There need to be thought given to product placement. There has to be a way to ensure that all products are visible. It is no different online.
Think about how appealing your site looks. Consider the categories that you have. Look at ways to improve the navigation of your site to make the experience as easy as possible for your customers.
