How to improve e-commerce business?
E-commerce is now the most competitive business. The retail industry has a complete makeover with its shift to the e-commerce industry. Amazon was seen as the competitor at first, but with passing time, the retailers have joined them in mass numbers. But with the increased competition, the need to stand out has also become the needful of the hour. If you are already a business owner and on any e-commerce platform. I am sure these E-commerce growth ideas will be the ultimate hacks for you.
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How to develop an e-commerce business?
Create a memorable customer experience
It is important for businesses nowadays to retain their customers, as it is proven that it increases profits by 25%. Customers that are retained create the customer base of any company—that is, they are the returning customers who can be counted as assets for any business as they continue to generate revenue in any kind of situation. And it’s important to impress them so that they can become returning customers. Some of the tried-and-tested ideas are:
- Rewards or loyalty points for customers after they purchased products, which can be redeemed later.
- Attaching a handwritten note with every product that is bought by any customer, which is specifically created for them. Though, this is a tip that is better suited for smaller businesses.
- A referral point system, which gives benefit to both new customers and the old ones, too.
- Appreciate the returning customers and send them some token gifts sometimes.
Add in surprises
Any kind of buyers like surprises. Especially if a customer is buying something from you, if they get a surprising gift at the end, then it will make sure that they become a returning customer will stop. For example, free shipping can be provided for a certain amount of purchase. This will make sure that such customers become your word-of-mouth advertisement and that they buy from you again.
Engage at the grass-root level
For any company or product, especially in this digital era dash ones which are capable of creating a community that is, a group of people who truly believe in the product and would want to purchase it at any given time builds of very loyal customer base. Any kind of social media and email are the two most important channels of generating probable clients and individuals for your community. All communities can be the place where others refer to, see reviews and product availability.
Upsell and cross-sell.
Almost every e-commerce platform allows its online sellers to feature related products. If any kind of business is not paying enough attention to the potential of adding upsell or cross-selling products, then that’s a missed opportunity of sale.
Upselling is where a customer is encouraged to purchase a product that is similar to the one she or he is looking at or has added to the cart, but it has a higher selling price or a higher profit margin. Cross-selling is the process where shoppers are encouraged to buy complementary products after they have added the product to the cart or they are browsing through the product. For example, Amazon does this very often wear complementary products that are bundled together and they give another discount price.
Update the product list according to the present scenario
Products and do not sell to hurt these sales reports. Do check that you are selling products that are relatable to the consumer at the given time. Remove products which:
- Sell rarely, that is less than once a quarter
- Are seasonal
- Have a new, updated version or model
- Haven’t sold in a month or so.
Though it is not necessary to throw out this product since you have invested your money, it would be rather advisable to make them attractive with discounted prices or sell them in other marketplaces.
Provide the option of live chat
Live chat has now become very acceptable over various marketplaces. It allows the customers to interact and also solve any inquiries that they might have before placing an order. Any buyer likes to have human interaction before buying a product. That is the reason small businesses have gained much attraction nowadays. This is because they add that human touch or that relatable, personal-level experience that the customers crave. Depending on the volume and size of the business, this can surely be an option.
Add a phone number
E-commerce sites are known to be very bad at addressing issues or reviews with any kind of product, so adding a phone number will grant the certificate of authenticity and trust that customers look for. Sellers can also list calling hours or you sort of a sample script to hide the phone number on site when no one is available.
Create an FAQ
For your product, whatever you might be selling, be it jeans are green tea buyers who are buying that are searching things on different search engines and also asking a lot of questions. This is often what strategy, which is not paid attention to, which is to create blog posts that answer questions of the potential customers. Also, questions and answers, which are present on any e-commerce platform like Amazon, is also a way for customers to quickly skim through the characteristics or specifications of the product.
Optimize your products
Any kind of e-commerce platform provides various statistics and metrics of the products that you’re selling. It shouldn’t be considered as a one-time thing, but rather a continuing process. You should always keep tap of your conversion rates and keep optimizing your product list. You can understand what a customer wants and what they are receiving just by reading through the reviews. If a customer leaves a positive review, then it can surely increase your sales. If a customer is also asking a question, then make sure that you answer it directly or either create a FAQ or a blog post that will answer that particular question if it is broad enough.
These were only some of the tips that can surely help you run your business more smoothly and help you increase your sales. E-commerce is not an easy platform anymore with the level of saturation that it has reached. Keep hustling and you will succeed one day.