Developing business strategies for an ecommerce site are just as necessary as they are for physical store businesses. Without the proper ecommerce solutions in place, your online business could suffer poor levels of profit, the website not functioning properly to its full potential and a struggle to retain customers; to name a few.
Experienced companies like Advansys have a proven track record for helping create successful and profitable online businesses. With ecommerce solutions that can be applied for B2B, B2C, global sites and many other functions that aid the online payment and internet marketing processes; Advansys are one of the best companies for implementing custom made ecommerce solutions.
7 Strategies to Increase Ecommerce Revenue
With such great knowledge and experience in the industry, they fully understand some of the key strategies that must be implemented by you in order to succeed online. This is reflected in the services they offer.
An ecommerce expert recently published a list of 7 strategies he felt help to grow ecommerce revenue.
1. Acquiring New Customers
Make an effort to consistently seek new customers through methods such as referral sales, increasing advertising, social media buzz and new marketing campaign positioning.
2. Targeting New Markets
He refers to entirely new consumers who are unfamiliar with your store and don’t even know it exists. You can consider targeting the following markets: overseas markets, niche markets, broader markets, wholesale or retail, mobile, markets in a new selling channel (E.g. Amazon or eBay)
3. Sell More to Existing Customers
It’s important not to neglect the customers you already have. You can generate more revenue from them by: more remarketing, aggressive promotions, loyalty programs, daily deals.
4. Increase Average Order Size
This strategy is often overlooked but it’s worth considering by doing things such as; more aggressive up-sells, cross-product selling and volume promotions.
5. Expand Products
This is probably the most effective strategy in this list, but it can also be one of the more expensive strategies to implement successfully. Put simply, know your customers and add products they’re likely to buy. Either add brand new product lines or expand a selection of existing lines.
6. Increase Prices
A classic strategy that still works, increasing your prices by a small percentage. It can be limited to particular products or across the board. If they’re raised too much it can result in a great loss of business. Around 1-5% rarely gets noticed, although be aware you will always lose a few sales.
7. Cross-channel Marketing
For businesses with a physical and online presence, it’s useful to coordinate the two. Larger retailers typically make use of cross-channel marketing by either providing; sell online and pick up in stores or buy in store and provide free shipping.
It is important to put strategies in place that can help you achieve your business goals. By working with Advansys, they can create tailor made ecommerce solutions that support your business strategies. So contact them today to find out how they can help you become a success online and view Advansys reviews to see how other people have performed with them.
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