E-commerce is one of the fastest growing areas of online business. It has a great appeal – own your own online retail store! There are many benefits to e-commerce, one being that the ceiling is relatively high. In other words, you can make a part-time income with your store or you could make millions.
Also, it’s a business that—when set up correctly—can run semi-passively. I have several friends in the e-commerce business, and they use a part of their income earned through their stores to travel the world.
Naturally, if you take the passive route, you’ll have to sacrifice some of your income potential, but it’s always nice to know it’s an option!
In today’s article, we’ll be talking about some ways you can increase the amount of money you make in e-commerce. Although many people have stores, very few understand the basic ideas that will really help kick start an e-commerce store’s potential.
Idea #1: Make Buying Easy!
This idea is CRUCIAL, and without it, you’ll find yourself struggling to make any sales. Too often, online store owners forget that if it’s not easy for a customer to buy, they won’t!
E-commerce giant Amazon has invested HUGELY in this idea. As you probably know, buying a product on Amazon couldn’t be easier. All you do is click a few times and the product is on its way to your house.
So how do we make the process as easy as possible? Well, one of the best ways is to make things BIG. Make your product pictures big – show the customer exactly what they’re looking for.
And then make it so the customer can click on the entire picture, not just the “buy” button!
Once they click on the product, they should be taken to the product page, where they should easily be able to see social proof (reviews, social shares, etc). Lastly, checking out should be as easy as possible.
Idea #2: Accept All Payment Methods
I know of many stores that only accept credit cards. And then I know of other stores that only accept PayPal. This is crazy, as only accepting one payment method means you’re leaving money on the table!
In many cases, by simply accepting additional payment methods, you can significantly boost the amount of revenue you’re bringing in. It’s a no-brainer!
Idea #3: Watch Cart Abandonment
Once you start getting a lot of traffic to your e-commerce site, you’ll start to notice that a percentage of your customers add products to their carts but never buy.
Again, if you don’t take care of this, you’re leaving money on the table. One of the best ways to encourage these customers to purchase what they put in their cart is to shoot them a quick email when they abandon their cart.
This email will simply tell them they left your site without buying the following products, and if they’d like to continue the transaction, they should click on the link in their email. Also, it can be helpful to add an incentive, as there was likely a reason they abandoned the cart in the first place.
One such incentive could be a 10% discount if they buy their abandoned items within the next 6 hours.
Idea #4: Make Your Store Mobile Friendly
More and more people are buying products from their smartphones now. As a result, if you’re not currently offering mobile checkout, you’re—once again—leaving money on the table.
On average, online stores that are currently generating revenue increased it by ~30% just by adding a mobile checkout page. This is because a HUGE chunk of customers are browsing the internet with their phones, and these customers want to buy just like any other!
One thing to keep in mind with mobile is the psychological difference between someone sitting at their desk and someone on a phone. In general, people using their phones are more in a hurry and want to buy quicker – so make it easy for them to do that!
How to Make More Sales in E-commerce
Thanks to “out-of-the-box” e-commerce solutions like Shopify and Big Commerce, the e-commerce world is EXPLODING. People are starting up stores left and right.
And who could blame them? An e-commerce store is one of the best starting businesses you can get into overnight. The potential to make a lot of money is definitely there, and you can also learn very valuable business skills while working on a store.
Today’s article is for the e-commerce store owners among our readers. If you’ve been looking for ways to earn some more money on your store, or increase conversions, this article should definitely help you out!
When looking to increase sales, it can be tempting to simply throw more advertisements or popups in front of the visitor. Doing so may increase revenue in the short term, but is bad for the user experience and will likely lead to a decay of your brand.
Instead, we should never make a change without remembering the user experience. At the end of the day, the cornerstone to good business is VALUE. We want to sell more products, yes. But instead of thinking of ways we can manipulate our customers into giving them more money, we should simply provide them with more value. In return, they’ll be happy to purchase more of our products!
Bundling is a fantastic example of increasing revenue and value.
Bundling is very simple. When a customer buys a specific product, give them the option to add a product that matches perfectly with their order at a discounted rate.
For example, if you sell lawn care equipment, you could bundle fertilizer with a lawn mower (obviously, do your research before choosing items to bundle!).
The idea is simple. If someone’s buying a lawn mower, they’ll also likely buy fertilizer at some point. However, they may buy it somewhere else. To provide value and make sure the customer buys from our site, we can bundle both items together and give a slight discount.
Another great way to increase sales is to offer free shipping. Now, this doesn’t mean you have to pay for the shipping. Instead, you simply take the shipping costs and add them to the product price.
So if your product costs £35 with £5 shipping, you would simply change the price of the product to £40.
Now, the reason why this is effective is psychological. When a customer sees a £35 price, that’s the price they fix in their mind. Then when they get to the checkout page and see they have to spend another £5 on shipping, they get a negative feeling. Why? Because they were never planning on spending that additional £5.
Instead of viewing the
Yes, this has caused customers to exit the checkout process (the last thing we want to happen).
By offering free shipping, we’re doing two things:
Differentiating ourselves from the competition that doesn’t offer it
Removing the negative psychological effect that comes with an additional price
Optimize your Search Bar
You may not have thought of this, but the search bar for your store is very important. Chances are, you have more products on your site than what’s displayed on your homepage.
This means unless someone sees the product they’re looking for immediately, the easiest way they can find what they want is to use the search bar. And if you haven’t made the search easy to see/use, then there’s a good chance they’ll bounce right off the site!
Therefore, it’s very important to make sure the search bar stands out. Take a look at how Amazon does it… the search bar is front and center. Now, since your site is likely not as big as Amazon, you probably don’t need the search bar front and center. However, highlighting it never hurts – try making it a complimentary color and see if it has any effect on conversion rates!