The 4 Overlooked Ways To Increase Revenue Of Your Ecommerce Store
Working from home has never been easier. Creating a business from your home office is something that just about anybody can do. It is one of the best ways to drop out of the rat race and spend more time with family and doing the things that you love while making money.
An eCommerce site is one of the best businesses that you can start from home as it can be as involved or hands-off as you like. Many people that run an eCommerce site are looking for ways to generate even more money from it. There are many ways to grow an online store so in this article, we will go over several that can help you make even more money.
1 – Accept various payments
These days there are far more ways to pay for things than simply using a credit or debit card. While most payments will be done the traditional way, you are leaving money on the table if you don’t accept some alternative types of payments. If somebody is not able to use their preferred payment method then they will seek out the store that does.
For instance, there are a lot of people investing in cryptocurrency that would rather use their Bitcoins to pay for things. Some of these people are unbanked, some are in other countries and don’t want to pay exchange fees and others simply would rather have an anonymous way to pay.
You can accept cryptocurrency payments even if you don’t know how to buy Ethereum in Canada or in whichever country you live. You just need to have a digital wallet where the currency will be transferred. It is a fairly straightforward process. Then you have a choice of whether to keep the Bitcoin or other cryptocurrency in the wallet and let it increase in value, or cash it out for fiat money right away. It’s a risk to leave the money as crypto in the wallet, but there is a good chance it will make you even more money.
Paypal and other online payment processors are also a good thing to accept as people like having the convenience and extra security they offer. Often, they feel more protected since they can dispute charges much easier with something like Paypal or Venmo in case they get defrauded.
2 – Use influencers
Brining more traffic to your online store doesn’t always mean that you will have an increase in customers. Although more traffic is good, more customers is better. All this is to say that if there are lots of people visiting your site but not buying then the extra traffic isn’t helping much.
The trick is to get the ideal person onto your site that is likely to buy something. Using an influencer as a marketing tool is one of the best ways to find this market. Look for influencers in your product niche and reach out to them. For every type of product there is somebody who has a following of people who love that type of product.
For instance, if you are selling scarves, then look for somebody on Youtube that is in the fashion niche that would like the style of scarves you sell. You can start a collaboration in which you give them a discount code for their viewers to use to make a purchase and reward them with a commission for every sale. Or, you can pay them a one time sponsorship fee to talk about your product in their video or on their blog.
3 – Optimize for conversions
A customer is a visitor to your site that ends up making a purchase. Which means that there are many others that visit the site but don’t make a purchase. The trick is to figure out what is keeping them from going through with the purchase.
Was it the checkout procedure was too complex? Did they not find what they were looking for on the page like a way to add the product to a cart?
There are a lot of things that can be improved to help people finalize a purchase. For instance, a product page should have some text that helps people understand how the product works, what makes it higher quality than the competition and any other language the potential customer needs to complete the purchase. Using proven copywriting techniques will improve conversions and make more money.
There are also other technical considerations like making the site load fast and be easy to navigate. Try to have an audit of the site done to identify some technical SEO mistakes that are being made that might be slowing conversions down.
Then, take a look at your call to action buttons. If there are none then add some. If you do have some then try doing some A/B split testing to see which colors or styles convert better.
Use the traffic you already have to convert better to make more money rather than find ways to increase your traffic.
4 – Build an email list
The money is in the list. People discount email as a marketing tool thinking that it is dead. There is still a lot of money to be made from an email list. Not everybody who comes to the site is ready to make a purchase at that time. If you have them captured in your email list then it signals that they like what you are offering so they can be convinced to buy at a later time.
Have a landing page that certain traffic is coming to when they land on the site. It can be part of the blog or from a social media post. The idea is that there are people early in their buyer’s journey and will respond better with a free download to join an email list than to be pressured to buy right away.
Craft an email sequence that they receive once every few days to guide them through the rest of the journey until they end up purchasing the product.