The world of e-commerce is booming. In fact, many people are eliminating the distinction between traditional retail and e-commerce. This means that consumers are looking to a variety of solutions to fulfill their shopping needs, rather than trying to choose between one option or the other. At the same time, as e-commerce continues to grow, businesses must determine how to best gain an edge against the competition. While the following three ideas may seem a bit simplistic, each could have a major effect on how your e-commerce fares amid an increasingly competitive field.
Improve your accounting
While it’s likely that you consider e-commerce as a customer-facing component of the way your business operates, the fact remains that if your internal procedures aren’t set up to provide you with stability, you’ll likely have trouble scaling your business. Accounting is a critical component of improving this kind of stability. If you have an accurate understanding of your business’s books, income, and expenditures, you’ll be able to make more informed decisions as you seek to grow your business. If you feel like your staff is already stretched thin, consider how an outside contractor may be able to provide you with a useful perspective. Companies such as Fully Accountable provide third-party accounting services for digital businesses and e-commerce companies so that business owners can focus on sales instead of worrying about day-to-day expenses. If you want to increase your ability to have the cash flow for business expenses and have reliable data to help you make decisions about your company’s future, a business like Fully Accountable can be a great help.
Upsell your customers
Another way to improve your e-commerce business is to find ways to increase your profits. While one strategy to consider is raising prices across the board, this sort of thought process can often alienate your customers, rather than truly increase your returns. Rather than try to get your customers to pay more money for one item, consider finding ways to appeal to your repeat consumers by upselling them in other ways. For example, if you run a performing arts business, and a customer is interested in buying tickets to two performances, find ways to upsell them into a subscription. Especially if a subscription results in a lower single ticket cost, a customer may be more likely to buy a subscription, even if it increases their overall transaction price. Especially if you approach upselling as a way to help the consumer, you’ll see a serious psychological benefit to this sort of strategy.
Thank your customers
Another aspect of improving your e-commerce business involves retaining your customers. Statistics consistently illustrate that customer retention marketing is far less costly and far more effective than trying to acquire new customers. As a result, anything that your company can do to make your existing customers feel valued is worth it. For example, you may initiate a marketing campaign that thanks customers for their recent business, and offers them a discount for future purchases. At the same time, implementing a customer rewards program is another way to encourage repeat business and reward your most loyal consumers. By considering these sorts of approaches, you ensure that your customers feel valued for their business, and continue to shop with you, while encouraging others to shop with you as well.
While simple, the above three principles can make a big difference in your e-commerce business. By investing in an accounting process that works, seeking out every opportunity to upsell your customers, and thanking your consumers for their business, you can improve your internal and external procedures to boost sales.