The 3 Best Ways To Increase Revenue of Your E-Commerce Store
As profit margins shrink these days due to an increase in costs to do business, it makes sense to be looking into ways to make more money from your e-commerce store. Growing your revenue is always something to strive for. Only now it takes on added importance to do so.
It may seem like a daunting task, yet, there are a lot of ways to increase the revenue your store makes without doing a complete overhaul of your business. With just a few tweaks and some patience, you can end up seeing some nice gains and an increase in your profit margin.
In this article, we will go over several ways that you can make this a reality so you can make more money with your e-commerce store.
1 – Accept various payment methods
There are so many ways to accept payments in your store that if you are only taking Visa, Mastercard and Amex you are leaving a lot of money on the table. There are a lot of shoppers that like to use alternative ways to pay for things. When they see that you don’t accept their preferred method, they abandon their shopping cart and move on to your competitor that does.
This is because there are a lot of options for people that don’t like to use credit cards as they try to keep their debt low. Not only that, but many hesitate to use a debit card because of the risk of having their data stolen and their bank account cleared out. Although they could likely get their money refunded by their bank, it can take a while.
Instead, they look into easy ways to pay like with Apple Pay, Stripe, or Paypal. This is not only an easy way to pay, but they offer a lot of protection when shopping online. Disputes are handled quickly, but it is also harder for a hacker to get their information.
Cryptocurrency is also a great way to make more money in two ways. One is to make sure that the shopper has a way to pay even if they don’t have a credit card or bank account. People like to pay with their cryptocurrency for privacy reasons as well. If this isn’t an option on your checkout page then they will shop elsewhere.
The second way it makes money is that there is always the possibility that the value of the currency increases after you’ve received it. There are a lot of cryptocurrencies that people like to use to pay with and are seeing some really nice increases in value at the moment.
There’s actually a third way they help you make more money and that’s in the fact that the fees are much lower for accepting cryptocurrency over bank fees. It’s ok if you don’t know much about how cryptocurrency works. Once you figure out how to buy dogecoin in Canada then you can use that same digital wallet to store your payments from your e-commerce store.
2 – Increase conversions
One of the best ways to make more money is to simply work with what you’ve got right now. This means that you can make a few changes to your site that will increase conversions from the people already shopping on the site. If you can make it so that they are more willing to buy then you will make more money with very little effort.
One of the first things to do is to figure out what obstacles there are that might keep somebody from making a purchase. If your site is hard to navigate, for instance, then some of your traffic will leave before they have a chance to figure out if the product is right for them or not.
You should have plenty of call-to-action buttons that show people what they need to do next. A visitor to your site should not have to search around to figure out how to get more information about a product or try to add it to their shopping cart.
The landing page may also need to be optimized to increase conversions. Do some A/B testing and see if you can make a few changes to the copy, or call to action buttons that may make a big difference.
There are also technical issues to fix with your site that will help people make a purchase. If your page load time is very slow then this sends people back to the search results and kills your ranking not to mention conversions. Find ways to speed up the site and you will retain your visitors much more easily.
3 – Fix your marketing campaign
You could easily be spending a lot of money on your marketing in a bid to build your brand or increase your customer reach, but not getting the right results. It makes sense to do a marketing audit to identify areas that could use some improvement.
Take a look at your PPC campaign and get an idea of which keywords are not getting the kind of results you expect and are costing money. You should turn those ads off so you can save money.
You should also look into alternative areas for marketing that haven’t been tried yet. For instance, linking up with an influencer in your niche can help expose you to a new audience and increase revenue. The people that follow such an influencer have an enormous amount of trust in them. If they were to promote your product it could make a big difference and not even cost that much money.
Conclusion
If you only manage to do one of these tips, you should see some gains that will make you realize that you only need to make a few small changes to increase your revenue. This should be an ongoing process because the online landscape changes all the time. If you are always looking for new ways to make more money your site will be a huge success.
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