25 Highly Effective Ways You Can Make More Money With Your E-commerce Site Starting Now!
E-commerce websites can bring in an initial cash flow. But then you're faced with replacing that revenue as your startup begins to quiet down. If you want to keep that money flowing in, there are some strategies you can use.
They won't be cuts on costs but rather additional methods of increasing the revenue from the site. This post will walk through a few ways to improve your e-commerce business' cash flow and make it more stable.
Emphasize your unique value proposition
Want to know how to make more money in e-commerce?
Well, why didn't you say so?
The best way to make more money is by emphasizing your unique value proposition (UVP).
Your UVP is what makes your brand different from the other guys. It's where you show people that your brand isn't just another cog in the machine but rather a force of change.
Your UVP is what you're passionate about and what drives you—it's what gives your business identity. And it's all about making sure that people understand what that identity is because it's only then that they'll be able to see the excellent work you're doing and want to be a part of it.
How do you make sure people know about your UVP? You've got to create content that showcases it! In fact, creating content around your UVP should be one of the first things you do when setting up an e-commerce store.
Whether it's a blog post explaining why you do what you do, a video showing off how much fun your employees have together, or even something as simple as a short bio on the "About" page of your e-commerce site—whatever it is, make sure that content resonates with your target audience.
Your unique value proposition is the reason customers choose you over your competitors. If you're not sure what your unique value proposition is, ask yourself these questions:
1. What makes my business different from others in my field?
2. What are the three most important things I offer?
3. Why do my customers choose me over my competitors?
Add a blog to your e-commerce site
One of the best ways to increase your e-commerce sales is to add a blog to your site. Many people think of a blog as an additional marketing strategy—something you have to do in addition to running your business, but blogs can be so much more than that. A blog can help you increase your sales, which means it's part of running your business.
Here are a few reasons why adding a blog to your e-commerce site can boost your sales:
1. It increases traffic to your site.
2. It helps you build trust with readers and customers.
3. It allows you to use relevant keywords so people can find you in search engines like Google, Yahoo!, and Bing!
4. It gives you more opportunities for backlinks from other websites, increasing traffic to your website and improving its search engine ranking.
Test out a few different pricing strategies
I've found two types of customers: Those who want the lowest price possible and those who will pay more for quality products. You can find out which kind of customer you're dealing with by trying different pricing strategies.
The first step is to figure out your cost per product (I use Shopify), including the cost of materials and labor.
Then add in any overhead costs, like rent or utilities, so you know exactly how much it costs you to make each product.
Next, multiply your cost per product by three to get your price (this is the "triple price" strategy). This gives you a baseline price that you can adjust based on customer feedback.
Another popular strategy is called "competition-based pricing." You monitor your competitors' prices and adjust yours in response. With this approach, I recommend giving yourself a range of what you're willing to charge and sticking within that as much as possible.
Use email to remind customers of what they left behind in their shopping carts
There are many ways to get customers to come back and finish their thought-out purchases. You can create enticing product pages with high-quality photos and well-written descriptions; you can offer free shipping on orders over $50. You can use user-friendly payment methods like PayPal that don't ask for too much information upfront.
Using email to remind customers of what they left behind in their shopping carts is a great way to make more money with e-commerce.
This is because:
It's a convenient and effective way to reach customers where they are.
Studies show that sending cart reminder emails can help you increase your conversions by more than 25%.
It's an excellent opportunity to use any discounts or promotions available to try and convince the customer to complete their purchase.
You can track how many people open the emails, which links they click on, and how many follow through with their purchases, all of which help you improve your marketing strategy.
Use SEO to get more traffic
Let's be honest: If you're looking to make more money with your e-commerce site, you could do many different things. You could convince people to buy more stuff by selling them a bunch of other items before they leave the checkout page.
But when it comes to making more money, I believe that the most straightforward option is also the best one—focusing on increasing your traffic. More traffic means more visitors, which means more potential customers (and, therefore, more sales).
Plus, focusing on getting more traffic can help you in other areas at the same time—if you're able to get more people to visit your site using only organic methods, for instance, you're saving yourself from having to pay for ads or hire expensive marketing experts.
So how do you go about getting more traffic? Well, that's where SEO comes in. SEO is all about optimizing your site to appear higher up in search engine results when people look for something relevant, and studies have shown that the first page of Google search results gets 92% of all incoming traffic.
There are several ways you can optimize your site to increase its traffic, including:
- Write keyword-rich meta descriptions and entice people to click through to see your products.
- Make sure links to your website are keyword-rich.
- Ensure that all pages on your website are linked to one another.
- Optimize images by giving them ALT descriptions.
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