eCommerce business models have unlimited potential due to the widespread use of the internet. With the right strategies and measures, even small e-commerce businesses can become big brands. To improve your eCommerce business sales, you must first understand the fundamentals. The first step is to identify your target audience and how you will reach them. Creating a conversion-driven eCommerce strategy is the very next step. To say it all, you should always track & examine the performance of your eCommerce business to identify improvement opportunities in sales. Here are a few key steps you can take to improvize your e-commerce business’s sales.
Improve Online Business Sales: Key Steps to Follow
These are a few things that can have a substantial impact on the sales of your e-commerce business.
1. Digital Marketing
The fact that billions of people use the internet now, it is no wonder that digital marketing is in high demand today. Therefore, digital marketing is a vital aspect when improving the sales of an online business. It is important to note, however, that this sector is constantly changing. Every few months, it seems like something new is invented in the marketing world. There are a variety of options available in the digital marketing industry today. There are various formats for ads, including text, display, and video which allow you to reach your target audience and spread your message.
Innovations have automated business operations and provided convenience to customers, but to survive in the e-commerce industry, efficiency in the process and strategic decisions are equally important, and that’s where SOPs come in! SOPs streamline business processes and increase efficiency, which leads to more sales. In light of new-age technologies and e-commerce business models, SOPs need to be created with a customer-centric approach.
3. Process Automation
In order for a company to thrive, it needs to have a good team supporting it. The team should not be overburdened, however. A McKinsey report found that about 60% of companies can save 30% of their time by automating processes. Businesses have a lot of regular tasks, such as paying monthly bills, generating weekly reports, and storing data, and business automation can help over there! Automating recurring tasks in almost every organization reduces the burden on employees so they can concentrate on revenue-related tasks.
4. Inventory Management
The last thing you want to do is have to tell a customer that the product he is looking for is out of stock. Even your loyal customers might switch sides if it happens too often. Poor retail merchandising and inventory management could force your store to say no to customers. You should have an active retail merchandising strategy and a sound retail inventory management system in place if you want to boost your sales. Additionally, one should also keep an eye out for excess inventory to reduce inventory holding costs.
5. Excellent Customer Service
We all know that the customer is king. During and after the customer’s buying journey, any company must provide excellent customer support. It is vital to provide 24×7 customer support to address all customer queries and grievances. Routine grievances should also be resolved within a reasonable time frame. Customer service is a key differentiator and can have a significant impact on customer retention. Alternatively, you can use chatbots for your website/app (if you have one) to communicate with visitors who might become customers.
6. It’s all about Rewards!
Any way you call it, rewards are a good marketing strategy. When there is a perfectly competitive market, rewards become a viable addition to the product offering. Various freebies can be offered to your loyal customers, such as retail discounts and discount coupons, complimentary gifts, reward points for future purchases, loyalty programs, membership benefits, etc. When customers are offered something useful and additional, they feel good and come back, thus boosting your sales.
7. Promotional Selling
It is effective for stock clearance, market development, volume-based sales, etc. Many big online brands offer significant discounts on a specific day of the week, resulting in huge sales. Using promotional selling, even small and medium-sized businesses can increase their sales. You can also offer special promotions during the festive season. You will need some advertising for this type of special occasion promotion, such as a banner on your website and social media posts.
8. Understand your Customer
Business revolves around one entity, and that is the customer. In order for a business to improve its sales, it must create value for its customers. Almost everything is lost if that value is lost. You must always maintain your knowledge and understanding of your customers and their needs and preferences in order to keep that value alive. By failing to understand your customers, you will fail to create value for them. Communicating with your existing or potential customers should make it clear that your value can meet their needs and preferences.
About YRC Consultants
You Retail Coach (YRC) is a retail consulting company that provides offline, online, and omnichannel retailing services to companies of all sizes. To help our clients scale their e-commerce businesses, we offer a variety of services. Among these services are business strategy, business plan, streamlining team roles, KPIs, KRAs, digital marketing strategy, e-commerce website design, SOPs, software selection, and implementation, inventory management & e-commerce fulfillment, process automation, launch strategies, etc. Get in touch with YRC E-commerce Experts to find out more about starting and/or scaling your e-commerce business.