As e-commerce selling becomes more popular and the online space becomes crowded, you may be wondering how you can boost your e-commerce sales and stand out from competitors.
E-commerce platforms such as Shopify, eBay, and Amazon make it increasingly easy for sellers to set up an e-commerce store, however, if you wish to generate sales and boost revenue, setting up your store is just the first step.
In this blog, we’ll look at five things you can do to boost e-commerce sales and take your e-commerce store from a slow burner to a profitable powerhouse.
Review your sales funnel
A sales funnel refers to the journey your customers go on as they move from initial awareness and interest of your business, toward making a purchase. To help maximise your business’ potential, you need to make sure that your customer journey is as seamless as it can possibly be, and this can sometimes mean taking a closer look at how you can improve your sales funnel.
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Take advantage of any metrics available from your eCommerce site and look for areas of weakness within your sales funnel. For example, you may find your site doesn’t get many visitors, but you have a high conversion rate. It may be the case that you look at improving your top-of-funnel strategies like social media activity or paid advertisements. On the other hand, you may see that your website has plenty of traffic, but a low conversion rate, in which case you may want to look at improving the overall user experience of your website.
Set targeted pricing
Determining the price you sell your products and services for can have a major impact on how your business progresses and grows. If you charge too little you could run yourself out of business but if you charge too high, consumers may turn to more affordable competitors.
Targeting pricing is the practice of estimating the selling price of a product based on market value and forecasting insights. This helps to set completive pricing that appeals to consumers and is a creative way of lowering costs.
Considering your target market will help you determine why your customers need your products and how much they would be willing to spend. When calculated accurately, targeted pricing helps to boost sales by attracting new customers, creating a loyal customer base, and offering high-quality products at prices that can’t be found elsewhere.
Establish trust
Research shows that consumers buy more from brands they trust and ignore those they don’t. So, to boost sales for your e-commerce business, establishing trusting relationships with existing and potential customers is key.
New advancements in the e-commerce world make it easier than ever to be transparent and honest with your customers to help build trust. For example, live shopping features on social media allow you to reach customers and showcase your products directly to users.
Live question-and-answer sessions and informative live streams help customers know and understand your products. During this time, they can ask questions and get answers immediately before deciding on whether that product is right for them. This will reduce return rates and ensure the customer knows exactly the product or service they will receive.
In addition, not only are trusting customers likely to make another purchase, but they are also likely to recommend friends, write a positive review, and join a loyalty programme.
Show what makes your brand different
Setting yourself and your brand apart from competitors shows consumers why they should buy from your e-commerce business and not elsewhere. Showing what makes your brand unique and developing a niche for your brand can go a long way when it comes to boosting your e-commerce sales.
Custom offerings, relatable values, up-to-date consumer research, and identifying gaps in the market are all ways you can give your brand an angle that appeals to consumers and sets you apart from other e-commerce sales.
By selling and creating products that your consumers just can’t resist and using consumer research to develop product lines and services you can increase demand and consequently, sales. When you add value to your customer you boost sales.
Speak with an e-commerce accountant
Accounting is crucial for e-commerce businesses to help understand financial transactions and business profitability, manage inventory, and make informed business decisions.
Speaking with an e-commerce accountant will allow you to develop a plan to boost your e-commerce sales and scale your business. Streamlined accounting software, such as Xero, provided by your accountant can make analysing your business transactions and data simple to identify areas you can cut costs and increase sales.
At Unicorn Accounting, we’re passionate about making your business a growing success and have a team of e-commerce accountants that will work to help you get the most out of your e-commerce store.
By offering expert accounting advice, business financial management, and unlimited support and guidance, we are confident we can play a crucial part in boosting your e-commerce sales. For more information, get in touch today.
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https://unicornaccounting.co.uk/blog/5-tips-to-scale-your-ecommerce-business-in-2023/
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