Ways to make your e-commerce business more profitable

Read this blog to discover ways you can make your e-commerce business more profitable.

The current cost of living crisis is affecting everyone, including e-commerce businesses and their business owners. During these financially challenging times, e-commerce business owners are likely to be thinking about ways they can make their business more profitable despite obvious challenges such as consumer drawbacks.

However, there are still a number of ways e-commerce businesses can survive and thrive during this hard time and many ways to improve the bottom line.

This blog will mention five ways an e-commerce business can become more profitable and generate an increased amount of leads while dealing with the rising cost of living and its imposed challenges.

Create a personalised experience

Did you know that 90 per cent of marketers insist that personalisation is a major factor in keeping a business profitable and 60 per cent claim that marketing personalisation plays a key role in improving lead quality?

In recent years, content personalisation has evolved from targeted ads to interactive quizzes, apps, and recommendations. Personalised content makes for a personalised experience that shows customers a business understands what they want, and the problems they are having and that they are willing to address their concerns.

An added personal touch encourages the target audience to engage with the content in a positive way. By building meaningful customer relationships and providing expertise, an e-commerce business is likely to benefit from an increase in website traffic, brand awareness, and customer loyalty which will help to improve cash flow and profitability,

Master email marketing

Email marketing is a powerful tool that allows e-commerce businesses to further engage and connect with existing and potential customers through promotions, announcements, and informative, personalised content.

Consumers are proven more likely to purchase from a brand they feel connected to over a competitor and email marketing plays a vital role in lending a competitive edge. First and foremost, email marketing is effective, efficient, affordable, and profitable. It provides a unique opportunity for e-commerce businesses to scale business and increase conversions.

This can be achieved through an effective email marketing strategy that focuses on targeting the audience and providing them with informative and valuable content. With effective email marketing, e-commerce businesses generate brand visibility, improve brand engagement, and boost the number of leads and sales.

Keep on top of trends

Knowing what products and services are trending can give an e-commerce business a profitable edge over competitor brands. The e-commerce world is increasingly competitive and to stay ahead, trends must be monitored and adopted in a timely manner.

If an e-commerce business fails to take advantage of trends and profitable opportunities, it is likely they will fall behind and their bottom line will be affected. Therefore, keeping on top of trends is so important for e-commerce brands and by doing so, e-commerce businesses can drive the business forward.

Market research, informed opinion, and competitor analysis are all great ways to predict trends and forecast the future of e-commerce.

Utilise the power of social media

As more and more consumers begin to replace traditional search engines with social media searches when looking for recommendations, products, and services, it is more important than ever before that e-commerce businesses have an active social media presence.

In 2023, every e-commerce brand should be active online and incorporate social media into its marketing strategy. There are many benefits of social media for e-commerce businesses including improved customer engagement, trust, and brand awareness available at a low cost.

For e-commerce businesses to maximise sales and discoverability online, stores should become social media optimised to satisfy the modern-day consumer.

Get expert advice from an e-commerce accountant

Perhaps the best way to make an e-commerce business more profitable is to get expert advice from a qualified and experienced e-commerce accountant. Expert e-commerce accountants have the knowledge and experience to supercharge online business growth.

At Unicorn Accounting, our team of e-commerce accountants are on hand to support your business with a range of accounting services, unlimited support, and insights. For more information about how we can make your business more profitable, get in touch.

Related articles

https://unicornaccounting.co.uk/blog/how-to-boost-e-commerce-sales/

https://unicornaccounting.co.uk/blog/ecommerce-trends-to-look-out-for-in-2023/

https://unicornaccounting.co.uk/blog/5-tips-for-increasing-ecommerce-sales-this-christmas/