Big names in the e-commerce world may seem to be making a fortune out of their online business. If you take inspiration from them, let’s see the real side of it. Online sellers usually make thin margins on their products for various reasons such as pulling in more traffic, selling in bulk, etc.
Before setting bigger expectations from your store, reason out your profit margin and also be aware that the failure rate in running a business online is also high. So a lot of things go into making an up and running e-commerce website – calculations, considerations, marketing, etc. A few key factors to help novices build a more promising web store.
How to run a successful business online
Making your site popular
Acquiring a lot of customers isn’t very challenging; there are a lot of online marketing tools available to help you get traffic. What is of concern is the cost involved in publicizing your business. Unlike big and established stores, a newer business needs to invest quite a substantial sum in marketing because people may not visit your store directly when they want to make a purchase, nor will your store pop up in any search engine results without the aid of some SEO.
Is my store converting enough?
You may be happy having a good number of visitors to your store, but it is disappointing if they do not buy from you. That’s exactly what is meant by the conversion rate- a high ratio of the visitors to the buyers who complete the transaction with you. Potential customers may be pulled in to your site because they clicked on your advertisement on some website or they may have heard about you, but if they do not make any purchases, it’s time to figure out why.
Increasing the worth of your customers
It is smarter to encourage your current buyers to make more purchases. You could do this by suggesting relevant items to your customers while they are making any purchase and also offer them combo discounts. For instance, when a buyer finalizes on buying a formal shirt, your product suggestions may include a tie, and you can actually show them what other buyers have bought along with the product chosen by them. This way, you increase your sale by making your customers happily add multiple items to their shopping cart in a single click.
Does shipping cost a bomb?
Gone are the days when the ease of shopping from home was nullified by the heavy shipping charges for delivering the product to your doorstep. In the fast-paced world of e-commerce, shipping has been made free by most websites, and if at all the buyers need to pay for it, it is kept so low that it doesn’t really seem to bother a genuine buyer.
In that case, if you surprise your customers with high shipping costs, they are most likely to quit the transaction and look for cheaper alternatives elsewhere. To avoid such loss of customers, you must first figure out a very economical shipping solution for the products you have in your store.
Making them come back to you
Running a successful business online is also about retaining your clients. Once you’ve attracted customers, made good buyers out of them, what do you look at next? Making sure they come back. But why would customers come back to you instead of trying something new? You need to give them some reasons to revisit you. This could be in the form of discount coupons, gift vouchers that can be availed at some outlets and most of all, providing them a hassle-free shopping experience.
— SINCRO (@SincroMktOnline) 17 de febrero de 2018