By the year 2027, the eCommerce industry is expected to grow to 27.15 trillion in revenue. However, with this steady revenue growth and shift to digital storefronts comes competition.
If you want to maintain your competitive edge for your online eCommerce store and see steady growth, you’ll need to stay two steps ahead of your competitors and be willing to try something new.
Here are a few tips to help you maximize your online store revenue:
Tip 1: Research Competitors
Your competitors will provide key insight into what you’re doing right and wrong. With a competitor analysis, you can fine-tune your current strategy and find new ways to connect with your target audience.
Take some time to walk yourself through their entire user experience. Choose a product, add it to the cart, and review the checkout process. Sign up for their newsletters and fill out the pop-ups on their site.
If you find something that you like that they do, you can brainstorm new ways to create a better experience from their approach and make it your own.
Tip 2: Utilize Digital Advertising
You’ll need an advertising strategy if you want to grow your business and maximize your revenue. Advertising helps you expand your reach, increase brand visibility, and get your brand noticed by the right audience.
Before getting started, always have a budget, a target, and a goal. You can then decide which platforms will be best suited for your business.
After you run a campaign, you’ll want to check in on the analytics to ensure you’re getting the best ROAS and ROI on your advertising spend. If you’re seeing a steady increase in revenue, consider adding more budget to your campaigns.
Tip 3: Offer Discounts & Promotions
Discounts and promotional offers are great tools for turning prospects into paying customers. Whether it’s 20% off your first order or free shipping for a week: These small offers add a sense of urgency that will push individuals to make a purchase. All the customers hesitant about purchasing or abandoning their carts are more likely to complete the purchase with these extra incentives.
Tip 4: Focus on User Experience
The user experience is everything for eCommerce. If your website isn’t clear, concise, and easy to navigate: it could be why you’re not seeing as many conversions as you should.
The same way you walked through your competitors’ websites, do it on your own online storefront. This will help you find mistakes and flaws that you can address.
Tip 5: Provide Quality Content
Don’t just post a few social posts or blog posts because you feel like you have to. Everything you do should aim to add value to your customer’s everyday life. When brainstorming topics for content, consider what questions your audience is asking. What value can you add to their day? Is there something you can teach them or show them? The more valuable your content is, the more you can position yourself as an industry leader.
Tip 6: Create an Email Marketing Strategy
Email marketing is arguably one of the most successful digital marketing channels you can utilize. Studies suggest that for every $1 you spend on email marketing, you’ll gain an ROI of $36.
With an email marketing strategy and a regular sending cadence, this can be an invaluable tool to keep your brand top of mind for customers who have already shown interest in your brand.
Tip 7: Analyze & Track Results
Anytime you make changes to your marketing strategy or website: You should always track and analyze the results. We recommend reviewing the success of your campaigns at the end of every month or quarter. If you aren’t seeing the revenue numbers you want, it may be a sign it’s time to revise your strategy.
Tip 8: Start off with a solid foundation by having Byte Technology build you a high-converting e-commerce website
The team at Byte Technology is highly experienced with Magento, Shopify, WordPress, WooCommerce, BigCommerce, and more. We can help you build a high-converting website with a reliable foundation on an eCommerce platform that meets your needs.
Maximize Your Online Store Revenue
Ready to maximize your performance and grow your business? You’ve come to the right place. At Byte Technology, our team is dedicated to helping eCommerce companies reach their full potential. We’re here to help you combat challenges, find new opportunities, and grow your revenue.
Contact us today to learn more.