Running an ecommerce venture can be a lot of fun and profitable. However, given that there is lots of competition in most niches, quite a few people give up without really making a notable project.
Losing motivation is easy when you are doing things randomly, but what if there was a way to create a simple website and focus on sales? The following methods will tell you how to develop a strategy that emphasizes profitability. And when you start to see money coming in, you should become more motivated.
Method #1 – Rethink the Business Model
It may be better to reconsider your business model. If you are a smaller company and are in charge of manufacturing everything yourself, why not look for an alternative.
A good example would be print on demand stores with the help from the Printify.com website. It is a dropshipping model in which you do not have to worry about inventory management, warehousing, or paying staff as well as rent for the brick and mortar store.
It may be difficult to make a complete switch, but you should still give it a thought. Perhaps you have the resources to create a side project and profit from that on top of what you already have?
Method #2 – Offer Various Perks to Customers
Ensuring the best possible customer experience should be one of the priorities. The customer support department should respond quickly on every channel – emails, social media, or live chat on the website.
Creating a customer loyalty program is also worth the effort. It will incentivize older customers to stick with your brand rather than look for alternatives.
Make it possible to collect points for activities like sharing on social media, purchasing products, spending X amount of money in a calendar year, or writing a review. The points can be exchanged for various perks, like a discount, free shipping, or custom merchandise like t-shirts or pens.
Method #3 – Write a Blog
A blog might not seem like a method to increase your profits, but if you are thinking long-term, it will do a lot of good.
First of all, a well-written blog will be another reason for people to visit your website. Quality content also helps with boosting SEO rankings. And it all leads toward establishing your brand as an authority in the industry.
Method #4 – Provide Multiple Payment Options
There are a lot of reasons people abandon a shopping cart or avoid shopping on a website in general. Some dislike the need to register an account and enter all the required info.
Others get surprised by shipping costs or hidden fees. And there is also a group that cannot find a payment method they want.
If you are looking to boost your profits, you should not hesitate and implement as many payment methods as you can. Even something like cryptocurrency is worth consideration as more and more businesses are accepting it as a legit payment method.
Method #5 – Incentivize Social Proof
You know what works better than usual marketing methods? Word of mouth, and seeing real people use your products and services. Sure, a shoutout from an influencer is valuable, but it is expected in a sponsored post. Some people will not trust the word of an internet celebrity blindly.
You should look to incentivize customers to send you photos of them using your product. Post them on your social media profiles and boost your standing with the potential customers. It is more effective to use social proof and reviews of real people. It is akin to a positive word of mouth which is a big asset to any brand.
Method #6 – Use Multiple Marketing Channels
Relying on the same marketing methods will only get you so far. You need to develop a new marketing strategy and find channels that are outside your usual comfort zone. You never know when you are going to hit a goldmine.
Platforms like Quora and Reddit are good examples. It is possible to slowly build yourself as an authority and make use of these websites. Other emerging platforms like TikTok could also become a good source for more website traffic that will turn into paying customers.
Method #7 – Establish Relationships with Other Brands
Not every brand that is not you has to be direct competition. Similar to how you cooperate with influencers, working with other brands could also be beneficial for every party involved. Announce about your partnership and look for ways to attract more customers.
Method #8 – Create a Long-Term Strategy
If you are committed and believe that your future will revolve around ecommerce, do not hesitate and start to develop a strategy for the future. Focus on maintaining great relationships with your customers and raising brand awareness. Immediate profit increase is not always a priority.
Author | Emily Forbes
An Entrepreneur, Mother & A passionate tech writer in the technology industry!