Running an eCommerce business is no easy feat, but with the right strategies in place, it can be incredibly lucrative.
In this article, we'll explore eight ways to optimize your eCommerce biz for more profits, from measuring your expenses and profits to introducing a live chat and optimizing your website for mobile. By implementing these strategies, you can attract more customers, boost sales, and establish trust with your audience. So, let's dive in!
- Measure Your Expenses and Profits
Are you generating revenue, but unsure if it's translating into profits? To better optimize your eCommerce strategy, it's important to measure your real profit per order and gross margin. With these insights, you can identify areas where you can improve profitability and ensure that your revenue is indeed translating into profits.
To maximize the profitability of your online business, it's essential to have a complete understanding of your expenses and profits. Fortunately, there are some easy-to-use tools like BeProfit, which lets you perform precise profit analysis of your profit.
Such tools should offer a comprehensive profit analysis that provides a 360° view of your business performance, including crucial metrics like marketing, fulfillment, products, returns, and discounts. By utilizing these insights, you can identify areas where your profits are being eaten up and optimize your strategies accordingly.
- Upgrade Your Shipping Process
Order delivery speed is a key factor that directly impacts buyer loyalty and satisfaction. About 83% of shoppers prefer switching retailers for faster delivery, thus influencing their buying decision. So, you need to offer fast and/or express delivery.
Fortunately, there are delivery management solutions that help you manage your eCommerce logistics smoothly while ensuring delivery on time every time.
PrettyDamnQuick simplifies your logistics and ensures a better shopping experience for your customers. The better the experience, the more shoppers you see coming to your store. Using such softwares, you can optimize and streamline everything from checkout to delivery hassle-free. In addition, you can manage the entire order process and resolve issues quickly before they become negative reviews.
- Optimize for Mobile
Optimizing your e-commerce platform for mobile can be a very impactful step. For example, At least 79% of smartphone users have purchased online using their mobile device in the last six months. With such a large number, optimizing your platform to make it more mobile-friendly is necessary.
Mobile optimization means:
- Simplifying website and hierarchy according to mobile
- Changing the ratio of images and text
- Optimizing loading speed
- Upgrading white text, visuality, etc.
- Introduce a Live Chat
Live chat has taken the business world by storm. The fact that 75% of consumers prefer live chat over other mediums is evidence. In addition, consumers love the straightforward and convenient assistance the live chat provides.
For example, while browsing apparel, a customer may face issues interpreting the size chart. With 24*7 available live chat assistance, they can tell them what they are planning to buy and their size expectations.
Some of the advantages of live chat are:
- It's more convenient than a phone and email support
- It delivers customized solutions
- Keeps customers on the platforms for long
- Provides real-time solutions that boost sales.
- Provides useful customer insights
Note: Live chat is different from chatbots. In a live chat, a real human having in-depth knowledge of businesses and solutions assists customers. In comparison, the chatbot is a computer program that mimics human conversation.
- Don't Forget SEO Optimization of Your Online Store
Your online store can be new or flourished, irrespective of it; gaining new customers by reaching your target audience is an everlasting process. Well, to maintain this cycle, you have to implement SEO.
Search Engine Optimization (SE0) helps you rank better, add visibility in search engines and attract your target audience organically.
Search engines have metrics that help them to deliver users the most useful information regarding any search. So, for example, if you have an automobile spare parts business. A person looking for this service will use certain keywords to find the services. With the right SEO technique, you can be among the top results.
Some of the tips for building SEO are:
- Good loading speed
- Content relevance
- Blogs related to services
- Backlinks, internal links, trust links
- Great user experiences like bounce rate, page speed, and time on page
- Domain name authority
- Mobile friendly website
- Easy to navigate the site
Do you know 53.3% of all website traffic comes from an organic search? That's why optimizing your business for SEO is important. It has several benefits:
- Better visibility
- Helps to reach the target audience
- Boost sales
- Provides leads
- Builds authority and trust
- Use Best-Quality Images
Do you know good quality presentations through images can make or break your sales? YES. It's true. It is very important to have high-quality images of products, their details, and other necessary information.
Do you know 49% of marketers consider visual marketing one of the most vital aspects of marketing? So optimizing your platform with high-quality images of products and other useful information is significant. Some of its benefits are:
- Give professional presentations
- Its builds trust
- Good for building SEO
- Boost sharing of products
- Provides instant information
- Optimize Your Pricing
Evaluating your pricing is another step to optimize your eCommerce biz for more profit. For example, straightforward and reasonable pricing is important as it connects better with customers.
To do so, you can check the competitor's price of the same products, analyze data for what to put on sale, etc. This will help you offer the most honest pricing, attracting more customers.
- Offer Social Proof to Establish Trust
The last but not least step is to establish trust. You can do it by adding reviews and images from the customer to the products. Also, you can add reviews, ratings, trust badges, awards, and expert testimonials. This genuine feedback and review build great trust and significantly multiplies sales.
Optimizing your eCommerce biz for more profits is an ongoing process having many elements which gradually come together.
So, implement all these important ways and notice the remarkable change it brings.