8 Tips For Increasing Ecommerce Revenue
As an eCommerce company, your primary goal is to generate as much profit as possible. This isn’t always easy, especially if you’re new to this line of work. Still, there are plenty of ideas and things you can use to help increase eCommerce revenue. Below, we’ve collated eight top tips that will help you achieve this goal!
Be Wary of Seller Fees
If you sell as a third-party merchant on sites like Amazon, you benefit from tapping into an established customer base. However, you should be wary of seller fees that can be expensive and substantial cutting into your profits.
Expand Your Business Internationally
Start selling internationally to cater to different consumers around the world. It’s simple logic: why only sell products to customers in one country when the same products could sell like hot cakes in others as well? You can find more customers, make more sales, and boost eCommerce revenue.
Use A Virtual Bank Account
When you expand internationally, you’ll be dealing with money moving across borders, meaning delays and exchange rates are a potential issue. In fact, this is what puts some people off the idea of expanding globally. But, with a virtual bank account, you can eliminate lots of fees and exchange rate charges, saving your business time and money. In turn, this can increase eCommerce revenue by helping you tap into global markets without incurring huge expenses.
Choose When To Convert Your Money
Selling on third-party marketplaces means you usually get paid your revenue at a set date every month. However, you can actually control when the money is converted and paid to you. By doing this, you can choose an optimal time when exchange rates are favorable, maximizing revenue.
Pay Suppliers In Their Local Currency
Staying on the topic of foreign currency, you can save money by paying suppliers and logistics companies in their local currency. This avoids any conversion rates on these payments, helping you save a fair bit. It all adds up, creating wider profit margins for your eCommerce business.
Improve Your Branding
Consumers are more likely to buy from a brand they recognize and trust. Therefore, improving your branding can build awareness and trust around your company, influencing and increasing sales figures.
Generate Paid Traffic
Paid traffic comes via people clicking on various adverts they see online. The most effective of these are on social media, where you can create influential adverts that are shown directly to your target audience. It boosts visits to your ecommerce store, helping to increase revenue.
Encourage Reviews
Send out feedback emails to existing customers asking them to review your products. Offer incentives if you have to, as reviews can help grow your eCommerce brand. Consumers buy based on what other consumers say, so a host of positive reviews for your business and its products builds more trust, encouraging more sales.
Save On Shipping Costs
Generating more sales is great, but you can still lose a lot of money if you’re paying too much for shipping costs. Finding a service like Ship Joy can help you reduce your fulfillment costs across the board, giving you more money to invest back into your business. As such, you may have more cash to invest in paid traffic, branding – or anything else that can generate even more sales.
Use these eight tips to increase eCommerce revenue and make more money today. If you need help with the fulfillment side of things, please don’t hesitate to contact us today!