Super Easy Ways to Boost Your Shopify Profits; Marketing is all about ideas and how well they are implemented. As an online entrepreneur, you have the ideas, and so our highly effective strategies will help you make some incremental changes in key business metrics that will have a huge impact on your net profit. Here are 3 Super Easy Ways to Boost Your Shopify Profits.
1. Increase the Average Order Value
This involves tactfully increasing the order pricing such that you increase your profit margins, while you retain and attract new customers. The first way is by practicing psychological pricing which helps increase the average amount customers spend. The method seems counterintuitive, but it works. Put expensive premium products next to less expensive items; the cheaper item makes the product with a higher price point look like a better deal, increasing the chances of making a high-value sale.
Another way is by showing related products to your customers. The strategy manipulates customers to spend more and leaves them more satisfied with your service. Therefore, identify relevant products that can add genuine value to a cross-sell offer at the point of purchase. Suggesting a memory card after selling a digital camera, or batteries, after a customer adds an electronic to their cat, are great examples. Amazon is good at this style of promotion. Remember to track and monitor the impact of your cross-sells frequently, and in case the take up is low, you need to reconsider the products on offer.
It is also advisable to offer multi-buy promotions and discounts after a bundled purchase.
2. Reverse Defection
Most business owners do not track exactly how many customers they lose in a given period. The definition of a lapsed customer depends on their average buying cycles and the nature of your e-commerce business. You need to identify the number of lapsed customers and bring them back to fold by creating an irresistible offer. For instance, offering a $100 voucher to a customer who spends $150 on average means that they will make purchases even higher than $ 150 thanks to the free money.
Another way of reversing defection that will help you grow your Shopify profit margins is by creating special offers and loyalty programs. Special offers within a limited time frame or limited volume create scarcity such that your customers will keep checking on your products more often. Loyalty programs, on the other hand, drive up customer purchase frequency and trust on your brand, which means you will make more sales and eventually realize an increase in the net profit.
3. Leverage Technology and Know Your Numbers.
Leveraging technology to reduce administrative tasks is a great way of reducing the time spent on non-strategic tasks and increasing profits. Instead of spending a lot of time designing logos or looking for images and videos, consider using a digital asset management solution that will improve your overall efficiency.
When it comes to managing the financial aspects of your e-commerce business, do it by yourself and monitor your accountant to avoid encountering problems that could have been addressed earlier. Understanding every cost in your e-commerce business is the most effective way of increasing your profits.
Finally, remember to communicate frequently with your customers; building a strong relationship with customers increases the frequency of purchase. Use emails to tell them about products and services they might be interested in based on their previous purchases. As well, offer phone support to create a more personal touch with both customers and prospective buyers.
Take action and implement these 3 Super Easy Ways to boost your Shopify profits and see how beneficial they are in growing your e-commerce business.
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