Every online shopping business has some goals—make money with sales. However, motivating customers to part with their hard-earned money isn’t that simple, especially when the competition is higher than ever. However, there are certain techniques that have been proven to encourage customers to spend more money and visit your platform again.
Let’s take a look at the 3 simple yet impressive techniques for increasing your eCommerce revenue and sales.
Limited Time Offers
“Customer procrastination is the enemy of sales.” Today, we are living in a highly competitive world and customers always looking for something amazing at a cheaper cost. They always want to wait a little longer to make the purchase. If you’re unable to make the buy the product, then you’ve got a lot of work to do to get them back to complete the checkout. Limited time discount offers are always encouraging, igniting a sense of eagerness to grab the offer before it ends. If you are running the store on Magento, then it’s possible to launch amazing deals with countdown timer with various Magento extensions.
The offers can be given in various forms – free shipping, percentage off of the final price, a coupon for future use, etc.
The idea behind the dynamic pricing is pretty simple—increase the profit on your most popular items. The dynamic pricing centers on having an eCommerce platform that can automatically change the price of an item based on customers’ activities.
For example, you can customize your website in a way that automatically offers lower prices during the off-peak hours. Why to offer lower price? Wondering the idea was to make more money? Well, let’s think of it this way…would you rather have a customer that leaves your site altogether giving you no profit or have one that buys an item that nets a lower profit?
If reducing price is not your idea, this next thing might make you feel better. Use customer information to determine how much to charge. You can use various Free Magento Extension to make your website to capture as much customer data as possible. Things like purchase history, dollars spent, email addresses, and more. This may take some time, but it’s well worth the effort when you start using the information in your pricing structure.
Cross selling is one of the most effective ways to increase the value of your online orders and the availability of Free Magento modules make it possible. Let’s assume you sell bathroom and kitchen accessories. A customer visitors your site and adds a faucet kit to the shopping cart. The kit orders includes only faucets. One logical cross-sell here is to ask if they would like to get a spray shower head.
Here is another example. You can install a Magento extension on your platform, allowing people to get notified about the important dates like birthdays, anniversaries etc. With the reminder of special events, you can suggest the users to buy products for the loved ones on their special day to share the love. This will not only encourage them to keep visiting your store, but also make them plan a gift purchase as well.
While cross-selling encourage more sales, but the key here is to offer items that make sense.
When planning to give a boost to your online eCommerce sales, make sure to take advantage of proven techniques like Limited Time Offers, Dynamic Pricing, and Cross-Selling to motivate your customers to buy more and boost your profits.