When it comes to e-commerce the competition is so fierce and so numerous, that even a slight mistake might cause you to start lagging behind. Fortunately, the same goes the other way around as well and by merely tweaking your current business model a bit, you might get to make a huge difference in your favor. In this particular case, the competition becomes a good thing, seeing as how it serves as a reference point to just how superior you are. With that in mind and without further ado, here are several ways in which you can drive your e-commerce sales forward.
Instead of working hard to attract your new customers, why not focus on those who are already buying. If a person is already getting a valuable item from you, chances are that they won’t mind the idea of buying something else, while they’re here. Even if they can get this item somewhere else, it’s much easier for them to make a single purchase than to have to buy once more. The very reason why retailers have been using upselling and cross-selling methods for decades and centuries is the fact that they’re just that effective.
2. Boosting trustworthiness
The ugly truth is that a lot of people don’t like taking the risk of being a first customer. This means that they want someone else to buy from you first in order to check you out so that they can come later on and make a “safe purchase”. This is why you need to use testimonials on your e-store, as well as why gaining reviews, positive ratings and overwhelmingly positive comments boosts your brand. Unfortunately, this means that getting negative comments makes even more damage than you’ve anticipated. You don’t just have to be validated from customers, seeing as how trustworthiness icons (safety badges) such as PayPal Verified, McAfee Secure, etc. might be of immense help to your image.
3. Physical presence gives credibility
In the previous section, we talked about the importance of credibility and reliability that you have in the eyes of your target audience. The problem with e-commerce businesses is the fact that you can enter this industry with as little as $2,000 of initial capital, which means that there are a lot of scams and hoaxes out there. Everyone can make a low-cost online presence and start peddling sketchy goods. On the other hand, by employing old-school marketing methods like billboards, promotional materials and brochures displayed on a wall system holder, you might get treated somewhat more seriously.
4. The FOMO
The next thing you should consider is the FOMO (fear of missing out) phenomenon through which you will create and nurture the sense of need for your products in the mind of your customer. Not only is this something that they need but it’s also something that the majority of people in their surrounding are actively using. This also means that if they don’t get it, they’ll be the only ones. Other than this, it’s quite effective to use a limited-time special discount offer, which will also create a sense of urgency. Needless to say, fear is a powerful motivator, especially when used to enhance one’s habit of impulse buying.
5. Honesty and transparency
Remember, you’re most likely not selling one-time purchases, which is why you want your audience to return. There’s a statistic according to which 8 percent of return customers end up making 40 percent of your sales. Namely, some businesses deliberately display the price of products without the cost of shipment or taxes in order to make people buy. Even if you do manage to trick them once, it’s unlikely that they’ll return for a second run. This means that you’ll end up on a net loss. Honesty and transparency are the only way in which you can make a reliable business model.
The best thing about these five methods lies in the fact that they don’t require severe structural changes or expensive upgrades. In fact, you could acquire and introduce most of these in a couple of hours and have all the rest in a matter of days and weeks. This means minimal downtime and maximum profit for just a bit of effort and careful planning.