E-commerce is one business model that changes constantly. There are seasonal changes such as Christmas that can make a business and nulls in Jan that can also kill it. This means you have to be responsive and ensure that you’re taking advantage of your best months.
You can’t control everything but once you know what you can the. It makes you’re jobs whole lot easier. Below are a few things you can control if you need to up your sites revenue:
Traffic is something that most executives look to acquire if they need to grow revenue. This is especially true if most of your traffic is from paid sources.
One way to really crank this up in holiday season is to utilise paid search. See which products are selling well on other channels and perform a gap analysis, it may be that you’re not even bidding on them! For an e-commerce business Google shopping is something that has been known to bring fantastic results and I’ve seen it first hand. The visual element really helps your advert stand out and if you can get it right, is the perfect way to scale your traffic.
Social media is another channel you can drive the traffic from. If you have a large fan base and have a new product launch then this can be especially effective. Not only that but if you enable Twitter promotion and Facebook ads then it can really start to crank up your business.
An email list is another resource to tap into and if you have specific promotions then it can be really effective.
Average order value is so important to any ecommerce business. The more a visitor spends at your shop the more long term growth you’re going to see.
You can influence the average order value by adding smaller items in your cart that don’t cost much. This way they’ll be prone to impulse shopping and buying more.
Another effective way to increase AOV is to have a free delivery threshold. What I mean by this is to only offer free delivery to those who spend over a certain amount. This will incentivise them to spend more, even more so when they’re a few pound short!
Finally leveraging the conversion rate is a little but more tricky but still effective. If you want to increase your conversion rate (CR for short) then you’ll have to run a series of complicated split tests. However over the short term it’s a lot easier.
Running promotions such as giving away free items with every new order, 20% off or even £10 off £100 offers. This tips customers over the edge and gets them in an urgent mood, especially if you’re offer is for a limited time (which we strongly recommend).