Profits are the single most important thing that dictate the direction of your ecommerce business. Have a healthy profit margin, and you can continue to grow and expand. Have a meagre one, and you’ll be forced into a corner of making survival, not thriving, decisions. RepricerExpress takes a look at seven ways you can boost your ecommerce profits, with some achievable in less than a day.
1. Use the ‘KISS’ Method
You’ve no doubt heard of the ‘KISS’ method: keep it simple, sweetie. Many merchants tend to overcomplicate matters greatly, whether it’s by designing a web page that’s cluttered and hard to follow or loading their inventory with too great a selection. Identify what it is that’s the essence of your business and build out from there. If you’re selling teddy bears, then you can probably cut the dinnerware and electronics from your line. And in terms of navigation and shopping, give buyers as few clicks as absolutely necessary to actually purchase a product.
2. Settle on a Dominant Colour
When designing your website, appearance matters a whole lot. But instead of complicated code talk and placement of buttons, focus on colour for a second. In interior design, it’s a well known maxim to have one dominant colour in a room with one accent colour, plus little splashes of complementary colours that add an energetic boost. Say your dominant colour is orange, which gives the impression of energy, youthfulness and vitality. Your accent colours can be the following: white, for a really clean aesthetic; brown, for a classic and complementary appearance; green, for a fresh and outdoorsy look; and even turquoise, for the truly daring and innovative.
3. Stay Away From Cheap Site Templates
There’s a reason why some site templates are priced very cheaply, or even free: they look it. Using one of these templates tells the world that you couldn’t be bothered to spend more than a minute or two on your website and took the laziest way out. Although it may sting a bit, shell out for a fancy template or to even have it custom designed. After all, you’ll be paying once for the design but reaping profits a lot longer than that.
4. Ignore the Price Wars Around You
There are several stores in the world that have made super low prices their calling cards. It’s attractive because buyers strongly respond to that, the stores continue to make huge profits, and it seems like everyone wins. Except they don’t. There’s no way you as a single merchant can ever compete with them, so don’t even look down that alleyway. Instead, focus on traits like quality, customer service, customer retention, prompt delivery and competitive pricing. Having the lowest price will get you noticed, but it won’t create the kind of lasting impressions you want it to.
5. Create a Unique Customer Experience
While there are a lot of factors outside of your control, one thing you can keep within your grasp is what your buyers experience. Do you have a live chat in place so they can get their queries answered right away? How about an extensive FAQ section or quick email response time otherwise? Are you able to chat with them in multiple languages, or just English? As well, remember it’s an inevitability that you’ll get complaints, but how you deal with them doesn’t have to define you for the worse.
6. Consider Your Return Policy
No matter how awesome your products are, there’ll always be that one person who’s not happy with them. It happens and you won’t want to give money back, but it’s a smart idea to do so. Not only does it reassure your buyer that they can get a second chance in the online world, but it tells everyone you’re the kind of seller who’s supremely confident in their inventory and isn’t afraid to accept a return or two. Think of it from the shopper’s point of view: they’re taking a big risk in buying something without being able to touch it and feel it, so the least you can do is have a return policy in place just in case things don’t work out.
7. Use Higher-Priced Items to Cement a Reputation of High Quality
There’s a reason why such a big population adamantly sticks to Starbucks instead of getting corner store coffee: they perceive it to be of a much higher quality and are willing to pay for it. And while it’s true that Starbucks coffee is generally of a higher quality than what you’d find in your corner store, it’s not so great that it warrants costing three or four times as much. But yet, people go. You can introduce the idea of higher quality in your store with a few items that are priced higher than other merchants, but you need to couple this with superior customer service to make it work.
We sort of alluded to a tip that can also boost your ecommerce profits, and that’s repricing competitively. Buyers want to see that your prices are in line with everyone else’s and the easiest way of doing that is with RepricerExpress. All you have to do is sign up today for your 15-day free trial, making it the tip that takes the least amount of time to implement.
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