Some entrepreneurs launch their online stores, stride faster than the rest with smart (and timely) decisions, and start making thousands in revenue in no time. And then there are those who, even after being in the market for years, struggle with poor sales and marginal profit. Can you relate to the later group of sellers?
Your competitors are making more than you, not necessarily because you’re working less hard, but because they are smart in their strategies, which always keep you a step behind them.
Want to jump ahead?
It isn’t really as difficult. You can do that—and that, quickly and without working for more hours. Here are 7 tactics to beat successful online sellers in revenue-
1. Integrate storefronts for higher efficiency
You’re wasting countless hours by heading to individual platforms and manually handling the technical ends of your various storefronts. Just signup to a reliable (and affordable) multi-channel e-commerce software solution and integrate all your marketplaces, webstores and comparison search engines—from Magneto Amazon to Walmart Sears. Now control everything, including product listing, real-time multi-channel inventory management and order fulfillment, from a centralized platform.
2. Offer ‘exclusive’ discounts
Being competitive is a key for online sellers to drive more sales. However, another side of this is that you will also have to settle for meager profit margin. Perhaps for this reason is pricing your products considered so tricky. When putting a price tag on your products, aside your own revenue goals, also consider other factors including the strategies of your competitors and current market trends. Offering limited-time period ‘exclusive’ discounts is one simple way to instantly boost your sales and take over your competitors.
3. Have a winning post-sales follow-up
Your business is a success if you manage to build a long-term relationship with your customers who not only make repeated purchases from you but also act as your product ambassador who triggers word-of-mouth marketing and boost your sales, both in the short and long run, with no promotional effort and investment whatsoever. How you do this? By engaging your buying customers with a solid post-sales follow-up.
4. Invest in retaining old customers
Here are what studies and numbers says about customer retention-
- 40 percent of an e-commerce store’s revenue is generated by 8 percent of its customers; and these 8 percent are the repeated buyers.
- 82 percent of companies agree that retention is cheaper to execute than acquisition.
- The average repeat customers spend 67 percent more in their 31st to 36th months of their relationship with a business than in months 0-6.
These numbers prove well just how important and profitable customer retention could be. It’s the easiest way, in fact, to generate more sales without hefty cost. Focus more on retaining your old customers and edge your successful competitors like a pro.
5. Get to blogging
Blogging is, undoubtedly, one of the most underrated assets in the online retail scene. Know how to master it and you can quadruple your direct and indirect sales easily. While top names in the industry do blog, there are still many who are oblivious to its potential. Start writing blog posts today and get ahead of so many of your competitors in the most comfortable way possible. WordPress is possibly the most popular blogging platform.
6. Take hands of professionals
Your pace and efficiency will be much better if you have experienced professionals by your side. So get rid of your lone-wolf mentality. These days, top e-commerce solution providers are also offering managed services to the retailers/resellers, helping them with a range of backend, time-consuming activities, like listing optimizations, troubleshoot errors, program enhancement and profitability management. So pick a good e-commerce solution provider who also offers additional services and let them guide you move forward with big strides.
7. Reduce ‘hit and miss’ instances
When mapping marketing and pricing strategy, you’re not going to hit all the chords perfectly. However, making mistakes – and that, often – has its own cost, even if you think you’re learning with every experience. You must aim to reduce the ‘hit and miss’ instances and try to be more efficient in every direction. How? One simple way is to look the successful competitors, learn from them and beat them in their own game.
These are 7 tactics that would help you beat even the most successful of online retailers in terms of sales and revenue. Now you know, get to working. Be smart and strategic enough when making decisions.