Strategies to Boost Ecommerce Profitability You Might Not Have Thought About

0
173

When you run an e-commerce business, you will hear of strategies like using email marketing to reach customers, using pop-ups to prevent cart abandonment, and ensuring your website is easy to navigate on mobile. These are things you should be doing already to ensure a profitable business. However, there are some things you might not have thought about that can boost your profitability. In this article, we are going to look at the best of them.

Create a Push Strategy

Push notifications are a potent marketing tool that many businesses do not take enough advantage of. Push notifications have higher open rates than email, with SMS being number one. You can use push notifications both on the internet and on mobile devices to remind users who have visited your website or installed your app about products, deals, promotions, and abandoned carts.

The push notifications should be both enticing and relevant to increase the chance that customers will open them and be compelled enough to go to your website for the perk, deal, or promotion.

Give Your Customers Numerous Payment Options

Most e-commerce websites have the usual credit and debit card options, bank transfers, e-wallets like PayPal, and no other payment options. What if someone wants to pay through a local payment provider when they are outside the USA or UK? You need to make these options available so customers can use the method that they feel most comfortable and familiar with.

When making the options available, it is also a good idea to verify customer balances so you can show them an alert about low balances and point to the other alternative payment options. Many people will leave if they think they cannot pay, yet they will be more likely to pay if they have options and those options are made obvious to them.

Ecommerce businesses can use verification balance solutions to not only check balances but also reduce the risk of returns or incomplete payments. By preventing transaction failures, businesses can increase their profitability. So, how do you do this? Envestnet | Yodlee, a fintech company, has developed an account balance verification system that works with over 17000 sites so you can confirm balances easily.  You can also take advantage of Envestnet | Yodlee’s bank information and account verification solutions to prevent fraud and chargebacks.

Take Advantage of Omnichannel Marketing

Omnichannel marketing is marketing that takes advantage of more than one marketing channel to push customers towards a purchase. For example, you can combine email and social media marketing plus paid ads to show customers products they would like and make your business familiar to them.

You can also use omnichannel marketing to position yourself as an authority on a subject. Do this by providing useful and helpful information instead of trying to sell all the time.

Just ensure you stay consistent across channels and do not show the messages for too long because otherwise, they become stale, and people become blind to them.

Add the three strategies we have discussed above to your toolbox, and you will see your profits start to increase. They can be used alongside other marketing and profitability strategies you already have in place.

LEAVE A REPLY

Please enter your comment!
Please enter your name here