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Four Ways to Double Your E-commerce Business Profit in 2020
Business Profit. Getting an e-commerce business up and running requires more effort than most people think.
There’s much more to the logistics of operating an online shop than merely throwing up a website. However, once things are in place and you’re bringing in traffic, it’s time to start growing your company.
Increasing profits is a matter of focusing on less than a handful of core opportunities.
According to Statista, global e-retail sales will reach $6.54 trillion by 2022.
As more people discover online shopping, you’ll have even more opportunities to double your sales.
You may wonder how you can grow your e-commerce store and boost your sales.
While there isn’t a fast solution for developing your e-store, there are some methods online entrepreneurs found successful over the years.
Start by studying your successful competitors. You can learn a lot from the way they conduct business.
Pay attention to their web design, customer service models, and exclusive benefits and perks offered.
You may even want to order something from them, so you get a feel for their customer service process from start to finish.
If they have live chat, test it, and ask a question. Gather as much information as possible, so you can make sure you provide an even better experience to your audience.
There are many different methods for reaching customers. We’ve sorted through all of them and come up with the most successful ones.
By implementing these four methods, you’re most likely to double your sales in 2020.
Business Profit: Automate Some Processes
If you’re like most small-business owners, you have limited time to complete all the tasks in a day.
You may serve as your marketing team, store manager and web designer.
Anytime you automate parts of your company, you free up time for other tasks, such as advancing your brand.
While not a direct conduit of escalated traffic or sales, freeing up your time for more creative endeavors helps with growth.
For example, create a lead generation funnel and drive traffic to your site.
Give something your target crowd might want, such as a guide solving a problem many have, and then collect their information in exchange for the free manual.
You now have a direct marketing link to qualified candidates, and it only costs you the time to write the e-book and set up a lead collection page.
Update Your Software
Outdated software creates many problems and puts a bottleneck in your sales process.
Some of the issues with older software include slow speeds, problematic security, and inefficient processes.
You might also put your customers’ personal information at risk from systems not updated in a while.
Part of convincing new customers to take a chance on ordering from you includes gaining their trust.
If they don’t feel your website is secure, they aren’t likely to share any personal information, much less a credit card.
Network With Others
While online advertising has its place and you shouldn’t stop your pay-for-click ads, there is a point where you’ve saturated your ability to flourish in that arena.
If you want to add to your customer base, it’s time to reach out to influencers and get them on board with your product or service.
Start by looking at who your current target audiences are. Is there any way to expand into other niches?
Once you’ve identified a few new client bases, search for social media influencers who have followers in the same category.
Develop a relationship with them, and then approach them about trying your product and possibly becoming an ambassador.
When an influencer shares information about your e-commerce store with their social media followers or via email newsletter, you’ll gain access to everyone in their customer groups.
Word-of-mouth is one of the fastest ways to find a new audience. Create a special offer just for the crowd you’re trying to reach.
Become an Authority
One final genuinely effective way of reaching new customers is by becoming an authority in your field.
When people have a question about financial matters, they turn to Dave Ramsey, because he’s created countless articles on personal finances.
He speaks around the country about the topic. You’ll even find complete volumes of books and kits published by him.
He’s used many of the tips listed above, such as networking with influencers and creating an engaging website.
Start with what you already know. What are you an expert in, and why would your target audience care?
Next, figure out how to share what you know without giving it all away.
Offer free books, a blog, or even webinars to teach your followers and grab attention. You’ll start gaining organic traffic from search engines.
People will link back to your site and point others to the information.
As you develop a reputation for knowing about a topic, add a Q&A section on your site.
Provide products within your articles, and solve the problem the person is facing.
Dr. Joseph Mercola does an excellent job of this. He’ll share an in-depth article about a health issue and then link to one of his products or something he sponsors.
There is no requirement to buy, but the opportunity is there.
Look for Business Profit Opportunities
One of the top ways of intensifying your revenue this year is by considering unexpected opportunities.
If someone asks for an interview, study who follows them, and ascertain if they match your customer base.
If so, give them some feedback in exchange for a link to your store. If you notice something trending on social media and it relates to your industry, hop in and share.
With a little creativity and a solid plan, your business will double or even quadruple in the next year.
Lexie is a digital nomad and graphic designer.
If she’s not traveling to various parts of the country, you can find her at the local flea markets or hiking with her Goldendoodle.