There is never a bad time to try to grow your revenue for your business. But, during an economic crisis it is vital to look at ways to bring in more money.
These days, there will be a lot more competition with ecommerce sites since there will be fewer brick and mortar stores opening as more people turn to selling online. If you are faced with more competition, then you really have to be creative to earn more money.
In this article, I will go over several ways to increase your revenue from your ecommerce site.
1 – Expand payment options
People shopping online like to have many different options to pay. There are so many ways that people keep their money online now. And the more options you give them to pay, the more likely you are to make a sale.
For instance, with how easy it is to buy Bitcoin online with credit card, there are lots of people that keep a digital wallet with Bitcoin and prefer to pay that way due to the low fees and the fact that there is no need to deal with exchanges if they have a foreign currency.
And accepting Bitcoin is also cheaper for the merchant so you will also save money by accepting more cryptocurrency.
Then there is Paypal, Stripe and so many other non traditional ways to pay that will give you a few extra sales per month.
2 – Use abandoned cart plugins
Following up on a potential sale is a great way to increase revenue. Many people don’t like to buy right away and need time to think about it. Often, they will add an item to the cart and move on. Then they forget all about it.
Your job is to remind them that they have an item in the cart that is ready for them to complete the purchase. Sometimes, it will still be ignored as people haven’t forgotten about it, they just aren’t ready to buy. Others will be happy to be reminded and will head over to the checkout page and complete the purchase.
3 – Work on upsells
Every product or service you offer should have a possibility of an upsell. Add value to every offer and then bundle them together to increase revenue from the same sale.
An example of this would be if your product is a kitchen product. There are many other kitchen products that could be added to the purchase by giving a discount for adding more items to the shopping cart.
Some plugins will also automatically suggest related products to go together without any need for you to do anything. If there is a related product that will benefit the customer to buy together with their intended purchase then they will be happy to add that to their cart.
4 – Paid ads
This can be a bit tricky because if you don’t know how to run ads, you can end up spending too much to make any ROI difficult to justify.
When done correctly, ads can be a great way to bring targeted traffic to your site and increase revenue.