Drive Your Online Business's Sales With 5 Simple Strategies
Here are five strategies for growing your online business.
In today’s digital climate, any company left without an ecommerce site is at a grave disadvantage when increasing its sales. Although customers are now flocking into stores and enjoying the lessened Covid restrictions, ecommerce sales grew 9.3% in the second quarter of 2021.
Companies of all shapes and sizes are seeking effective strategies to help boost their ecommerce business, especially in such an oversaturated market. With all of the demanding and dynamic variables to consider when managing a platform, ranging from marketing to key metrics and multiple management tools, it’s easy for business leaders to get distracted from what’s really important — increasing sales.
So, what should companies employ to ensure that they're offering an experience as user-friendly as possible to start maximizing their sales?
1. Monitor the bounce rate
The base of any sale process goes beyond the product or service offered. Building meaningful relationships with customers through effective communication paves the way to greater sales. But just how can we measure this engagement through our ecommerce and make sure our company is connecting with the right people?
Monitoring your site’s bounce rate will give you a clear insight into how valuable and relative your content or page is to your target audience. Keep in mind that a high bounce rate is a clear indicator that you’ve failed to persuade a customer to make a purchase, your site was not easy enough to follow or your marketing and your onsite messaging are not in sync. On the other hand, a low bounce rate often indicates that the user has interacted with your page or has found the information they need.
Improving your bounce rate can be done in multiple ways. The biggest step is to personalize your content to connect with your audience and directly address their needs and pain points. With the increased value you convey on your site, you build customer engagement, translating into lower bounce rates.
2. Reduce cart abandonment
Picture yourself in a supermarket picking out items and placing them in your cart as you walk down the different aisles. Then, suddenly, you change your mind and decide you don’t want to go through with the purchase. What happened that made you abandon the experience? Maybe the check-out line was too long, the pricing was wrong or the cashier clocked out just before you were going to pay.
Similar to real life, ecommerce cart abandonment rates indicate anomalies in the customer’s shopping experience. However, there are many ways to combat cart abandonment and influence sales:
Display a check-out progress indicator on the check-out page so the visitor knows the following steps, simplifying the process itself.
Ensure that the navigation between the store and the cart is effortless. No customer would want to spend lots of time placing items in their cart and then have their hard work lost when returning to the online store or clicking the wrong button.
Include a thumbnail product image throughout the check-out process to reassure the customer of what they’re purchasing.
Ensure transparent pricing — clickbait is the surest way to lose a sale. In our own experience, our clients' conversion rates increased by a whopping 5% when we changed pricing structure and removed surprises during check-out.
3. Add testimonials
Building trust is essential, especially if the item is not in front of the user at the moment of purchase. This means that relying on reviews and positive experiences will give your site and business a significant push towards the right direction. Make sure they’re visible the moment the check-out process begins and help your customer ease their minds when making a purchase.
4. Simplify the check-out process
The check-out process on an ecommerce site can make or break a sale. When looking for ways to influence a sale, it is pertinent to be mindful of your customer and ensure that the messaging, payment options and overall process aligns with their lifestyle and purchasing habits. The more clear this process is, the more success will be reflected in your sales.
Avoid any hidden fees and offer transparent, clear information to increase the likelihood of closing a sale.
5. Ensure privacy and security
Businesses often handle sensitive client information when managing their ecommerce platform. Ensuring privacy and security gives the users more confidence and trust in your site and business in general, especially when they’re sharing personal details and trusting you with sensitive data such as credit cards or other payment methods.
To give your customers peace of mind, add any trust signs or security logos on your site, especially during check-out. Building trust is the first step to building long-lasting business relationships in the future.
In sum, your online business is an extension of your brick-and-mortar store, both requiring an analytical and meticulous approach to reach higher success. The recent pandemic resulted in a huge increase in online buyers gaining certain intuitive expectations based on their experience with big ecommerce behemoths like Amazon — trust, easy payment, after-sale experience and ease of return. An online business that is in alignment with these expectations will benefit hugely by riding the ecommerce growth wave. With the strategies mentioned above, you can witness a significant increase in sales as well as an improved customer experience and relationship. Allow your business to be as transparent and trustworthy as possible and start optimizing your online presence to maximize your sales.
Entrepreneur Leadership Network Contributor