E-commerce Business loss

Is your E-commerce Business making Losses? Turn Over a New Leaf with these Smart Revamp Strategies

By: thomassujain
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E-commerce development is a vast subject! To build an e-commerce site and run it, it involves extensive planning. Other than knowing your niche, you ought to evaluate the market competition as well. And you’ve also got to design your site appropriately and launch it at the right time. Usually, brands pour in all their energies on the launch. The desire to have a grand launch gains momentum. Hence, the post-launch phase gets overlooked.

Many e-commercebrands that have focused on SEO and paid search, often end up making losses! This is characterized by dipping revenues, increasing bounce rates and low conversion rates. Coupled with this there’s tremendous pressure to do well and make profits.

Can you resonate with this predicament? If yes, then you desperately need sound e-commerce revamp strategy. Often, it’s a mix of initiatives that you need to implement.

When you want to turn things around and, in your favor, count on the following tactics. You will surely start generating increased sales soon.

 

Start evaluating your analytics

Start by assessing your data! Most e-commerce sites claim this to be a quick-win strategy. When you focus on your analytics, you start focusing on a real-time growth strategy.

Make use of Google Analytics with reporting tools. This will help you check and evaluate data on an ongoing basis. You will know the areas you’re good at in comparison to areas where you’re failing. You will also receive essential insights about customer behavior. You can do the following:

  • Create a funnel tracking system
  • Check device data, highlight information for mobile and desktop devices
  • Use your data and troubleshoot the e-commerce site
  • Opt-in for Google Analytics’ enhanced e-commerce

 

Conduct an audit of channels acquired

Do you know what’s working and what’s not? An acquisition channel audit will help you find that out. You will learn about both the business scopes and gaps. To conduct this in an error-free way, you might need to reach out to an ace Miami SEO Kotton Grammer Media that would offer you a clear picture ofyour acquisition performance.

This will help you to determine channel suitability. You can also evaluate the efficiency of your PPC ad campaign, social media initiatives, email marketing tactics, affiliate marketing strategies and remark.

 

Consider conversion rate optimization

Over enthused e-commerce marketers focus more on new marketing campaigns! This makes them overlook conversion rate optimization. Simply put, conversion rate optimization is all about evaluating and deploying modifications in a site. The objective here is to enhance site performance. Sometimes subtle changes such as product categorization updates or rewording a value proposition can lead to prominent conversion gains.

Focusing on conversation rate optimization on an end-to-end basis will determine if your site is converting at its best rate. You will know if you’re leveraging the web traffic that you invested in.

 

To resolve the cartabandonment emails issues

One of the common issues of e-commerce development is cart abandonment. It is also ascope for nurturing consumers and motivating them to convert back. Nailing the cart abandonment emails is essential for maximized conversion rate. And while you are at this, consider the following aspects:

  • Return on investment
  • Frequency and timing
  • Deliverability
  • CRO and call to actions

You can evaluate the time-delay strategy and optimal send times. This will help you to come up with a compelling copy that would add value to the cart abandonment emails.

 

Add incentives for the very first purchase

Want to revamp your e-commerce business fast? Focus on converting the casual online viewers to first time consumers. When your brand is new or is not in the limelight as before, this is a big challenge. However, when you plan for incentives, you can make this conversion happen fast. This is because almost all curious online users are looking forward to some freebies. For them, it’s a feel-good factor! So, attach an incentive to the first buy. It could be a gift hamper, a voucher or a premium sample product of your brand. Other ways to add incentives is to offer discounts and promo codes. And if you are lucky, you will get to enjoy word of mouth publicity for this. Online shoppers usually love to talk about discounts, offers or freebies they receive on social media sites.

 

Give focus to remarketing

When you have to make up for losses, it’s essential to opt-in for cost-effective revamp strategies. Remarketing is a potent tool to consider. This has great potential in converting users at a minimal expense. Start-ups and small businesses often count on this tactic.

Take some time to assess how frequently you browse into a site, look at the products and leave without making a purchase. And the reason for not buying is not because you didn’t desire a product. Chances are you got distracted by some other work that came along. Maybe you chose to read an eBook over making an online purchase.  This is where remarketing can complete the circle.

The objective of remarketing is to get the distracted customer re-engaged. The idea is to motivate the user to complete the online transaction. And this can take place through follow-up emails or display advertising, which might go off after a span of time.

 

Opt-in for influencer marketing

2017 witnessed the advent of influencer marketing in the online marketing mix. It is an excellent tactic for introducing brands to the fresh customers. It also enhances product desirability. It’s a visual channel. Hence, it’s compatible with a majority of e-commerce brands.

Since you are aiming for e-commerce revamp; you don’t have to spend a significant amount on this. It is a smart call to develop a working bond with few niche influencers, expertise, and interest that aligns with your e-commerce brand. That way, an influencer would be keener to talk about your brand. As a result, you will start to develop increased qualified traffic gradually.

E-commerce development is a dynamic and competitive segment!  Today, more market players are walking into the online business domain. Hence, e-commerce brands need to convert their losses into profits faster. Taking more time would result losing business to a competitor. So, if you want to revamp your e-commerce business quickly, count on these tried and tested tactics and turn over a new leaf.

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