Retail Intelligence’s March issue covers a great article on 5 ways to doubling your online revenue. Here’s a summary of it.
1. Increase Site Traffic
- Search is an indescribable asset to driving traffic to our site.
- Optimizing your site for search will boost traffic.
- Including a product description on each product page.
- Consider writing your product description from the perspective of the customer.
- What keywords are they using to find what they’re searching for?
2. Conversion Rate
- Average conversion rate is around two to 2% to 4%.
- Optimize conversion rate by trying different combinations for headlines, images, content, buttons etc.
- Use social media and customer generated content to build credibility and interest on your site.
- Customer and fan photos help increase conversion rates.
3. Increase Repurchase Rate
- Loyal customer is the best customer!
- What can your brand do to engage with your loyalists and get them back on your site?
- Give them incentives to shop – exclusive discount offers, contests, and seasonal notes thanking them.
4. Raise Average Order Value
- A shopper may come to your site to buy a specific product. Offer related items as upsell or cross sells.
- Customers are curious, and creating a “try these too” kind of tool creates the experience of a virtual shopping assistant.
- Idea: add a countdown that indicates how far away the customer is from qualifying for free shipping (e.g.: “Add $26 more to reach FREE SHIPPING!”).
5. (Gently) Remind Shoppers of Cart Abandonment
- 61% of customers emailed after an abandoned cart return to the website.
- The real tragedy, however, is that 68% of merchants do not send abandoned cart email reminders.
- Reminding shoppers of abandoned cart is possibly the lowest hanging fruit for merchants.
- Send gentle and charming email reminders to your customers of the products they left behind.
- Give them juicy incentives such as exclusive free shipping offers or personalized picks in the email reminder.
What will you do to increase your revenue this month? Post a comment and share!