5 Ways to Double Your Revenue

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!