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Top 7 Ways to Increase Ecommerce Sales

There are many ways to begin increasing your sales without resorting to discounting. Start with these seven tactics.<br>

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Top 7 Ways to Increase Ecommerce Sales

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  1. Top 7 Ways to Increase EcommerceSales There are many ways to begin increasing your sales without resorting to discounting. Start with these seventactics. Ask any group of marketers how to increaseecommerce sales fast, and the first suggestion you’ll hear is “hold a sale.” Shoppers love sales. Any reason you can come up withto hold one – be it Black Friday, Memorial Day, or your ecommerce birthday – is sure to boostrevenue. There’s just one problem with the idea. “On Sale” meansa discounted price, and a discounted price means less profit. Yes, a properly orchestrated sales strategy can make up for the slimmer margin by pumping upthe

  2. volume … but what if you could increaseecommerce sales without discountingprices? Would that be something of interest toyou? In this article, we’re going to share seven of the most effective methods we’ve found to get moreconversions without having to lower yourprices. Let’sgo. How to Grow Ecommerce Sales (The PreferredMethod) It’s simple math: you’re twice better off selling 10,000 widgets at a profit of one dollar per widget ($10K netprofit) than you are if you sell 1,000 widgets at a profit of five dollars per item ($5K netprofit). That’s the dilemma every marketer runs up against when pricing goods. “Shall I go with the higher price, but fewer sales? Or am I better off lowering the price to get more buyers?” (Of course, the starting place for pricing is always to survey the current market and competition.) The danger is in getting fixated on the prices your competitors are selling those widgets at, then basingyour sales strategy on undercutting the price. In common terms, that’s called “getting in a race to the bottom of the barrel.” It’s not the recommendedpractice. At The Good, we invest much of our time educatingsmart digital marketing managers in the principles ofconversion

  3. rate optimization. And a good conversion rateoptimization strategy does not includediscounting. Let’s go back to the widget sale and consider a new setof numbers: Scenario #1: Your rock-bottom pricing draws 100K visitors to your ecommerce website. The deep discount pulls a hefty five percent conversion rate on an average order value of $50. That means you made 5,000 salesand generated$250K. Scenario #2: You keep your prices up and refuse to discount. Even if you manage to get the same amount of traffic (100K) and the AOV jumps from $50 to $75, ifyour conversion rate falls to 1%, your revenue will dropto $75K. Scenario #3: You read this article and decide to putsome of the tips below into action. By applying the principlesof

  4. conversion rate optimization, you’re able to keep the conversion rate at five percent and drive the AOV upto $95 per order. Your revenue moves to $475K – almost double that of your steep discount strategy – but without discounting prices.Ecommerce salesare to boost your business and make itlarge. “Impossible,” yousay? We see numbers like that – and even better – on aregular basis. Conversion rate optimization (CRO) is the missing link between your website traffic and your salesvolume. We’ve elsewhere covered CRO in detail (seethe resources listedbelow). We’ve even developed an online tool (free) you can useto draw up your own scenarios and see how changes in your conversion rate and AOV can bring about startling changes in sales revenue. Here’s that link: CRO Calculator.

  5. For now, we’ll keep moving and get to the seven top tactics you can employ to get started. This isn’t an exhaustive list, but it’s chock-full of ideas to help yousell more goods or services and earn more revenue in the process … without dropping yourprices.

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