If you can keep your sales conversion rate at 2% or higher, you can boost your eCommerce sales and start attracting more shoppers.
Here's how -
Developing and maintaining a successful eCommerce marketplace in 2020 requires a balance of technical know-how, good business sense, and a little bit of math thrown in.
Are your online sales heading into dangerous territory?
The following eCommerce solutions will help you troubleshoot the problem and fix your declining sales:
I. Is Your Sales Conversion Below 2%?
Successful eCommerce marketplaces are achieving an average sales conversion rate of 2.04%, according to 2020 figures from Growcrowd.
Do you know what your sales conversion rate is?
If you don't, calculating it should be your first order of business:
What if your sales conversion rate is below 2%?
If your conversion rate is under 2%, then take a look at your product listings. Ask yourself why you're failing to convert the shoppers who view your listing. Scroll down to Section 3 below to see how you can boost your sales conversion rate.
II. Is Your Sales Conversion Rate 2% or Higher But You Can't Earn a Profit?
If your sales conversion rate is at or above 2%, then you should be seeing a profit. What does it mean if you aren't in the black? Take a closer look at your competitor's prices and ask yourself -
Which of the following applies to you?
1. Prices are the same as my competitors but my business operations aren't cost-inefficient:
Your problem could relate to your business costs. Track your spending and stop the bleeding. Here are other cost-inefficiencies to consider:
- Can you make your business profitable by correcting cost inefficiencies?
- Does another eCommerce platform - like Tophatter - offer a more competitive seller fee structure?
- Are you paying too much for marketing that doesn't work?
2. Prices are the same as competitors and your business operations are cost-efficient:
Consider adding additional products to your sales catalog to generate the level of income you need. If you can hit a 2% conversion rate for your existing products, you can do it with more!
3. Prices are lower than competitors and operations are cost-efficient:
Consider raising your prices to generate more revenue. This online sales strategy could cause a corresponding drop in your sales conversion rate, so make sure you read Section 3 for advice on boosting your online sales.
III. Tips to Boost eCommerce Sales
Regardless of your sales conversion rate, are you happy with your online sales right now?
Fortunately, you can give yourself a quick eCommerce makeover to boost sales and attract new customers. Here's how:
Get competitive with prices:
If your competition has priced you out of the game, lowering prices could be the best way to increase your conversion rates. Just don't price your products so low that you can't turn a profit anymore (see Section 2, above).
Upgrade images and videos:
Consider taking new or upgrading your product photos and videos to give shoppers a crisp, up-close, and personalized experience while conveying a sense of professionalism and quality.
Make shipping fast and free:
Modern shoppers expect fast and free deliveries because that's what they're getting on Amazon and other sites. If you're not giving free and fast shipping, someone else is - and you're losing customers because of it.
Offer discount codes:
Create a schedule for sending emails with discount codes to your customers. Include holiday-themed discounts and make it fun. Use these exclusive discount codes as incentive for new shoppers to join your mailing list.
Use email marketing tools to your advantage:
Email promotions and newsletters to reconnect with customers and remind them to visit your online store. The top eCommerce sites feature in-platform marketing tools you can use - like Amazon SES (Simple Email Service) - to dramatically transform your email strategy.
Update your product offerings:
Many products lose their trendiness and popularity over time. Make sure to revamp your product lineup with fresh, new items, and retire older products that have fallen out of favor with your target market.
Feature your products on Tophatter:
Tophatter offers a novel "gamified" shopping experience that can attract new customers and introduce new markets to your products like never before. Learn more about Tophatter and start selling online today.
Start Fixing Your Declining Online Sales Right Now
If you're worried about your online sales, try out these tips right now to pinpoint the problem and start taking action to boost your eCommerce sales. It's never too late to get your business back on track. Let us know how these tips worked out for your online marketing strategy, and follow our blog for more eCommerce solutions.