Top 7 Ways to Increase Ecommerce Sales (1)

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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.
Ask any group of marketers how to increase
ecommerce sales fast, and the first suggestion
youll hear is hold a sale. Shoppers love
sales. Any reason you can come up with to hold
one be it Black Friday, Memorial Day, or your
ecommerce birthday is sure to boost
revenue. Theres just one problem with the idea.
On Sale means a discounted price, and a
discounted price means less profit. Yes, a
properly orchestrated sales strategy can make up
for the slimmer margin by pumping up the
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volume but what if you could increase ecommerce
sales without discounting prices? Would that be
something of interest to you? In this article,
were going to share seven of the most effective
methods weve found to get more conversions
without having to lower your prices. Lets
go. How to Grow Ecommerce Sales (The Preferred
Method) Its simple math youre twice better off
selling 10,000 widgets at a profit of one dollar
per widget (10K net profit) than you are if you
sell 1,000 widgets at a profit of five dollars
per item (5K net profit). Thats 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
basing your sales strategy on undercutting the
price. In common terms, thats called getting
in a race to the bottom of the barrel. Its not
the recommended practice. At The Good, we invest
much of our time educating smart digital
marketing managers in the principles of conversion
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rate optimization. And a good conversion rate
optimization strategy does not include
discounting. Lets go back to the widget sale and
consider a new set of 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 sales and 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, if your conversion rate
falls to 1, your revenue will drop
to 75K. Scenario 3 You read this article and
decide to put some of the tips below into
action. By applying the principles of
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conversion rate optimization, youre able to keep
the conversion rate at five percent and drive
the AOV up to 95 per order. Your revenue moves
to 475K almost double that of your steep
discount strategy but without discounting
prices.Ecommerce sales are to boost your business
and make it large. Impossible, you say? We see
numbers like that and even better on a
regular basis. Conversion rate optimization
(CRO) is the missing link between your website
traffic and your sales volume. Weve elsewhere
covered CRO in detail (see the resources listed
below). Weve even developed an online tool
(free) you can use to draw up your own scenarios
and see how changes in your conversion rate and
AOV can bring about startling changes in sales
revenue. Heres that link CRO Calculator.
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For now, well keep moving and get to the seven
top tactics you can employ to get started. This
isnt an exhaustive list, but its chock-full of
ideas to help you sell more goods or services
and earn more revenue in the process without
dropping your prices.