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6 Competitive tactics to increase Revenue of your Magento store

  • June 11, 2019
  • by Rajeev Nar
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Is your eCommerce merchandise suffering from low conversion rates and your sales are lagging behind? Continue reading this as the tactics provided by conversion experts will help in boosting the sales of your Magento eCommerce store.

The success of an eCommerce store is defined in terms of increased conversions and revenue. Yes, it is the desire to reach every corner of the world and establish your brand that propels you but ultimately, good revenue remains the driving force behind setting up an eCommerce merchandise. The capability of an eCommerce store to attract new customers and retain the older ones decides its success.

According to research, the web world welcomes 16 new eCommerce stores each day. Now you know how tough the competition is. The world of eCommerce is technologically advancing at a rapid rate and you need to sync with its speed in order to grow.

Stop fretting over the causes if your business is going through a trough of a wave. Buckle up your seats and get ready to sky-rocket the sales of your merchandise.

Magento stores have grabbed everyone’s attention with its admirable tactics of generating more revenue. All the tactics and strategies are based upon the ever-changing behaviour of customers.

These few tactics will enhance your spectrum of viewpoints.

1. Pricing and offer optimisation

These two factors are collectively responsible for boosting the revenue of your store. Take a look:

Free-the word creates magic: Giving off something for free, it is the most alluring scheme for customers and Magento can tremendously help you in launching such schemes.

Offer something for free which they don’t even intend to buy. “Buy one and get one free” is the most appealing offer among all. Giving them double of something which they actually need, at the price of one, it seems like a bonus.

Shuffle between different strategies and choose one that generates maximum revenue. The special promotion features of Magento 2 allows you to:

  • Create promo campaigns for both the cheapest and most expensive item of your store.
  • Offer different deals and free items.
  • Run promotions on the basis of amount spent by your customers.

Odd-pricing: The tricky older calculation still holds the same appeal. A price drop from $10 to $9.97 gives an impression that you are serving them with the minimum possible price. It eventually results in sales increase.

2. Implementing funnel optimisation techniques

Filters can enhance the performance of the store but make sure not to overexploit them. There are strategies that can easily attract customers who are already in the shopping go.

Make sure to remove too many redirecting pages because it results in more cart abandonment cases. Moreover, shoppers will refrain visiting your store from the next time.

Start using funnel optimisation techniques from Magento for better results.

  • Place more “call to action (CTA), “add-to-cart” or “continue to checkout” buttons. It should be the “one-more-step-to-go” after putting the product in the cart. Carefully examine which of the above-mentioned buttons bring maximum revenue.
  • Descriptive CTAs result in better conversions.
  • Mobile e-commerce is more popular, hence the size of CTA icon should be large and clearly visible on the mobile screen.

3. Optimising the homepage

Home page is the king of the Empire. Though many of the users enter your website through the landing page, they encounter your brand through the homepage. An impressive homepage is the first step in generating more revenue. The primary goal of the homepage is to drive more customers.

Make sure the search boxes should be visible even when the customers are scrolling the page.

4. Email marketing

However, the idea seems common and clichéd it has the capability to boost your sales beyond your imagination. It enhances the personalised experience of users based on their needs and behaviour.

  • Abandon cart email can be a great way of reminding the client about the items he has forgotten in the cart. It can make up for your lost sales and boost revenue drastically.
  • Up-sell and cross-sell emails to increase the AOV of your store.
  • Out of stock notification gives them the option of getting notified when the product is available.
  • Also, there can be emails reciprocating to customer loyalty and inspiring their re-engagement.

5. Optimisation of social share options

Recommendations work as a pro when it comes to boosting sales and revenue. Optimising social sharing options should be a mandatory part of the revenue-generating scheme of your store.

6. Initiating loyalty programs

Loyalty programs are an effective way to generate sales and revenue. Providing an incentive to your loyal customers is like giving them preference over other customers. It is much like an advantage over competitors.

The powerful loyalty extension program of Magento 2 “Magento 2 rewards points” helps your customers in earning automatic points and spending them in the system. These points can be exchanged in the form of vouchers, charity, bonus or gifts.

The tactful combinations of all the above-mentioned techniques prove to be an essential constituent of bringing success to your ecommerce store. Follow a few of them and achieve a win-win situation.

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