Having an online business is a formidable task. One needs to generate recurring sales and revenue to run a growing business.
You need not have regular sales to be sustainable, but you definitely need to have value-added high-end orders to keep the flow going. This means that any customer who buys your high-end product should primarily be your esteem target audience to increase your Average Order Value.
With the best digital marketing company, you will get a clear insight on how to increase your revenue targeting the (AOV) Average Order Value, thereby increasing your sales and revenue.
KEY METRICS TO MEASURE THE HEALTH OF YOUR ONLINE BUSINESS
- Total Revenue/ Total Order= Average Order Value
- When you get to see the average customer spent per transaction, with the Average Basket Value (ABV), you gain a deep insight into the number of items a customer brings per transaction= Average Basket Value
- The most important metric to measure your business is Customer Lifetime Value, which helps you understand the long term association of your customer with you.
HOW TO INCREASE SALES AND REVENUE FOR YOUR ONLINE BUSINESS
RECOMMEND YOUR PRODUCT - Remember any customer visit’s your website to find you what he/she needs. So what you need to do is have a proper display of your best products keeping an eye on your target audience. It may be a higher value product or product with listed features – this could be of great word of mouth for you to generate sales.
This will be of great help for you as many customers will visit your website increasing the traffic and adding value to your sales assuring an overall generation of revenue in your business.
DEFINE THE UPSELL AND CROSS SELL OF YOUR PRODUCT
UPSELLING - When you promote your product to an expensive version of the same and pitch your customer with a better description and marketing, you are up-selling the product.
CROSS-SELLING - When you display a complementary product with a particular product that the customer is keen to buy, you actually cross-sell your product.
These are various modes to increase the AOV of the product in your kitty.
HOW TO DEFINE MINIMUM ORDER VALUE TO ADD BENEFITS
It is very important for the customer to figure out the incentives justifying his spent amount –
Here are a few ways to retain your customer:
- Add Free Delivery
- Additional Offers/discount
This will be an encouragement for them to make larger spends with you despite losing the small chunks of money in terms of discount.
THE LOYALTY PROGRAM
Go for selling products that need frequent repurchasing. This is an ideal strategy that will help you retain your loyal customers.
Adding a subscription button with a discount offer will be a great deal for your customers. The percentage of discount will give you a clear insight into the duration your customers will take to repeatedly purchase the products.
This will help to strike a great long term bond with your customers now and in the future.
THE ‘E’ FACTOR in E-Commerce
Do you have any idea about the ‘E’ factor – this is Easy in E-Commerce. Making new customers in this domain of market is not a difficult task, but what is more difficult is to retain them. Making a loyal customer is only possible with trust that makes him a recurring customer for your business too.
Most of the businesses nowadays have a Live Chat option to keep their customer tied with them, but few skips on this or even make a late response that builds a sense of insecurity for your customers and hardly retains them back.
According to a source, 62% of customers agree to the fact that they return to a website if the Live Chat Option keeps them engaged and resolves their queries. 38% agreed that they purchased products due to the Live Chat option only.
MAKE EVERY PURCHASE SPECIAL
‘First Impression is the last one’- with this, your customer stands by you. Make every purchase a special one for them because who knows you may not get a chance again. Proper Email, Gift Voucher, and Watchful Words are the chief tools to communicate with your customers.
Try Remarketing after every purchase, ensuring them that they still add value to your business after the purchase. If you can encourage customers to sign up for newsletters, email – then this can bring in lashing sales in your business.
GIVE A REASON TO VISIT AGAIN
Never close any topic or product claiming it to be the effective one without proof. People look for evidence.
Customer testimonials, Case Studies, and Social Proof are the best means to be the sole reason for your customers to visit again.
Give them unrivaled client administration
"The objective as an organization is to have client service that isn't only the best, but amazing" - Sam Walton
Client administration is the foundation of any web-based business organization. As indicated by the overview, led by Right now innovations;
89% of customers have prevented purchasing from online stores after they've encountered poor client administration.
The poor client won't just stop a client to make another exchange, however, it will likewise urge them to compose the negative input about your site via web-based networking media. What's more, terrible Word of mouth is no not exactly an underhandedness for a web-based business website.
The following are the different approaches to give your client stunning client administration:
- A) Track all client associations:
Following all client associations decreases time wastage for both your operators and clients. It likewise causes the specialist to determine the issue easily. At last, the client experience the quality client administration.
- B) Listen to your client via web-based networking media:
As indicated by desk.com, 46% of online clients anticipate the brand to give client administration on Facebook. Online networking lessens the hole among clients and merchants.
- C) Focus on auspicious reactions:
Regardless of whether it is email, visit or online networking discussion, the client anticipates the quicker reactions. Act rapidly to win your client with the goal that he can confide in the organization like never before previously.
The Bottom Line-
Each business is either intended to develop or coming up short—it's going to you. A solitary advance can either represent the moment of truth in your business. Fruitful organizations always patch up themselves by tuning in to their clients' interests and criticisms, and by altering their business, items, procedures, and methodologies to satisfy a consistently moving model. By following the above strategies, an online business organization can prevail to make a recurrent business with a client.