Improving your e-commerce platform is the only way to improve your revenue, future-proof your online business and, overall, lay a foundation for what, one day, may come to be your legacy. This is why it’s important to explore all the options that you have available so that you can pick the ones that suit you the most. Keep in mind that boosting your e-commerce platform tends to be a work in progress, which is why you might get new opportunities with each new trend that appears in the industry. With that in mind and without further ado, here are four unconventional ways to improve your e-commerce website.
This is not necessarily an unconventional method, however, it does create one vital innovation. You see, most e-commerce brands focus on attracting new customers, while not paying their regulars the attention they deserve. For ages now, there’s an estimate that about 8 percent of regular customers bring in about 40 percent of your entire revenue. More importantly, growing your return customer base gives a disproportionately large boost in profits. By increasing your customer retention by as little as 5 percent, you stand to gain as much as 95 percent larger profit.
The best thing about this lies in the fact that you don’t necessarily have to invest that much effort. A customer that buys from you once already has a 27 percent chance to return. The one that comes two times has the 45 percent likelihood of returning, while after the third purchase, the probability of a fourth purchase jumps to 54 percent. This means that with a bit of a nudge in the right direction, you stand to make a massive difference in the loyalty of your audience. Naturally, we aren’t suggesting that you shouldn’t focus on attracting new people, after all, even the most regular customer was once a newcomer. All that we’re suggesting is the fact that you should put return customers first.
A massive overhead is the bane of every business, both the traditional and the digital one. This is what makes most e-commerce entrepreneurs reluctant to venture into massive digital marketing spending. It’s not just about the money but about the inability to count on a reliable overhead in the future. Fortunately, there’s a way to get past this and that is to make your own dropshipping platform. In this way, you’re but an intermediary, which means that your overhead (at least when it comes to supplies), will never exceed your profits. This can enable you to venture into some of the more expensive marketing endeavors even in the early stages of your business.
The next important thing you need to worry about is the speed of your website, which is your most powerful retention tool. Well, this classification may be debatable, seeing as how it doesn’t really attract people but rather prevents them from leaving without giving you a fair shot at winning them over. The result is the same, seeing as how a lower abandonment rate inevitably leads to a higher Google rank, higher visibility and much better customer satisfaction. To achieve this, you need a well-designed website, a proper host and a regular maintenance.
Due to the fact that your audience already grew accustomed to the feature known as voice assistance, it might be a nice, even game-changing, gesture to present this option on your e-commerce platform. The engine for enabling such a thing is more frugal than you may assume and even if the majority of your audience never comes to use it still might provide a positive ROI. Moreover, it should be aimed primarily at mobile users, seeing as how they are the primary target demographic. Even though their conversion rates are somewhat lower than those of desktop users, m-commerce more than makes up for this with sheer numbers.
A lot of e-commerce entrepreneurs talk about keeping up with trends, which might not be the most efficient way of looking at things. Keeping up with trends tends to be reactive, so why opt for this approach when being pro-active brings more gains? This is definitely something worth thinking about every time the topic of innovation gets brought up.