A problem with the idea is that there is only one problem with it. The phrase “on sale” means that the price has been cut, and a cut means less money for the business. Yes, a well-planned sales strategy can make up for a smaller profit margin by increasing the volume of sales a lot. What if you could boost ecommerce sales without cutting prices?
What if you could boost sales of your e-commerce business without lowering prices?
Is that something you’d be interested in?
Here, we’re going to talk about seven of the best ways we’ve found to get more people to buy your products without having to cut your prices.
Take off.
How to Make More Sales on E-commerce Sites (The Preferred Method)
If you sell 10,000 widgets for one dollar each and make a profit of five dollars each, you’re twice as good as if you sell 1,000 widgets for five dollars each and make a profit of 10 dollars each. This is simple math.
Marketers always have a hard time figuring out how much to charge for a good or service. To decide: “Will I go with the higher price, but less sales?” Or would I be better off lowering the price to get more people to buy the thing? (Of course, the first step in setting prices is to look at the market and the competition.)
When you focus on what your competitors are selling those widgets for, you run the risk of focusing on undercutting those prices and then deciding how to sell your widgets. That’s called “running to the bottom of the barrel.” It’s not the best thing to do.
At The Good, we spend a lot of time teaching smart digital marketing managers about how to improve their conversion rates. And a good conversion rate optimization strategy doesn’t include lowering the price of things.
When we think about the widget sale again, let’s look at a different set of numbers:
Scenario #1: You get 100K visitors to your ecommerce site because your prices are so low. If you buy something for $50, you’ll get a five percent conversion rate thanks to the big discount. There were 5,000 sales, and you made $250,000.
Scenario #2: You keep your prices high and don’t cut them. Even if you get the same amount of traffic (100K) and the AOV goes from $50 to $75, if your conversion rate drops to 1%, your revenue will go down to $75K.
Scenario #3: When you read this article, you decide to use some tips below. When you use conversion rate optimization principles, you can keep the conversion rate at 5% and make each order cost $95 each. You make $475K, which is almost twice as much as you made with your steep discount strategy. You don’t have to cut prices to make this happen.
“It’s impossible,” you say.
We see numbers like that, and even better, all the time. Conversion rate optimization (CRO) is the link between your website traffic and your sales. It helps you make more money. We’ve talked about CRO in great detail before (see the resources listed below).
For now, we’ll keep going and get to the seven best ways to start. This isn’t an all-inclusive list, but it has numerous ideas that can help you sell more goods or services and make more money at the same time… without cutting your prices.
How to Increase Ecommerce Sales FAST – Without Lowering the Price!
There are seven conversion rate optimization tactics in the CRO tool bag that we could only use seven of. The ones we’re going to list here are some of the best. We’ve seen these ideas help boost ecommerce conversion rates over and over again, so we know that they work. They do.
1. Split testing (A/B testing) is a direct way to make more money from your business.
It’s a Kaizen-style approach to continuous improvement that – if done right – is sure to work. Countless agencies and ecommerce development shops don’t test enough, try to test too many things at once, or don’t test at all. Avoid that. Find out this lesson and beat the other people.
2. Figure out what makes you different from your competitors.
Why should I buy from you instead of someone else?
There should be one USP for your business, and each product or service should have its own. … Because there isn’t much to be found in the things you sell,
There is a mustard called Grey Poupon that I have never heard of before. Check the shelves of the grocery store. Not at all: It’s not the cheapest mustard you can buy there. Customers wouldn’t even think about paying less for Grey Poupon because they don’t like to pay less. After all, it’s said to be the brand that the rich can’t live without. A common mustard isn’t this one.
3. Fix your checkout process and stop people from abandoning their carts.
When you go to a store, you don’t often see people who are almost done with their shopping cart, then decide to walk away and leave the cart there. This frequently happens when you buy things online.
This is how e-commerce works. Cart abandonment is impossible to avoid. In our experience, that isn’t the case at all.
We’ve seen significant changes when conversion rate optimization principles are used during the checkout process.
4. Give away free delivery as a fourth thing to do.
You can look at different options, place an order from your living room, and then have your order delivered right to your door. Shoppers love this. They don’t have to fight traffic, find a parking space, and then be disappointed when what they want isn’t on the shelf when they shop online. Consumers love shopping on the internet. But they don’t expect you to pay for shipping at all, not even a small amount.
How can you offer the lowest price and include free shipping at the same time, and do both? You most likely can’t. Then we made this list for you. If you can only compete by cutting prices to the bone, then you’re already in trouble. Keep your prices the same, but learn how to boost your e-commerce sales without having to cut them.
5. Make sure there is a lot of social proof.
They want to know if it’s a good idea to buy from you on the internet. The best way to show them is to let other happy customers talk about how great your service is. Prospects are more likely to believe you if someone else says good things about you than if you say good things yourself.
Use ratings, reviews, comments, and endorsements to get your customers to help you spread the word about your products, services, and brand. Every sales page on your e-commerce site should have social proof, or proof from other people. If you’re afraid of getting bad reviews, you should get over it and move on. Eventually, it’s better not to have any customer feedback at all than to risk a few complaints.
Smart businesses find ways to solve problems. When someone complains about something, they go to work right in front of other people who are shopping. Do not hide their mistakes: They don’t try to do this. They help them.
6. Reduce the amount of friction in your shoes or other things that move.
The way to buy isn’t a one-stop shop. To find your online store, potential customers have to look at your inventory, choose the product or products that best fit them, add items to a shopping cart, and then buy them.
It takes time for people to decide if they want to buy something or not. Conversion rate optimization tactics remove barriers (friction) from that path and make it a lot easier for people to become paying customers by making it easier for them to do so.
7. A sense of urgency is important.
People who shop online are likely to do a lot of research before deciding. It’s your job to give them a lot of information so that they don’t have to look for the answer to their questions somewhere else. Furthermore, give them a reason to buy from you immediately.
There are numerous creative ways to do that. You can show how much stock is left, include a gift with a purchase during a certain time frame, or try to make shipping deadlines work in your favor (especially around the holidays).
When you give people a good reason to buy while they’re on your website, your sales will go up. The goal of conversion rate optimization is to make more people buy.
What are you going to do now?
Try the tactics and see if they help you sell more.
There are many ways to start selling more without having to cut prices. We’ve given you seven proven ways to improve your own ecommerce site.
