Ecommerce is a game of optimization. With so many elements coming together to create a successful store, there are endless possibilities to fine tune your operation and improve overall profitability. From running an efficient Shopify order management system to making the most of email marketing, in this article we’ll explore eight easy ways to improve your margins when it comes to selling online.
1. Implement a Shopify Order Management System
A slick fulfillment system is essential for running a profitable ecommerce business. Working with a Shopify order management system that allows you to bulk tag, filter and organize your orders, at the same time as printing custom packing lists so you always send out the right orders, in the minimum amount of time. OrderlyPrint allows you to batch process hundreds of orders from one powerful dashboard.
2. Start Cross Selling
Getting the right product in front of the right customer is a sure fire way to boost sales. A great time to draw attention to a cross sell offer is right after your customer has converted. Customize your Shopify notification email templates (i.e. order confirmation, order shipped etc) to showcase more of your store’s products to shoppers who have already bought into your brand. Adding products and discount codes to your Shopify notifications is quick and easy with OrderlyEmails.
3. Enhance Customer Trust
More trust, more repeat business. More repeat business, better margins. Boost profitability by doubling down on the impression you give your customers, via consistent branding, professional paperwork, well considered communication and top notch customer service. By showcasing your attention to detail, you’ll build the kind of trust that gets sales over the line. Remember, you only get one chance to make a first impression…
4. Work on Reducing Your Return Rate
Returns eat into profitability. Lost business, wasted stock, additional shipping costs – it all adds up. Work on bringing your returns rate down to mitigate this loss. Read our blog post on the topic for plenty of tips to help reduce the number of returns being requested by your customers – from improving the accuracy of your order picking and packing, to leveraging the power of attributed customer reviews.
5. Build Authentic Community
Invest in building up your brand’s community. Whether you do this through social media channels, exclusive memberships or loyalty programs, or real life activations, community adds to the value of your brand by defining who you are and what you stand for. Community is a great way for your brand to demonstrate its values – for example, Robie Robes teamed up with the Beach Guardian initiative to support beach clean ups, donating profits and products, as well as rallying volunteers.
6. Get Smarter About Search
Almost every time a customer navigates your store, they’re providing a valuable source of data that you could be harnessing to supercharge your profitability – their search terms. What customers search for on your site can show you so much about the types of products that are set to start trending, as well as those which your customers expect you to be selling. Not selling an item which is regularly searched for? It might be time to start thinking about your next collection...
7. Leverage Social Proof
The most convincing marketing comes from our fellow consumers. The recommendations of family and friends are up there with the most powerfully persuasive messaging that any brand can hope to leverage. In the absence of this, collecting the testimonials and reviews of confirmed customers is a winning formula. While star ratings are an excellent shorthand for quality and endorsement, consider collecting new forms of review based content – video reviews, product photos and demonstrations.
8. Digitally Diversify Your Offering
If you’re not already selling digital products on your Shopify store, what are you waiting for? Digital downloads have so many benefits when it comes to profitability – including no warehousing costs, no inventory management, no shipping. Make sure you’re working with a dependable solution that helps protect your products against fraud (such as Digital Downloads Pro) and start expanding your offering.
