FIVE WAYS ECOMMERCE SITES CAN BOOST PROFITS
According to an article on econsultancy.com profit margins determine whether businesses sink or swim, and this is especially true in the high competitive ecommerce industry!
These five steps can help create a more effective pricing strategy and boost profits:
1. Marketing Automation
Automate as much as possible – Repricing manually requires a hefty budget and lots of time. Automation can reduce operating costs significantly and at the same time increase productivity.
2. Increase average order value with discount
The relative price is much more important than absolute or nominal price. Retailers need to use psychological pricing to optimize for profit. While it may seem counterintuitive at first glance, discounts can increase profit margins for retailers if they make the minimum purchase higher than their average sale.
3. Manage inventory
In order to sustain sales, all retailers must manage their inventory effectively. Running out of a product should be avoided at all costs because 77 % of shoppers will leave your site for a competitor.
4. Customer Service
The majority (66%) of shoppers are willing to pay more for great customer service because they know they’ll be taken care of no matter what happens.
5. Dynamic pricing
Dynamic pricing is a new and effective pricing strategy for the retail industry that allows businesses to have flexible pricing.
Contact us and we will tell you all about how Marketing Automation
can boost your profits!