Small Business

3 Essential eCommerce Strategies for Maximizing Revenue in 2023

Pinterest LinkedIn Tumblr
Advertiser Disclosure

This blog post may contain references to products or services from one or more of our advertisers or partners. We may receive compensation when you click on links to those products or services.

The average conversion rate for eCommerce websites is only 2.12%. And while that’s a number that can still produce significant returns on a larger scale, it points to the fact that the majority of eCommerce stores could do a lot more to drive sales and increase revenue. 

But unfortunately, many online store owners don’t have a structured process for increasing sales and maximizing revenue on their stores. They have a vague idea of what they should do, but the lack of a system and the fear of making significant changes prevents stores from achieving their full potential.

The good news is that there are actionable steps you can take today to increase revenue on your eCommerce store. These strategies work well for sellers of all sizes, making them a great option in almost any stage of the company’s growth. 

Identify Your Best Customers

Making sales online depends on a lot of factors. And there are countless strategies you can employ to drive traffic to your site and get offers in front of people. 

But any of that will only matter if you know exactly who you want to sell to. Even the best products can be impossible to sell if you offer them to people who simply aren’t interested.

Because of that, your first step as an eCommerce store owner is to identify the ideal customers you want to sell to. It should be an audience that doesn’t just have a vague desire for your products, but who are ideally suited to buy right now and buy from you and not someone else.

And this means that you must look at your brand and what it represents.

A big part of sales online is having the right brand image. Anyone can go and buy things on Amazon, but many people choose to work with smaller brands because they associate with the values, the aesthetic, and the brand voice.

So, before you start thinking about strategies, make sure that your brand is aligned with the ideal customers you want to attract, and then drill down the specifics of who the person that would make the best customer is, where they hang out online, and how you can make them notice your company.

Choose the Right eCommerce Platform

Many novice entrepreneurs consider eCommerce platforms to be an afterthought. Instead, they focus on getting a site up as soon as possible, thinking that they can figure out the details once it’s up and running. 

And while there is some logic to that approach, the platform you choose can have a massive impact on how your eCommerce store functions, what features you can take advantage of, and even how much revenue you get to keep.

Going with an option like Shopify may seem like a simple enough approach, but when you consider how much you can leave on the table through payment processing and other fees, you may find that it’s better to build your site independently.

Some will saddle you with plans from day one, forcing you to pay monthly even while your site is being built. The good news is that there are plenty of platforms to choose from, and new options are becoming available, offering more flexibility, lower fees, and an excellent customer experience, which is an essential part of increasing revenue.

Build a Mobile App

Image Source

Having a mobile app can be one of the fastest ways to drive revenue on your online store. But the prospect of having to design an app that your customers will actually use can seem too complicated to even get started.

But while designing an app used to be a complicated and costly process, figuring out how to create a mobile app has become much more manageable. With the rise of various app builders and template options, you can have an app up and running for an affordable price and without having to spend months on the project.

But why should you bother with an app in the first place?

Well, a mobile app can become a hub for your online business, serving as your own platform where you can interact with your customers directly. You’ll have a way to continually engage your customers, track their activities, and offer relevant products and deals based on their preferences. 

Finally, by having an app on their device, you can always keep your brand on their minds, which will provide a boost to your customer retention and customer lifetime value. Using push notifications and a simplified checkout process, you can get people to shop at your store more often, actively pursue new deals, and provide you with a consistent stream of sales whenever you launch a new product or start a new promotion.

Final Words

Growing an eCommerce business is not easy. No matter what market you might be operating in, you not only have to deal with industry giants like Amazon or Walmart but also smaller brands that are aggressively trying to lure away your customers.

However, if you identify a narrow audience you need to focus on, choose the right platform, and engage your customers through a mobile app, you’ll have a much better chance of ensuring sustained growth over the long term future.

Become an Insider

budget planner template printable

Subscribe to get a free daily budget planner printable to help get your money on track!

Make passive money the right way. No spam.

Editorial Disclaimer: The editorial content on this page is not provided by any of the companies mentioned and has not been endorsed by any of these entities. Opinions expressed here are author's alone

The content of this website is for informational purposes only and does not represent investment advice, or an offer or solicitation to buy or sell any security, investment, or product. Investors are encouraged to do their own due diligence, and, if necessary, consult professional advising before making any investment decisions. Investing involves a high degree of risk, and financial losses may occur.

Write for Us

FangWallet was created to make financial knowledge easy-to-read and accessible to the masses. Personal finance. Understood.

Write A Comment

Pin It