Online retail is an increasingly competitive world. To stay alive and ultimately thrive, you must explore every possible avenue of Increasing traffic, making conversions and boosting overall sales – anything you can do to ensure your business stays competitive. While most of you out there competing in the digital marketplace understand the basic strategies and methods for generating sales, our modern world is constantly presenting us with new techniques (and twists on older methods) with which to gain an advantage over our competition.
We are going to present to you three underrepresented methods for increasing the profitability and overall health of your eCommerce site. Correctly utilizing the following techniques will give you a distinct advantage over a competitor who does not.
Monitor Your Competitors’ Prices Using An Online Tool
Finding out where your products lie in the market is incredibly import. To understand market placement, you need to know how the price of your products matches up to the competitors. This is important for understanding what groups you are catering to and how you should advertise your store. Pitching a more expensive product will usually require different language than a pitch for the cheapest product.
It used to be that you could take a slight trip down the road to see what your big competitors were selling their products for. In the online world though, you could have hundreds if not thousands of competitors for each item you sell. Retail price optimization software, like Upstream Commerce, is the modern solution to this data overload problem. This software allows you to monitor all of the offerings of a given product across the web. Some versions of this software can even predict the future value of an item based on past trends.
Many big name brands use these advanced tools to adjust and optimize their prices hundreds of times a day. Because of this, strategic pricing is becoming more and more necessary every day – strategic pricing allows you to stay competitive when demand for a product is low, and maximize profits when demand is high. Most businesses that fail to adopt these modern methods quickly fall behind competitors who do.
Some Retail price monitoring software offerings also allow you to compare your product catalog to other similar brands and can show you opportunities or dangers in your current product lineup.
Have A Presence On Various eCommerce Platforms And Social Networks
Making sure your brand appears in the places where your customers spend their time shopping and socializing is extremely important.
Many online stores will use other online shopping platforms to sell some of their products. Some power tool companies will sell the tools on Amazon or eBay and then make customers buy compatible battery replacements from their own online store. In addition to bringing customers to your shop, this also has the long-term effect of putting your brand in front of more people. Alternative platforms can be an excellent way to establish your brand early on.
Social media can also be a great place to discover a new audience and speak directly to your customers. With a good handle on the needs and language of your target demographic, social media can be beneficial for building customer loyalty and carving out a solid niche. It can also ruin you if mismanaged. Just watch the news for a couple of days, and you will see another scandal or business taking a hit because of something that happened on social media.
In the end, it comes down to finding out where your target market spends their time online and finding a way to get involved and increase your web presence, as this eTraffic guide details. Facebook, Instagram, Reddit – these sites all cater to different age groups and markets differently than one another. Spend the time to understand how to use the relevant platforms effectively.
Collect Reviews And Feedback From Customers, Act On It
You should always pay close attention to how your brand is being perceived and talked about. Not all feedback will be entirely accurate, but if you start seeing trends, then you should act on it. Whether good or bad, feedback can be used to improve your business and better serve your customers.
It is crucial to make an effort to get as many of your customers to leave reviews as possible, Shopify claims. The more you get, the more accurate your picture of your operation will be. Ask for feedback often. Don’t annoy your customers, but make sure that everyone is asked at least once or twice to leave you some feedback.
This goes beyond just reviews and feedback though. Take a broad look at all of your data. Where are your customers coming from? What devices are they using? What times of day are they visiting your page? All of these numbers can help you better strategize and plan out your marketing and messaging. That same software that helps with pricing or at least similar offerings can also often help you better strategize your marketing based on those customer data points. In today’s world, the more data you can collect, the less money you have to waste when it comes to improving your business and conducting advertising.