There are more than 12 million eCommerce websites on the internet today. Less than 650,000 of them make more than a thousand dollars every year. This presents both a challenge and an opportunity to marketers. While the probability of success in eCommerce might seem low, entrepreneurs can make a killing buying not so successful online stores and turning them around. In this article, we will look at some ridiculously easy ways marketers can make failing eCommerce websites profitable.
Growing traffic to standalone eCommerce websites can be tough work. This is because of the sheer competition that your business faces from rival stores selling the same products. Thanks to the latest algorithm updates, search engines like Google rank established websites like Amazon over smaller, niche stores. One way to get around this challenge is through content marketing. Publishing blogs, videos and images that appeal to your target audience helps your business get seen on social media channels like Facebook, Instagram and Snapchat. Also, a well-planned content marketing strategy can also help your business rank for lucrative long-tail searches on Google. All of this draws your targeted audience to your website who may then be directed to your eCommerce portal.
ECommerce marketplaces like Shopify Exchange are extremely popular among serial entrepreneurs who own a lot of businesses. The reason for this is consolidation. Entrepreneurs who own a lot of properties in an industry tend to buy more businesses in the space in order to refer visitors and customers from one portal to the other. For instance, if you own a fashion blog, it is a good idea to buy an online apparel store that aligns with the kind of fashion you cover on your website. This way, you could refer the visitors from the blog to your online store and vice versa, thereby growing the traffic and revenue across both these properties.
Customers love giveaways and discounts. Coupon marketing can however bleed your revenue and should therefore be deployed judiciously. To begin with, target your coupons at specific customers or products. For instance, you could offer a ten percent discount on new customers. This way, you incentivize new registrations while forcing regular customers to pay market price for products. Similarly, if you are having trouble moving certain SKUs, you could look at offering discounts on these products alone. One way to make sure that your coupon strategy does not cause loss is by setting a minimum order value.
The purchase of an eCommerce store should not be viewed as a standalone transaction. Buying an online store also helps you get access to suppliers, wholesalers and distributors who can provide you products at a discounted rate. Besides selling these products on your eCommerce store, you may also strike a partnership with complementary websites or brick and mortar destinations to deliver these products to their customers. This helps your business scale up your monthly volume which can fetch you a better price from the suppliers. This strategy is particularly useful to increase profitability as well as to dramatically improve your monthly turnover.