An e-commerce website allows you to take your brick and mortar store and expand it to the rest of the world. Having a user-friendly and responsive site can make a big difference to your bottom line. Like all websites, there are Search Engine Optimization (SEO) techniques to help you reach your goals.
Key Components of Revenue Optimization
Revenue Optimization has four key components. These components make-up the strategy to maximize your revenue.
1. Inventory / Stock Levels
The amount of inventory you can buy at one time plays a role in how competitive you can be with pricing. If you're a small business without a physical location it may be an added expense to carry high levels of inventory. This can have an adverse effect on your revenue. It is important to follow trends in the merchandise you offer. To increase revenue you'll need to create offers with incentives. An example would be to pair popular items and offer a 50% discount off one when purchased together.
2. Digital Marketing
Your e-commerce website will use the same marketing techniques as any website. These include incorporating SEO, building social media strategies, purchasing online ads, and promoting your business via a blog.
3. Pricing Strategy
Your pricing strategy depends on the model you choose to use to generate the most revenue. Some businesses choose a price model that sells items at a low price in hopes of increasing volume. While other models go for a high price and focus less on volume.
4. Pathways to Optimization
There are many pathways to selling your products or services. This goal is to try a few and figure at which ones are most beneficial. Opportunities include creating a mobile app, using e-commerce plug-ins for your social media channels, Google Adwords, and e-marketing.
If you are looking to kickstart sales on your site you contact us to discuss creating a performance plan.
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