There is plenty of buzz around the popularity and success of ecommerce businesses. There’s no denying that this market has exploded and become a force to reckon with over the past decade. Nowadays just about everyone has a mobile phone or computer that they rely on to make online purchases of goods and services. If you think about it, just about everything is available online – ecommerce has stretched into all markets.
So, what happens if you own an ecommerce business and you’re looking for a way to increase its value? Although these types of businesses are popular, that doesn’t make them an automatic success story. Here are some of the ways you can increase the value of your ecommerce business, keeping in mind you may need to use a combination of these tips to see results.
Have You Figured Out the True Value of Your Website?
Before you start looking at ways to increase the value of your ecommerce business, you want to be sure you have figured out the true value. This isn’t the value you think seems reasonable; instead, it is the actual value that takes various aspects into account. Don’t forget about chargebacks, returns and refunds as well, as these all affect the value.
Focus on Conversion Rates and Revenues
There is no way around it – if you want to increase the value of your ecommerce business, you will need to increase the conversion rates and revenues. Granted, this is usually easier said than done, but the value of a business hinges largely on the sales. Typically, the best solution is to employ various techniques and then track your results so you know what is working and what isn’t.
Some of the ways you can increase conversion rates and revenues can include the following:
- Build an email list of customers – it needs to be an opt-in list so people don’t look at the email as spam
- Start sending out emails that are personalized and contain information that grabs their attention
- Check if the checkout experience is too difficult with too many steps
- Remove unnecessary fields in forms
- Consider adding a live chat or support feature so that customers can ask questions, which will hopefully close the sale
You’ll also want to look at the reasons people are leaving items in their cart and not completing the sale. This can include shipping costs, lack of variety in inventory, the price of the item, feeling unsafe purchasing on the site, your return policy and so forth.
Is the Site Optimized for Mobile Use?
It sounds like a simple question, but if you haven’t taken this step, you could be missing out on potential sales. Making sure your ecommerce business is optimized for mobile use means it appears and responds the same way on a mobile device, such as a smartphone or tablet, as it does on a desktop computer.
Find Ways to Boost Your Traffic
The final tip is to look for ways you can boost traffic on the site. This could end up being the most significant move you make as, once you boost traffic, it can result in more sales and revenue, which then increases the value of the site. Boosting the traffic has a domino effect.
In terms of how to boost the traffic, these tips can help you to be successful:
- Use backlinks
- Get active on social media and link to the website
- Start using hashtags on social media
- Post blogs on the website, with long-tail keywords
- Make use of referral traffic
All of these tips combined can garner the results you’re after, allowing you to increase the value of your ecommerce business.