There are 2.1 million online shops in the U.S. – and this number is increasing by the day. Fueled by the COVID-19 pandemic, the ecommerce industry is on fast legs.
As an entrepreneur, you have made a savvy decision to start an online shop. The internet opens up your business to a vast market with millions of potential buyers, and the startup costs are low.
However, that alone isn’t enough to make your ecommerce store succeed. Competition is rife, with big e-retailers like Amazon dominating the market.
What can you do to increase the profitability of your store? We’ve got expert insight, so read on!
Build a Quality Ecommerce Website
A good number of online entrepreneurs pay too much focus on creating a quality product and overlook building a quality ecommerce website. Yet, potential customers are going to interact with your website before your product. If the website is poorly put together, they might leave before making a purchase.
As such, it pays to focus on building the best ecommerce website. You want potential customers to love spending time on it even when they aren’t purchasing anything.
There’s a lot of work that goes into building a proper ecommerce website. If you don’t have ecommerce site development expertise, outsource the job to a professional developer.
A Quality Product/Service Goes a Long Way
Competition in the online marketplace is fierce. There are probably tens or hundreds offering the same products and services you’re selling.
In a marketplace where a customer is spoilt for choice, they’ll tend to go for the product with the best build quality, even if it means spending a little bit more money.
Therefore, work on your product before launching a business. Ensure it’s well-built and works as advertised – no ifs or buts. Customers hate spending money on a product only to find that it doesn’t do the job it was designed to do efficiently.
Get a Handle of Order Fulfillment
Order fulfillment is the heart of your online business. It stops, your business will barely survive.
Unlike in brick-and-mortar businesses where customers walk in and walk out with their purchase, in ecommerce you have to ship them to the customers. Your shipping strategy can make or break your business.
Online shoppers want their orders fulfilled fast. In fact, some are willing to pay more as long as you will deliver their orders on the same day.
While you don’t have to offer same-day shipping to attract and retain customers, having a reliable shipping service that gets orders to customers on time and in perfect condition will go a long way to increasing your store’s profitability. Learn more about ecommerce fulfillment as you refine your strategy.
Offer Great After-Sale Service
Your interaction with the customer doesn’t end after you’ve delivered their order. After that, they might need to return the item or call in for help using it.
Great after-sales service not only enhances customer experience and satisfaction but also encourages repeat purchases. This is how you make your business more profitable.
Make Your Ecommerce Store More Profitable
Like any business owner, you’re in it for profit. The more the profit, the better.
However, great profits don’t just come knocking on your door. You have to put in the work. With this guide, you now know what you can do to make your ecommerce store more profitable.
Explore our blog for more ecommerce tips and insights.