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Increasing your retail sales revenue is essential to the success of your Ecommerce business, but this can be a difficult task. The Ecommerce market grows with thousands of new brands and counterfeit products appearing online every day, creating more competition, and potentially stealing your retail revenue.
The good news is, you don’t have to let the growing competition or counterfeits online stop you from growing your Ecommerce business. We have compiled our top strategies to increase sales for your online store.
1- Develop clear, trackable business goals and marketing strategies
It takes time to sustainably increase retail industry revenue for any brand, and your Ecommerce business is no different. Be prepared to build your retail sales revenue over time with goals and strategies you can easily track. Doing this now will save you time, money, and future headaches as you continue to grow your Ecommerce business.
When it comes to setting goals to increase your revenue, try to be as specific as possible.
Include a dollar amount or percent you want to earn and the date by which you want to hit your goal. This will not only make it easier to develop tailored marketing strategies, but will also help you track your progress.
Once you have your business goals in place, you’ll also want to plan out your strategies for achieving them. Just like your goals, everything you plan to implement to increase your retail sales revenue should be clear, specific, and trackable. Schedule check-ins and keep an eye on your progress so you know what’s working, and what needs to change.
2- Increase your brand’s online presence
To increase your revenue, you’ll need more customers buying from your shop. That means getting your brand in front of consumers who haven’t heard of your brand or don’t know enough about you to make a purchase. Increasing and diversifying your brand’s online presence can help you achieve this.
Keep your ideal customer in mind when determining which platforms you should use to grow your brand’s online presence. Which social media platform would your ideal client be most likely to use? Research the type of content they are looking for and will be more likely to engage with and share on their own accounts.
If you already have brand accounts set up, there are plenty of methods you can use to reach your wider intended audience with your content. Using hashtags, posting on a schedule, and learning the kind of content your audience likes to consume can all increase your following.
No matter which platform you use, be aware that brand impersonators and counterfeits are a common problem across all of them. These bad actors put your brand at risk and steal your revenue with cheap, knock-off products that can damage your reputation. Keep a close eye out for infringement on social media to ensure your revenue isn’t being stolen out from under you.
3- Engage with your target audience online
Along with growing your online presence, another way to increase sales is to improve your online engagement with customers. Growing your online presence will get your brand in front of more consumers online, but it doesn’t necessarily convince them to make a purchase. Consumers want to support brands they trust and even have a connection with, and social media offers a unique opportunity to do just that.
Engaging with your audience online can be as simple as replying to comments, liking posts related to your brand, and being open with your followers. It will help set you apart from the competition, and creates loyal customers who can help increase your revenue.
4- Feature online reviews on your store and product(s)
Reviews are a vital tool that more than 90% of online consumers use when deciding what to purchase online, and from whom. If your online shop is missing reviews on your products, it may be a red flag to consumers.
Ideally, every item you sell in your shop should have customer reviews to validate the quality of your products. To build your reviews, you can reach out to customers who have made purchases in the past and offer a discount for their honest feedback. Just ensure you are prepared to deal with the inevitable negative reviews that come in time.
Negative reviews can be the determining factor that turns away a potential customer, so they should never be left unaddressed. Always seek to resolve these issues, and keep your eye out for fake reviews that could be bringing down your rating. When dealing with negative reviews, keep in mind that fake reviews are an emerging threat in Ecommerce to be prepared for.
5- Identify and stop revenue theft
When bad actors infringe on your intellectual property or pretend to be your brand to scam consumers, they are stealing revenue that belongs to you. If you are experiencing infringement of your brand, there are steps you can take to stop revenue theft and take back what is yours.
Identifying infringement is the first step to stopping the theft of your Ecommerce revenue. Monitoring for infringement across the countless Ecommerce sale channels can be nearly impossible for a business owner like yourself to handle alone. Investing in an automated revenue recovery service is a foolproof way to ensure your brand and revenue is protected.
Digital revenue recovery is the missing piece you need to take back what’s yours and continue to grow your Ecommerce business. An automated recovery service can identify infringements of your brand online and send takedown notices all while you focus on running your brand. Not only will you be taking revenue back, but you’ll also have more time to focus on strategies to increase your retail sales revenue.
As you implement these strategies to increase retail sales revenue for your Ecommerce business, ensure that revenue is protected. Bad actors online steal your revenue through counterfeits and business impersonation, but here at Red Points, we are here to help.
Our digital recovery system can help you take back your revenue, enhancing your brand quality and increasing your sales revenue with minimal work for you. See how you can take back your revenue with Red Points today.