A question often asked is how to increase online sales. Regardless of products sold, retailers often struggle to understand how to boost online sales quickly. Pricing tactics are a great tool to increase online sales without additional investment into marketing campaigns.
Are sales slow, existing customers not ordering? Marketing products online does not guarantee success. It may guarantee traffic, but conversion with online stores and consumers is a sales and pricing job. Retailers should carefully use pricing tactics to boost online sales. Here are some great tips for pricing retail products online.
Offer free shipping at a certain price point.
Some retailers offer free shipping with order over $50, $100, or $150. It all depends on how many products are sold and the price points, but one thing is clear. Retailers must offer free shipping to succeed online. It is almost demanded at this point by consumers. Of course, this does not related to heavy and bulk items that can be bought online such as furniture.
Incorporate cross sell features and functions.
Website visitors do not visit every page of an e-commerce website and online store. They only browse a few products at the best. It is for this reason that displaying related items to cross sell is important. Applications that properly display features and functions for cross selling should be incorporated on key pages to boost online sales quickly.
Promote coupons and gift certificates online.
Even though coupons on their own are not as effective, when used properly with email campaigns they can be results oriented. Retailers can create coupons and discounts for a specific time period, when they are only redeemable. This drives consumers to come back at specific times and with a properly timed newsletter to existing customers can boost sales quickly.
Understand profit margins for each product sold.
Not all profit margins are the same with each product sold online. Retailers must understand their profit margins for each SKU. Some products will have a lower margin, while other products a much higher. Using the lower profit margin products as incentives, while driving sales of the higher profit margins can quickly boost profitability for online retailers.
For companies that want to increase their online sales, professionals can assist. Experts at online conversions, website design, and applications can very effectively increase the results of a website or develop a proper infrastructure for successful online sales. Consulting services or marketing services tend to address online stores and businesses.