Generating More Money From Your WooCommerce Store
E-commerce is a competitive space these day. To be successful, you can ‘t rely solely on pushing for more sales. You need to think about ways to get the most out of your operation and leveraging the right tools can help generate more money for your business without necessarily expanding your product line.
For WooCommerce store owners, this means shifting your focus. It’s not just about more sales, it’s really about maximizing the value of each transaction and improving the overall shopping experience.
When you do that people come back. And selling more to the customers who return is always more profitable then generating new customers (5 to 8 times more profitable, in fact).
So, what do you do?
Here’s some things you can implement right now.
Enhancing Average Order Value
One of the best ways generate more money for your store without selling more products is to increase your average order value (AOV). You can do this upselling and cross-selling. Recommending related products and premium-priced alternatives, you give customers options that make it appealing for them to add more items to their cart.
This better serves them, while boosting your AOV.
Implementing a tiered pricing and bundling products with special incentives and limited-time deals that aren’t available elsewhere, can also incentivize larger purchases.
Streamlining The Checkout Process
Sooth and efficient checkout goes a long way in preventing cart abandonment and increasing customer satisfaction.
Streamlining your checkout can significantly increase sales. Make sure your checkout page is as user-friendly as possible, with clear instructions, a variety of payment options, and a quick, straightforward path to purchase.
This is where a tool like the Mcardit WooCommerce plugin comes into play. People flock to Amazon in large part to its 1-click checkout process. With Mcardit at checkout, your customers can check out on your store, just like they do on Amazon, 1-Click and they’re done.
Reducing The Cost Of Payment Acceptance
Pay by Bank has become a very attractive alternative to credit card acceptance due to its 50% cost saving.
When Same Day ACH is included, it becomes a powerful combination.
Not only is it very easy for consumers to use, the money is pulled from their accounts same day.
This becomes a powerful method of payment for Woocommerce stores because customers can use their bank account in an Amazon like, 1-click checkout.
Utilizing Data Analytics
Data analytics tell you what’s working and what isn’t.
By analyzing your data, you can make better decisions about which products to offer, which to bundle, which to discontinue and which ones to focus on promoting.
You’ll also gain invaluable insight as to how to improve your customer’s shopping experience.
The data shows you where to target your marketing efforts can can help you improve conversion rates.
Wrapping It All Up
To generate more money for your WooCommerce store, you need to look past simply aiming for more sales.
Start implementing the strategies we discussed, such as: enhancing the average order value, streamlining the checkout process with tools like the Mcardit WooCommerce plugin, lowering the cost of payment acceptance and making better use of data analytics, you can start generating more money without constantly expand your product line.
Isn’t it time you started?
