Starting an online business isn’t easy and maintaining a sustainable level of growth for your business can be even more challenging. Many business owners can attest to the fact that the growth phase of a new business comes with very high risks particularly when it requires you to invest more money into your business without a guaranteed sales forecast or proven lead generation model in the start-up phase.
We all know growing business means increase revenue and decrease expenses. We’ve put together a three top tips on how you can do this through BuyersCircle to grow your Shopify business.
Let’s put yourself into your customers’ shoes. What would you typically do if you wanted to purchase or research a product online? Does Google search ring a bell? Yes, that’s right – Your customer will search for the product using the Google keyword search bar. So, the question is how could you drive this customer from Google –> to your store?
Expanding your product lines can also increase your store exposure through Google SEO / SEM, because it means you can cover more product keyword search terms through your offering. Increasing your exposure is that easy, increase your product offering in order to increase your store exposure in the search engine.
Increase average transaction value per customer
How many items do you want your customer to purchase through your store in one transaction? One? Two? Three? Or as many as possible?
Your eCommerce store is the best opportunity to cross promote your product lines. The more complimentary product lines you have, the more your customer can purchase in your store. Your customer doesn’t care if you stock those products in your own warehouse or if you are dropshipping them, as long as those products are what they are looking for and you can guarantee quality and delivery of those items in due time.
If you are selling pet food, you need to have other pet related products such as dog bedding, toys, and even dog apparel. Add more related products to your store to increase the average transaction value per customer, you want to encourage them to buy more by providing them more product choices.
Another fill up your cart trick is shipping fees. Can you offer free shipping over $50 or $100 to entice your customers to add enough products to reach the goal of zero shipping fees?
Lower cost, higher profit
It’s important to maintain efficiencies to lower your expenditure costs and increase revenue of your store. Based on the above two points, increasing exposure and average transaction value per customer both require more product lines / income revenue streams, at the same time we want to lower the costo of doing business to drive higher profits.
So how do you ultimately decrease cost of goods sold (COGS) but increase your product lines and revenue streams? Dropshipping can help solve this dilemma easily, you don’t have to source and purchase the products in advance, which helps release pressure on cashflow, and lower your risk because you don’t have to hold product inventory on hand.
BuyersCircle is a completely free dropshipping Shopify Plug-In app for you to gain instant access to their global and local supply chain. Simply add the BuyersCircle Plug In to your Shopify Account, add their products to your Shopify store, fulfil customer orders through your BuyersCircle app and let BuyersCircle take care the delivery and logistics.