With the availability of robust ecommerce development platforms like Magento and Shopify, setting up an online store is not much of a challenge.
But launching a well-designed online store equipped with top-notch functionalities would not alone ensure high revenue and profits. You need to differentiate your business from your competitors and build integrity around your business to convince your prospective customers that you are the best choice in the market.
Besides, customers, nowadays, have countless choices when it comes to shopping online. So, they have grown more careful about where they want to buy from. Even the smallest of mistakes can direct an interested prospect towards your competitor’s website.
Long and complicated checkout, high shipping costs, limited payment methods and mandatory sign up process are amongst the most common factors that influence the customer’s decision, coaxing them towards cart abandonment.
However, there are some less recognised issues outside of the checkout cycle that can set up your business for losses, too.
Here we have highlighted two typically unrecognised mistakes that can reduce your bottom line and minimise profit margins.
Taking the plunge without considering costs
Many ecommerce owners fall victim to this mistake. Whether you are launching a new store or introducing a new product to your existing range, calculating costs beforehand is paramount to effectively utilising your marketing budget.
From the initial costs of setting up your online store to cost of acquiring customers and marketing products/services, estimating expenses in advance will help you determine how much can you spend across varied areas of your business without blowing your budget.
Giving away products without a strategy in place
Handing out freebies and product samples is a proven tactic online marketers use, especially when they are launching a new product or starting a new business.
Though giveaways are a fantastic way to attract customers and increase repeat sales, they may not be a good idea for every business. For example, giving away packaged goods or perishable products can encourage customers to come back for more. Long lasting products like clothes, electronic devices and furniture, however, are more likely to boost branding and less likely to induce repeat purchases.
So, if you sell the latter type, you better have a robust strategy to maximise customer engagement through your giveaways and increase their chances of making further purchases.
To sum up
These mistakes can be avoided by improving your user engagement and experience. The sure-fire approach is to find your ideal audiences and then optimise the checkout process and the shipping experience to keep them engaged enough to finish their purchase.
With the help of an expert specialised in Magento development in Sydney, you can implement your marketing strategy with your ecommerce website to find countless opportunities to increase revenue. To get the best out of your ecommerce optimisation and marketing strategy, make sure you hire a reputed Magento specialist with a good track record.