It is a sad truth of the eCommerce world that huge volumes of traffic do not necessarily translate into corresponding gains in revenue. Increasing your conversion rate, that is, the rate at which casual actions like viewing or browsing translates into deliberate actions like sharing on social media or clicking “Add to cart” is absolutely crucial to success in your online venture.
If you are using Magento, you are in luck. This completely open source PHP based platform has an extremely supportive developer base and thanks to that, talented people have cooked up various useful extensions with the targeted aim to increase your sales and not just useless bandwidth hogging traffic that does not result in a sale.
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It is a well-known fact in the world of advertising that we as people tend to think as a group. Having a person recommend a product is one of the strongest influences on a prospective customer.
This is why using the Testimonial extension on your site is almost guaranteed to create an increase in sales. People instinctively believe another person’s words about their own experience with a product.
Testimonials attesting to a product’s efficacy may give them just the right push needed to convert plain simple “interest” to a verified purchase.
Free Gift and Discount
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Customers love free gifts and promotional offers when they buy products online. They act as powerful incentives to reinforce their buying behavior and tempt them to spend more to get more rewards, resulting in a feedback loop that can result in increased sales very easily.
You may also offer promotions linking to businesses not related to your own to allow you to attract a diverse customer base. Release coupon codes on social media and set up your Discount extension such that inserting the coupon code activates a discount.
These small rewards can make online shopping extremely addictive for the customer and all the more lucrative for you.
Also including similar extensions like “People Also Viewed” or “Best Sellers” provides customers with a vantage point in the vast ocean of products online; it is extremely easy to lose track of what products one needs to buy.
Given the vast array of available goods, narrowing down items that the customer might be interested in provides the customer with fewer choices, making it more likely for them to make a purchase rather than get fed up with indecision and not buy anything at all.
Extensions are also able to recommend new products based on data analytic ranging from past purchases to location based services that rank what other people in the area have bought, giving the customer insightful recommendations that are topical and on point.
As attention spans get shorter and shorter, people are more likely now than ever to abandon a trade because someone posted a cute picture on social media and tagged them in it.
Using Sales Recovery extensions, simple actions like reminding the user of items that have been in their cart for some time can be just the right amount of nudge needed to make them check out their purchases and confirm it with payment.
These reminders also give the customer a feeling of involvement; it is entirely possible that they abandoned the site without intending to do so. Just the reminder of the facts that there are items in their cart that have not been checked out is enough to guarantee a purchase.
Sending carefully curated and non-intrusive newsletters containing items that the buyer may be interested in, is a good way to forge lasting relationships with the customer by leveraging the power of data analytic.
Using information about past purchases, intelligent recommendations about what the customer might need or be interested in the future can easily generate additional sales.
Above were our minute thoughts on how magento eCommerce store owners may increase eCommerce sales.
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