So, you think your sales channels are delivering everything they can, and you’ve maximized your revenue? We didn’t think so. Taking that top line up, is a primary goal of every business, but what are some of the signs that your online sales are lagging behind and need a pickup?
Getting the most out of every one of your sales channels is a never-ending process. There is always refinement that can be done, campaigns that can be launched, and technology that can be implemented to make them better. But what are some specific signs that your online revenue isn’t where it should be, and how can you get the ball rolling on some new revenue initiatives?
The Four Signs and Their Fixes
1. You Track Store Stock and Online Stock Separately
Some brands have 80% stock set away for stores, is yours one of them? Separating online and offline stock is usually done for two reasons: 1) because store stock is often inaccurate, and 2) to reduce the risk of a poor customer buyer journey. Think of it like this, your customer gets to your site and finally finds the product they want, in the right color and size, but then you get to the checkout, and it’s out of stock. Or, even worse – you accept the order, go to process it, push it to the store, then they can’t pick it.
If you don’t give web sales access to your store stock, or give stores access to the stock in other retail outlets, then you’re missing opportunities to sell your products to a wider group of customers. If your current out-of-stock products are higher than 10%, you’re doing something wrong. Addressing your stock balance, by joining it all up, is a great way to solve that.
2. You Have A Lot Of Manual Processes
This is a simple one to figure out – do your teams spend most of their days processing customer orders or returns? Or, does the team that manages your different online channels spend a lot of their time manually updating product information and pictures? If the answer to either of these questions is yes, then getting things automated will unlock a heap of potential revenue. It will speed up order processing which benefits the customer, and gives your teams more of their time back to focus on selling.
3. Your Online Customer Growth Is Low
This one might sound a bit obvious, but if your online customer base isn’t growing, then something is going wrong. After all, customer growth is a natural way to increase revenue. Online marketing is difficult and expensive, so a lot of businesses avoid it – worried it will be a money pit, but if you aren’t using the channels your customers are on, then you’re missing out on online revenue. Could you sell via a marketplace, for instance? Sure, your margins will be lowered, but your reach can increase dramatically.
4. Your Webshop Doesn’t Have Many Features
If all you’re listing next to the products on your website is size and price, you’re missing so much functionality that can help drive sales and revenue. Consumers expect and appreciate things like recommendations, invite-a-friend schemes, and discount codes. You can make web experiences as deep as you like, but there are easy starting points that can really help to drive sales. Better still, because you’ve got an online store, you can measure the impact of every change at a granular level because data is recorded at every step of the customer journey.
Want to boost online revenue? Speak to Wolfpack now.