5 ways to run a business online to see great ROI
Increase changes of great returns when you sell online
First things first, let us get one thing straight - what does ROI or Return on Investment actually mean? Well, in the simplest terms, it is the profit or loss made on any investment to the money. Say, for example, you invested INR 1,00,000 on your business and at the end of the year, your total profit or loss is INR 10,000, then this is your return on the initial investment of Rs. 1,00,000.
Clear? Great. So let’s move on then.
The main point now becomes how to get a positive ROI. Meaning how to earn profit? We need to increase e-commerce sales. But how do we do that?
Here are a few ideas we suggest.
1. Selling quality products
The most important thing that matters is having a good product. Because that’s what buyers are looking for. Some qualities of a good product are longer lifetime, stronger material, nice appearance, etc. If your product serves these features, you’ll eventually succeed in building your brand in the online world. Quality products build credibility and earn the buyer’s trust, which brings us to our next point.
2. Building a loyal customer base
How to build customer loyalty as a new seller when the existing brands are already dominating? Here’s where the beauty of online business lies. Any seller with a quality product has an equal chance to rise and shine in the online business world. What new sellers can do is provide what is missing from the market, for example, better quality, more product features, on-time shipping, etc.
Today the buyers like talking about the products they shop. Always, always engage with them through their reviews and feedback. Understand their requirements and check whether your product is delivering the same. Customers become loyal when they feel that the seller is actively listening to them and improving the product based on their feedback
. Loyal customers mean repeated buying and chances of making more sales.
3. Making the whole buying process hassle-free
Your buyers don’t want a complex system. Keep things as simple as possible. It may be possible that the buyer likes your product, but either the check-out process is complex, or you have limited payment options. This may affect their buying decision and may direct them to your competitors. Don’t let your buyers slip away and your chances of making money get out of hand. Provide them a smoother experience to guide them through the buying process.
The shipping process
needs to be simple too. Delivery dates should be practical so you can deliver on or before that date. Delayed deliveries leave a poor impression of your brand. Selling on Amazon provides that hassle-free experience. Amazon works to make the selling process easier for you by making the payment process safer, easy shipping, providing selling from home through FBA
, and more.
4. Creating good product description
Today people don’t shop just by looking at the product specifications and the images. The product should really connect with them and match their personality and lifestyle. It becomes your responsibility to create a good and effective product description. Be it detailed information, images and videos. An impactful content compels people to buy the product.
Communicating with your buyers in their language is the key here. If, for instance, you are selling shoes for women, you need to understand what words and phrases will attract them and make the product appealing to them.
The content you create can come a long way. You can use them for promoting the products over different digital media platforms. So it’s basically killing two birds with one stone.
5. Tap into sales insights
To grow your business you need to understand it. Observing what the buyers like (through feedback), how many people visit your product and how many buy, etc. is very important in planning business growth. Keep a track of how much money you have invested, what is the monthly sales, what is your margin and your profit or loss. Keeping an eye for these numbers will help in identifying what is working for your business and what is not. This is the smart and the right way. So keep measuring to improve.
6. Keep experimenting
This is something not every seller follows. But if done the right way, it can bring new ideas and insights. Implementing simple changes, like your product display, name, description, etc. can increase its visibility. Likewise, small changes in marketing strategies can drive sales enormously
. You never know what could work for your business. New sellers can, in fact, benefit from Amazon’s Seller Rewards Portal
, where they get a chance to win rewards for their actions and kick start their online journey.
These are just a few tips on which may help in increasing e-commerce sales. You can, of course, try different approaches on how to grow business online
. The ultimate goal is to get more returns on your investment, that is, making more money. One thing to keep in mind is - your spends should always be lesser than your income. That’s the whole point, right? Planning and decision-making play a key role here. So plan well, before starting. And don’t worry, we’re always there to help you wherever you get stuck.