{"id":8237,"date":"2018-10-17T17:48:39","date_gmt":"2018-10-17T12:18:39","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=8237"},"modified":"2022-09-01T19:56:20","modified_gmt":"2022-09-01T14:26:20","slug":"increase-sales-revenue-online-business","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/increase-sales-revenue-online-business\/","title":{"rendered":"4 ways to increase sales on your online store that you didn&#8217;t know about"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">If you&#8217;re looking for ways to increase sales and revenue for your business &#8211; this blog is for you. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">And the secret is&#8230; <\/span><\/p>\n<p><strong>Being sustainable.\u00a0<\/strong><span style=\"font-weight: 400;\">As a prerequisite to running a flourishing online business, one needs to ensure constant sales and revenue.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To be sustainable, you not only need regular sales but also need to generate high-value orders. This means that a customer buying one high-value product should become your primary target audience for increasing your Average Order Value (AOV).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This blog will help you understand the nuances of increasing your AOV, thereby also increasing your<\/span><a href=\"https:\/\/www.instamojo.com\/blog\/sales-techniques-increase-revenue-brand\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">revenue and sales. <\/span><\/a><\/p>\n<h2><strong>Important metrics to measure the health of your online business<\/strong><\/h2>\n<ul>\n<li><b>Average Order Value (AOV)<\/b><span style=\"font-weight: 400;\"> = Total revenue\/ Total number of orders.<\/span>This metric will help you understand how much your customer spends, per transaction.<\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><b>Average Basket Value (ABV):<\/b><span style=\"font-weight: 400;\"> This is similar to AOV. But, when AOV shows the amount a customer spends per transaction, the ABV helps you gain insight into the number of items a customer bought, per transaction.<\/span><\/li>\n<li><a href=\"https:\/\/www.instamojo.com\/blog\/calculate-customer-lifetime-value-grow-business\/\" target=\"_blank\" rel=\"noopener\"><b>Customer Lifetime Value (CLV):<\/b><\/a><span style=\"font-weight: 400;\"> CLV is yet another important metric to measure your business. This helps you understand the worth of a customer, as long as he is associated with you.<\/span><\/li>\n<\/ul>\n<h2><strong>4 ways to increase sales and revenue for your online business<\/strong><\/h2>\n<h3><strong>#1 &#8211; Product recommendations:<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">When customers visit your website, they are most likely to have a rough idea about what they wish to purchase from you. An effective strategy to increase your AOV is by listing similar product recommendations. These recommendations, may either be higher value products or products with better features and offerings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This encourages customers to continue browsing through your website, assuring you better sales and sometimes even a few impulsive buys by your customer. Additionally, it also assures an increase in your overall revenue generation.<\/span><\/p>\n<h3><strong>#2 &#8211; Upsell and cross-sell your products:<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">To start with, here are the basic definitions of upselling and cross-selling:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Upselling<\/b><span style=\"font-weight: 400;\">: This is when you promote a product upgrade or a more expensive version of the same product to your customers. This can be done with good<\/span><a href=\"https:\/\/www.instamojo.com\/blog\/improve-sales-avoiding-product-listing-blunders\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">product descriptions<\/span><\/a><span style=\"font-weight: 400;\"> and marketing around the upgrades you&#8217;re selling in order to convince your customer to make that spend.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Cross-selling<\/b><span style=\"font-weight: 400;\">: This is one of the most commonly used modes of increasing your AOV. When your customer is buying a particular product, you can also display the complementary products that go with the product they wish to purchase.<\/span><\/li>\n<\/ul>\n<blockquote>\n<p style=\"text-align: left;\">Related read &#8211; <a href=\"https:\/\/www.instamojo.com\/blog\/3-effective-cart-abandonment-solutions-for-your-online-business\/\" target=\"_blank\" rel=\"noopener\">The complete guide to preventing abandoned cart with upselling and cross-selling\u00a0<\/a><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">For example: <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If your customer is buying fabric paint from you, it is also likely they will be interested in complementary products. These products can be paintbrushes, varnish, or even canvasses. Showcasing similar products will help them further explore your website instead of just checking out. This will not only increase the AOV but also the overall sales when coupled with upselling strategies.<\/span><\/p>\n<p>If you have a store on Instamojo, you can up-sell with the help of the <a href=\"https:\/\/www.instamojo.com\/blog\/introducing-product-bundles-on-instamojo-online-store\/\" target=\"_blank\" rel=\"noopener\">product bundle feature<\/a>:<\/p>\n<p><img loading=\"lazy\" class=\"aligncenter size-full wp-image-21759\" src=\"https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2022\/02\/Shopping-Cart-v1.png\" alt=\"product bundles\" width=\"1441\" height=\"1088\" srcset=\"https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2022\/02\/Shopping-Cart-v1.png 1441w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2022\/02\/Shopping-Cart-v1-300x227.png 300w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2022\/02\/Shopping-Cart-v1-1024x773.png 1024w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2022\/02\/Shopping-Cart-v1-768x580.png 768w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2022\/02\/Shopping-Cart-v1-380x287.png 380w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2022\/02\/Shopping-Cart-v1-800x604.png 800w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2022\/02\/Shopping-Cart-v1-1160x876.png 1160w\" sizes=\"(max-width: 1441px) 100vw, 1441px\" \/><\/p>\n<h3><strong>#3 &#8211; Set defined minimum order values to avail benefits:<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">For a customer to make larger spends, it is important for them to see an incentive to justify the spend. Some of the possible tactics can be:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Add an option of free delivery for the said amount.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">additional discounts.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This will act as a precursor to encourage them to make larger spends with you. Additionally, this will add to your overall revenue and sales, despite the smaller chunks of money you may lose in terms of the discounts or other offerings.<\/span><\/p>\n<h3><strong>#4 &#8211; Customer loyalty programs<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">If you are an online business that deals with consumables, then this would be an ideal strategy you can employ to get recurring customers. These businesses are ones that primarily deal with selling products that need to be frequently repurchased.<\/span><\/p>\n<figure id=\"attachment_23695\" aria-describedby=\"caption-attachment-23695\" style=\"width: 720px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" class=\"size-full wp-image-23695\" src=\"https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2018\/10\/pure_screenshot.jpeg\" alt=\"loyalty program\" width=\"720\" height=\"484\" srcset=\"https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2018\/10\/pure_screenshot.jpeg 720w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2018\/10\/pure_screenshot-300x202.jpeg 300w, https:\/\/www.instamojo.com\/blog\/wp-content\/uploads\/2018\/10\/pure_screenshot-380x255.jpeg 380w\" sizes=\"(max-width: 720px) 100vw, 720px\" \/><figcaption id=\"caption-attachment-23695\" class=\"wp-caption-text\">Source: Pure.com<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">For example: If you are an online business that deals with cosmetics, groceries or even household products, you can add a subscription button to help customers define how often they would like these repeat orders. This can also be accompanied by a discount offer. The percentage of discount will depend on how many months they choose to repurchase the particular item.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is an ideal strategy for increasing your revenue as well as<\/span><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.instamojo.com\/blog\/retention-marketing-repeat-customers\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">retaining your customers<\/span><\/a><\/span><span style=\"font-weight: 400;\">. It also helps in striking a good bond with your customers and forging better and long-lasting associations with them.<\/span><\/p>\n<h3><strong>Increase sales (and keep track) with Instamojo<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">While these strategies can help you in customer acquisition and retention, an added benefit is to build\u00a0<\/span><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.instamojo.com\/blog\/why-businesses-should-prioritize-social-media-marketing\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">strong brand loyalty via social media marketing<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/span><span style=\"font-weight: 400;\"> This will not only keep your customers engaged but also help you to create social media as a platform, where you can update customers on new launches, discounts, offers, and more.<\/span><\/p>\n<blockquote><p>Keeping your customer happiness as a priority is key.<\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Providing <\/span><a href=\"https:\/\/www.instamojo.com\/blog\/7-tips-to-safe-online-transactions\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">seamless and secure transactions<\/span><\/a><span style=\"font-weight: 400;\"> covers the end-to-end process of a customer&#8217;s association with you. A happy customer is most likely to repurchase with you. Additionally, it is more likely they will also spread the word about your brand and offerings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With Instamojo, you can do more than just collecting payments. You can, not only assure your customers of safe transactions but also use a host of other offerings to help your online business grow.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><a class=\"mb-button mb-style-flat mb-size-default mb-corners-default mb-text-style-default \" style=\"background-color: #4e4e91;\" href=\"https:\/\/www.instamojo.com\/start\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=start_page\" target=\"_blank\" rel=\"noopener\"> START WITH INSTAMOJO<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"If you&#8217;re looking for ways to increase sales and revenue for your business &#8211; this blog is for&hellip;\n","protected":false},"author":6,"featured_media":16182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[398],"tags":[5752,5750,5749,5751],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ways to Increase Sales and Revenue for your Online Business<\/title>\n<meta name=\"description\" content=\"If you&#039;re looking for way to increase sales and revenue for your business, you need just one - 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