5 Best eCommerce Tools That'll Increase Your Revenue
If you look closely, the eCommerce world might
seem to be developing faster than any other industry. However, while this is
true in some respects, some aspects of online retail remain the same. The need
for customer service, product fulfillment, and marketing are still vital
components of a successful eCommerce business.
Still, with the ever-changing landscape of
technology, there are always new tools emerging that can help eCommerce
businesses increase their revenue. From social media to email marketing, a variety of
eCommerce tools can help you take your business to the next level.
As your business grows, so do your needs. The
tools you use to run your business should also change to reflect your company's
new size and scope. Read on and see for yourself which ones can help your
business reach new heights!
Sales Analytics
The data you gather about your sales is
probably the most valuable information your business has. Sales analytics tools
can help you track your sales data and understand the trends that affect your
business profitability while providing insights to help you make better
decisions about your product mix and pricing.
You can choose from many sales analytics tools
on the market, each serving its own specific purpose. For instance, an eCommerce retail monitor can help track your
and your competitors' product sales. In contrast, a customer segmentation tool
can help you understand the needs of different customer groups.
CRM Tools
Customer relationship management encompasses a
wide variety of activities, from managing customer data to analyzing customer
behavior. CRM tools can help you keep track of your customers and their
interactions with your business so that you can better understand their needs
and provide them with the best possible service.
CRM tools can help you keep track of your customers and their interactions with your business so that you can better understand their needs and provide them with the best possible service. When it comes to SaaS onboarding and customer support, there are a lot of tools and platforms these companies can choose from, and eCommerce brands are no exception.
Considering that CRM software is typically the
first step in developing a data-driven eCommerce strategy, it is no surprise
that these tools are in abundance. Most of them come in the Software-as-a-Service (SaaS) model, meaning
you have to pay a monthly or a yearly subscription for a complete toolset.
Sales Acceleration
Gathering eCommerce store visitors and
converting them to leads can be a time-consuming process. You first need to
generate traffic and then do your best to convince these people to hand over
their contact information. Sales acceleration is an approach to improving sales
figures by speeding up the sales process.
It is not only about making your purchases
less hassle for customers. It is also about making your sales team maintain the
same level of control over the process in a shorter amount of time.
There are various ways to speed up the sales
process without compromising on quality or customer satisfaction — and that is
where technology comes in. For instance, predictive analytics can feed your
sales team information about which products are most likely to interest a
particular customer.
The bottom line is that if you can shorten
your sales cycle without compromising on quality, you will likely see an
increase in revenue.
Customer Engagement
Repeat customers are the backbone of any
eCommerce business. It takes much more to attract a new customer than to keep
an existing one, so it is crucial to focus on those who have already interacted
with your company.
The question is, however, how do you keep your
customers engaged? The answer lies in providing a personalized experience that
meets their individual needs. Simple solutions, such as cart abandonment
tracking or automatic product recommendations, can significantly affect how customers perceive your store.
If you can convince customers to buy from your
store again, they are more likely to do so in the future. But more importantly,
you will gain loyal customers that will actively promote your brand to their
friends and family, with or without incentives on your part.
Prospecting Tools
As always, your data is as valuable as you
make it. In the eCommerce world, data can help you gain insights into customer
behavior and trends that you can later use to improve your marketing campaigns
or product offerings. With that, you can accurately prospect the right buyers
and put more effort into offering what they are actually looking for.
Such vast amounts of data can be challenging
to manage, primarily if you operate a larger eCommerce business. So, why not
use automation tools to do it for you? Platforms such as Google Analytics can
help you track conversion rate and ROI while identifying
areas for improvement.
Besides assessing your website performance, prospecting tools include other means of streamlining your eCommerce processes e.g. shipping. Email and content marketing, social integrations, and A/B testing can all be automated to make the most of your marketing budget and improve results.
Final Thoughts
Increasing your eCommerce revenue is
essentially a matter of improving your sales process and customer engagement.
As your business grows, you will need to change how you operate to reflect your
company's new size and scope in a suitable manner.
In the eCommerce industry, the tools you use
can significantly impact your bottom line. Sales analytics, CRM, and sales
acceleration tools can all help you increase your revenue by improving the way
you do business. The key is to find the right tool combination for your use.
The examples above should give you a good
starting point. Explore them to find the solutions that will help your company
prosper.
