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Online sales soared during the pandemic, but the subsequent economic crisis, war, and uncertainty about the future have caused a slowdown for many businesses. Some slack is cyclical and tied to the calendar, such as the post-holiday dip in January or the summer sag when everyone goes on holiday. But if you’re seeing a trough at an unusual time or a steeper-than-expected downturn, it’s time to take action. Inflation is causing people to think twice about their purchases, whether they are gifts or essentials. The typical seller reaction is to cut prices, but that isn’t necessarily the best strategy to protect your bottom line. Be assured that you can move the needle in the right direction. Read on to discover how to boost slumping online sales.
Revisit Your Message
While price is certainly an important factor in enticing customers, a more subtle reason they aren’t buying could be the appearance of your website. Your brand’s image or message may no longer be connecting with enough consumers. Something as simple as an outdated colour scheme or unappealing font can be a turn-off. Be sure you’re keeping up with trends in your sector as well. For example, a jewellery vendor should be aware of the fashion of men wearing pearls, and begin offering different types of bracelets for more inclusivity. An alternative could be to branch out into new offerings, such as a mens pearl necklace. Simple changes like showing a diverse range of models can broaden your appeal, and boost sales.
Make Yourself Irresistible
Another way to avoid having to discount your wares is to make an offer customers can’t refuse. First, make the checkout process as smooth and friction-free as possible. Next, consider all different types of incentives: No questions asked money back guarantees. Free shipping. Payment plans. Loyalty programs. Always keep in mind that it costs five times as much to acquire a new customer as to retain one. Show your clientele you appreciate their business and they’ll keep coming back for more.
Reach Out
The internet allows businesses to reach a much broader base, but those customers don’t want to be treated like sales figures. Consumers are looking for a personal touch throughout their shopping experience. Therefore, you should offer the very best customer service you can afford, such as live chat support. Next, ask for customer feedback — and be willing to act on it. If you have avoided certain social media channels up to now, consider giving them a try. Word-of-mouth via customer reviews and endorsements aka ‘social proof’ is one of the best ways to boost sales. Finally, people also love a good story. An appealing narrative that engages the emotions can really drive sales skyward.
Review Your Process
If upping sales still proves elusive, you can also improve your numbers by streamlining other areas of your business. Perform a full audit of marketing campaigns, sales funnels, and other business processes. Do some A-B testing to review every step of your customers’ experience. Trimming the fat is can really boost your bottom line. Still at a loss? Check out what the competition is doing. There’s no rule against borrowing a good idea.
No business knows what the future holds, but a sales slump is not a reason to panic. It’s a call to action that will help you hone your brand and keep it going strong no matter what the market throws at you.
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