E-commerce is an ever-changing industry, and online entrepreneurs must keep up with its rapid pace to enjoy financial success. As the end of 2023 is in sight, you might be thinking about how you can streamline your operations and increase your profitability next year. If you are looking for inspiration on the best tactics and services to take your business to the next level, read these top tips on how to improve your online store in 2024.
Master Voice Commerce
Voice shopping is expected to be worth an incredible £3.5 billion by 2022. As AI assistants, such as Google Home and Amazon Echo, are becoming commonplace in many homes and businesses across the world, there is a greater reliance on the devices for placing online orders in an instant. It’s for this reason why many major online retailers have introduced voice shopping via Google Home into their websites, such as ASOS.
If you want to tap into this growing trend, you must aim to secure more organic traffic via voice search. To do so, you must optimise top-level conversion funnel content by answering common questions from your target audience, which must relate to your products and industry. It can increase an online shopper’s awareness of your brand, and they could consider buying from your business in the future.
You also can improve traffic by providing voice-based navigation on your e-commerce store or app, and you should allow your customers to buy your products using voice command. If you avoid the trend, you could miss out on many sales that could strengthen your business in 2024 and beyond.
Grow Your Business with Order Fulfilment Specialists
Online shoppers now expect quick and reliable orders from an e-commerce store. If you’re struggling to deliver products on schedule or don’t have the warehouse space to meet growing demand, you would be smart to turn to order fulfillment specialists to improve your company’s profitability and reputation.
An ecommerce fulfillment specialist will store, pick, pack, and dispatch products on your company’s behalf. You also can trust they will not let you down, as a reputable specialist will use intelligent software to provide 100% pick accuracy, real-time order and despatch updates, and real-time data inventory. As the order process will be taken care of, you’ll have more time to spend developing powerful marketing campaigns, improving your sales tactics, and answering customers’ questions.
Provide Varied Payment Options
Every e-commerce store should provide varied payment options. If you don’t provide a customer’s preferred method, it is likely they won’t buy your products. While most e-commerce brands currently accept digital wallets, such as PayPal, Google Pay, and Apple Pay, few allow their customers to pay with cryptocurrencies, such as Bitcoin.
Ensure you design the payment page well as some people may be dubious of paying with crypto. There are various sources you can take inspiration such as these examples of crypto branding.
It is, however, a payment method that many e-commerce brands are expected to adopt soon, and it can provide a business with multiple benefits. For example, your e-commerce brand could enjoy low transaction fees and no reverse transactions.
Stay Competitive with Dynamic Pricing
Dynamic pricing cannot only increase your profitability, but it can help your e-commerce brand to attract many customers and remain competitive. If you want to ensure there is no competition between you and your rivals, you must price your products correctly.
Your goal must be to set your products at a rate that will attract customers while helping your business to generate a bigger return. If you’re unsure how to perfect your prices, you should utilise dynamic pricing software to identify the best rate for each product.
If you are unfamiliar with dynamic pricing software, it allows companies to alter their pricing to match real-time supply and demand. For instance, it can help a brand to improve your online store decrease prices when their sales have dipped or to increase it when business is booming to generate a bigger profit margin. To improve your financial success, the software will analyse your rivals’ prices, consumer demand, and the perceived product value.
Conclusion
If you want to compete with your rivals, substantially grow your revenue and profit margin, and attract and retain many customers in 2024, you must embrace new tools, tactics, and services.
For example, you could improve your online store reputation and reliability with the help of order fulfillment specialists, which will allow your business to expand its inventory, secure many loyal customers, and grow your revenue.
You also should embrace voice search, provide alternative payment methods, and use dynamic pricing to attract many more customers and enjoy a healthier revenue in 2024 and beyond.