Is Your Ecommerce Platform Doing Enough for Your Business?
The retail world used to be dominated by brick and mortar store, but looking at the last 25 years we’ve seen a swift change and selling has moved online. Now, there are many different online retail models, and it’s an environment that continues to evolve offering more options than ever to merchants.
Subscription-based websites are going live daily, but when you’re growing a digitally native vertical business core to your success is being obsessively customer-centric. When your sales are made solely online, you need a platform which can adopt and grow your business with your customer’s needs in mind.
Read on to learn more about what the best ecommerce platforms can do to support your subscription-based business and grow revenue.
Cross-Selling and Up-Selling
Subscription-based online stores offer a win-win proposition to both customers and sellers. For business owners, they get a commitment to a recurring purchase, providing steady and predictable revenue allowing for faster reinvestment to grow their business. In exchange, customers conveniently receive the products they desire straight to their door, usually at a reduced price.
When reaching the right customers with your products, you’ve won half the battle. Therefore, it’s important to leverage up-sell and cross-sell tactics to increase average overall value.
If you rely on an industry leader like LimeLight for reporting and analytics, you’ll have the insights you need to more accurately identify what products your customers like to easily add to cart.
Get an ecommerce platform that gets you the most out of your business data, with high-level dashboards working with advanced cohorting and segmentation logic. Subscriber trends such as Recurring Rate and Churn will be represented visually, so you can understand them easily.
With the right ecommerce platform you don’t only leverage predictive future subscriber purchasing behavior; you can also drive sales while you have the customer’s attention mid-transaction. Correctly identifying what other related products customers need or prompting them to buy a more expensive product that actually speaks to them will only increase the ROI you get from your marketing efforts.
Reduce Cart Abandonment
Many online shoppers put something into their shopping cart, only to close the window before completing the sale. This is known as cart abandonment, and it’s a major problem for many ecommerce businesses.
The right ecommerce platform will help you maximize revenue by helping you reduce cart abandonment and drive sales. Your ecommerce platform should be versatile and allow for different ways to manage billing, including: subscriptions, shipping costs, setup fees and more.
Fraud is a serious problem facing ecommerce businesses. The right layers of anti-fraud protection not only keep your business safe, but create the expectation of a secure business environment among your customers.
It’s important to get an ecommerce platform that has tools and features to intelligently manage fraud and in tandem partner with the industry leaders in anti-fraud services. You’ll know you’re getting real sales when chargebacks are reduced.
When running a subscription-based business in this online-sales environment, you’ll need insights into your customers to keep them buying more, and security to ensure they’re buying safely. The right ecommerce platform understands these needs and more, and will help your company thrive in changing times.