LONDON--(BUSINESS WIRE)--A well-known market intelligence company, Infiniti Research, has announced the completion of their recent free downloadable resource on how to boost your e-commerce business without reducing prices. In this article, experts at Infiniti research have discussed their take on how e-commerce companies can gain better conversions and achieve larger profit margins without necessarily reducing the prices of their products.
Most businesses tend to believe that holding a sale is one of the best strategies to increase their e-commerce sales. Although a well-orchestrated sales strategy can make up for the slimmer margin by increasing the volume of products sold, the real question is whether there are other ways of achieving more sales without discounting prices.
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How to Boost Your E-commerce Business Without Reducing Prices
A/B testing
This is a direct method for e-commerce businesses to make more profits. A/B testing is an approach that can guarantee positive results if done rightly. A/B testing involves comparing two or more different versions of an app or a webpage against each other in order to determine which one performs better. E-commerce companies must target different sets of audiences for these versions of webpages and apps and analyze the engagement and conversion derived from each of them.
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Simplify the checkout procedure
Incomplete checkouts are common for most e-commerce sites. Lengthy and complicated checkout procedures are reasons due to which customers tend to abandon their online shopping carts. Applying conversion rate optimization principles in the checkout procedure can help. Other areas for improving conversion include enhancing the user experience design, launching a mobile-friendly site experience, and investing in other site updates.
Highlight your USP
Unique selling proposition (USP) defines how your business stands out from the crowd and also provides the customers with reasons to purchase your products compared to other similar products in the market. Therefore, it is vital for every business to identify and highlight their USP to its target audience. This is especially useful for products that are priced on the higher end. By highlighting the USP of the product, businesses can give the customers a sense of satisfaction in buying a premium product with unique qualities even though they are priced higher than their counterparts in the market.
Create a sense of urgency
E-commerce shoppers generally undertake considerable research before making a purchase decision. So, companies must give them plenty of information and a reason to buy from them. Some of the creative ways to do this include exclusive limited-time bundles, showing remaining stock left, include a gift with purchase during a specific period, and appealing to shipping deadlines (especially around the holidays). When prospects are given a good reason to complete the transaction while they’re on the website, the sales will increase.
Request for more information for more insights on enhancing your e-commerce business.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit:https://www.infinitiresearch.com/about-us
