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How to Earn More Profits Using eCommerce Growth Hacking Strategies

26 Aug, 2021 | Business Tips

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“How to make more money?” is a question that every business owner had to ask themselves during the pandemic. According to a recent survey, more than 22.2% set up new online stores, and about 27.9% said that their pivots to online selling are permanent changes. DEAR systems inventory management software has changed the life of many among them.

So, what do you do with your eCommerce website for ongoing growth in the future? If you don’t know it, then you must focus on growth hacking strategies.

Growth Hacking Strategy

Growth hacking is a topic of discussion these days. Small business owners look to increase their revenue without spending much money on marketing or advertising, and growth hacking helps them do so.

Many businesses spend a lot of time increasing traffic to their websites but fail to increase the revenue once they get the traffic. But, “CRP Growth Hacking for eCommerce” will make your work easier.

CRP means Customer, Revenue, and Profit. For easy understanding, more customers = more revenue = more profits. CRP growth hacking strategy helps small businesses to generate more profits rapidly.

With CRP growth hacking, there are mainly three levels of optimization. Each level is a path to increase eCommerce revenue for the business.

Read more: 6 Ways That DEAR Inventory Management Software Streamlines Your Business

Customer Optimization Level

It’s where all the businesses focus, and it makes sense as customers are the most essential aspect of the business. You make most of the money for your eCommerce store from here.

Strategies

  • Getting more traffic (leads) to the website using Instagram, Twitter, Facebook, and other social media platforms or paid advertisements. As per the survey conducted by GetApp in 2021, 48% of SMBs currently use Instagram or Facebook to sell their products or services.
  • Improving the eCommerce site by adding more content, better images, and videos, reviews, etc.
  • Increasing on-site conversions to help customers purchase your products. Improve the checkout process, provide free shipping, and have a liberal returns policy, among others.
  • Optimizing the eCommerce store content for SEO purposes let’s prospective customers find you easily on Google or Bing.

Tools

  • Lucky Orange: It’s an all-in-one conversion optimization suite for any business type and size. It helps you understand the reasons why some visitors are not coming.
  • Hotjar: It provides behavior analytics software that helps you go beyond traditional web analytics and visually understand the user activity on your site.
  • Recapture: It’s a cloud-based eCommerce solution that sends responsive, personalized emails to customers and includes links to create store sessions for abandoned carts.

Revenue Optimization Level

It’s the second and arguably more challenging level of CRP Growth Hacking, but here’s where money is multiplied. Successful revenue optimization wants you to shift your focus to increasing revenue for the business.

It doesn’t just mean more customers but also includes increasing the average order value and purchase frequency.

Strategies

  • Increasing repeat sales. The customers are the most important aspect of any business, and they must be nurtured to encourage repeat purchases. Loyalty rewards, offer discounts, etc., must be provided to customers to retain them.
  • Upselling to convince customers to spend more by adding on related services or products but not yet required.
  • Cross-selling to promote the sale of complementary goods and services during an opportunity.

Tools

  • Omnisend: It’s an omnichannel marketing automation platform designed for eCommerce. The tool helps you send shoppable emails and is effortless to use and easy to build.
  • Sales Forecasting Technology: Use it to evaluate historical sales and create expected sales estimates based on trends or pipeline sales.
  • One-Click Upsell Funnel: Use it for WooCommerce stores and SellUp (for Shopify stores).

Read about: Why eCommerce Inventory Management Software is Well Worth it

Profit Optimization Level

It is the bottom-line income level of CRP Growth Hacking and is the most impactful. It includes lowering expenses or increasing the product price, and a combination of both increases profits.

Revenue is not always the most important aspect as SMEs spend a lot of time on Level 1 and give secondary importance to Level 3. It’s not about how much revenue you generate but about how much you keep.

As a small business owner, it’s the worst feeling when you work harder to make profits but have no idea about where it went.

Strategies

  • Streamlining the operational processes.
  • Hiring a third-party certified public accountant to manage the finances. A CPA helps by implementing better financial monitoring and reporting systems.
  • Fostering vendor relationships to save expenses while sourcing.
  • Investing in marketing to develop brand affinity and elevate brand value. The brand names are usually expensive as they allow companies to make more money. There are always some people who are willing to spend more on a product because they trust it.

Tools

  • Upwork and Fiverr are great places if you are looking for freelance workers. Outsourcing is usually cheaper than hiring full-time staff, and you get the job done by professionals.
  • A lot of small business owners think that their relationship with customers is the most crucial thing, but it’s not. A good vendor or supplier would make a company succeed too. Show appreciation to your vendors so that they stick around for the long haul.

DEAR Systems Growth Hacking Strategy

So, Customer-Revenue-Profit Growth Strategy helps to take your business to another level. If you want more customers, then execute a CRP growth strategy. But, how do you execute? DEAR systems is an all-round Cloud ERP software that does it all. It provides you the following benefits:

  • Lowers your costs.
  • Frees up worker time.
  • Keeps your growing business organized.
  • Improves your cash flow.
  • Helps you avoid inefficient decision-making.
  • Lets you focus on growth.

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