Quite a lot of people in business love talking about revenue. Every business owner tends to fixate on increasing their sales and revenue streams. However, there is a part of business that most people tend to forget about, which is improving margins and increasing business efficiency.
However ugly these metrics of business may be, they are immensely important. In this technology-driven age, more focus should be on improving how much you keep, rather than the figures you make.
The aim of this article is to provide you with the many ways Shopify can increase your profits. These tips will be extremely useful to those that are new to setting up Shopify.
Raise your prices
You may believe that raising the prices of your products on Shopify would be disastrous to your business. However, it is something that can work in your favor. Typically, as entrepreneurs, it is so easy to believe that customers will drop us and be and move on to the next thing if our prices are too high. Causing sales to dry up and businesses to collapse, but that is not the case.
This is simply a fear like all others; we tend to exaggerate the consequences, thereby underestimating the benefits. This is particularly true when dropshipping, which is simply reselling a product that already exists from a wholesale supplier.
A great thing about setting up an online store on Shopify is that you can leverage your products on the already established Shopify brand. The Shopify brand enables you to justify a price hike, as most retailers on Shopify are regarded as reputable brands and the best in their respective niches.
Focus more on overall profit rather than per order profit
Numerous ecommerce stores on Shopify concentrate more on making a significant profit than on each order. They are unwilling to lose money or making minimal margins to the point of remaining in relationships that are bad for both their business and customers.
If you fall under this category, you are nickel and diming yourself out of a bigger piece of the pie. You should be willing to ensure that your customers are satisfied, even if it means losing out on that order and the profits attached to it.
Most customers are used to online businesses that offer mediocre services, so when you go out of your way to resolve issues proactively, it leaves a positive mark and endears your brand to them. When you do this successfully on your Shopify store, you can create a valid referral system with recommendations that cannot be purchased.
Become a Shopify Affiliate using your brand
This is a great way to increase your profits on the Shopify platform. The way it works is that you sign up for the Shopify Affiliate program to create affiliate links to your ecommerce store. Publicize your link and get paid for every person that clicks the link and makes a purchase.
In this case, you’ll not only get profits on each order, but you also get paid an affiliate link fee as well.
These are just some of the methods you can use to increase your profits on your ecommerce shop using Shopify. Make sure to not just focus on short-term revenue, but to focus on long-term business goals by improving profit margins and increasing your efficiency, and you’ll be generation more profits with Shopfy in no time.
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