Psychological Tips and Tricks to Maximize the Ecommerce Revenue Growth
Today, we are able to get billions of people using the internet on a daily routine. Since people are active on the internet, it offers an open opportunity for entrepreneurs and marketers to brand and promote their services. This impact brought eCommerce in the market to sell the products online and to reach more consumers.
As a result of this huge impact, the growth of the eCommerce platforms has brought many competitors from various sectors. Many new eCommerce startups fail at certain points to reach their targeted consumers and aren’t able to maximize their revenue. As an eCommerce business owner, it is a must to seek the right solution to boost up the sales and brand the service visibility.
If you are looking to stay out of your rivals in the market, then this blog will be a great assistance for you. Here, I have listed out the following psychological tips and tricks to maximize the eCommerce revenue growth instantly.
All about sales psychology
According to market research, nearly 85% of people place their orders subconsciously. This trick was always used by the offline retail stores in the market from the beginning. The layout of the product listing/showcasing and displaying the price tags are a few of the psychological tricks to make the consumers buy the product.
The layout of the product showcasing plays a major role in the eCommerce business. Therefore, try to enrich the layout option to make the service more convenient for the consumers and grab their attention easily.
Social proof always works
When you are passing by the street then across you, there are two people holding new modern handbags. On seeing them, you will seek the store where they would have bought that handbag nearby. It leads you to buy one for you, sharing wisdom is the key role to grab the attention of customers.
Rather than marketing your service in-app, try to market the offers and discounts on the other platforms where you are able to find your potential consumer., social proofs are a powerful psychological trick to gather the users and influence them to buy the right product.
Power of utilizing the cross-selling strategy
Through the psychological and social proof strategy, allow the consumers to place their orders. Yet, there is a chance for selling more items at the checkout time with the help of cross-selling. The impact of cross-selling helps the consumers to get additional combo provides for primary products at the lowest prices.
Every eCommerce business owner should implement these cross-selling tactics. Many top brands like Amazon use these tricks at checkout time. Many other top brands also use these as “you may like” or “consumers also look for”. It helps you to uplift the eCommerce sales shortly on each order.
Grant them a special deal
The cost of the products is always a great way to influence consumers to place an order. Most of the time in eCommerce, consumers come to check the offers on the particular product they want to buy. With the assistance of Anchor pricing, you can excite their interest and allow them to purchase a particular product or spend rather than normally they would.
The anchor pricing strategy can be found on popular sites, there will be the original price under the particular product and it would be cut to display a new offer price. This will not change the actual value of a product but to attract and influence the consumers to buy it this will be a useful trick.
For example – The actual price of the book will be $200, by using anchor pricing the book will be displayed as $230 and now it’s in an offer of $200. This lets the consumers think of a worthy offer and they will tend to adapt to it quickly.
Offer something for free
The eCommerce survey shows that most of the consumers are shopping cart/basket abandonment, due to the delivery charge. The delivery charge is another main thing that consumers take into consideration before placing the order. The study found that 93% of the people love to add more to cart/basket when the delivery fare is free.
Here, comes the impact of the cross-selling strategy. If the consumer wants to qualify for the free shipping option, then he will be feeling like adding more products to his/her cart. Giving some reciprocity will boost up the consumer’s loyalty and they keep coming back to your service rapidly.
Try to unveil the product scarcity
You can see the psychological tricks on product scarcity in eCommerce and other offline retail stores. Most of the consumers tend to purchase the product when the item is in a quick rush for selling. Because everyone needs to buy their needs fast while the stock is getting out in the market.
By indicating the item is going to be out of stock, assist the people to buy the particular product instantly. To make this strategy more reliable, you can indicate this in red text or a red indicator near the particular products. This will easily allow the owners to catch the consumer’s eyes and let them purchase the on-demand products immediately.
These are a few of the psychological tactics that can be implemented straightforwardly in the eCommerce platform. If you’re new to the online platform, then make sure you have owned the right eCommerce that includes all these tricks to raise up the product sales and maximize the revenue shortly. It is worth testing one by one to check the growth and impact of each trick listed above.