9 Ways to Increase Revenue Without Raising Prices in Your Online Store

Earning more money is the goal when it comes to running an e-commerce store, but it’s not always wise to do it by raising prices. But if you’ve already raised your prices & are staying competitive in the market, you could start to lose customers if you keep making price adjustments. 

Instead, there are plenty of ways to increase revenue without touching your price points. From referrals to creating more revenue streams, here’s where to start.

1) Ask for Referrals

Your current customers are your best source for additional income. Not only does their loyalty bring in more sales, but they’re also more likely to share your online store with friends & family. Studies show that 71% of consumers are more likely to make a purchase based on social media referrals.

You don’t have to start from scratch & keep track of everything yourself. Apps like Gather quickly create a customer referral & invitation experience that you can embed on your site. Throw a referral program mention in every few marketing emails to help promote it & keep it on top of mind.

2) Slash Your Overhead

Beyond strategizing your sales revenue, you can also focus on cutting back on your overhead to keep more profit from your business. Start by focusing on your inventory. Instead of spending so much time and resources on producing, fulfilling, & shipping items, we’ll do it for you.

When you upload your favorite designs to CustomCat, you can pick your favorite products, experiment with color & other options, & start selling them in your online store. Our easy integrations make it simple to connect your store to CustomCat. When an item sells, we get to work fulfilling & shipping it out while you enjoy the profit. You also don’t need to spend money storing inventory or on shipping supplies. 

Learn how to get started with CustomCat here.

3) Cross-Sell Items

Cross-selling products to your existing customers Just like financial advisors cross-sell products & services to help you grow wealth, you can cross-sell your own products to customers. Studies show that product recommendations can make up an average of 10% to 30% of an e-commerce site’s sales.

The idea is to offer customers similar products and easy wins. You also don’t need to figure it out on the fly; instead, rely on the right apps to do it. Platforms like Shopify offer plenty of cross-selling apps, including ReConvert and Honeycomb. The apps help you create upsells & cross-sells to optimize your sales funnel.

4) Dig Into Your Analytics

Your analytics offer valuable insights into your online store & which products are most likely to sell. You may think you already know, but there are often secrets hiding in your analytics. You may discover that certain products, like POD doormats, sell best in the fall, while T-shirts are best sellers at the end of summer. Whatever data you find, you can help highlight those products in your marketing campaign to give your sales a boost.

5) Focus on Increasing the Average Order Size

You don’t necessarily need to add more products to your online store to earn more. Instead, you can focus on increasing your average order size. Everything from enticing people to upgrade for free shipping to segmenting your marketing list for specific promotions can help. 

Learn more about increasing your average order size here.

6) Add a Customer Loyalty Program

Give customers more of what they want with a customer loyalty program. Studies show that 87% of shoppers report that they want brands to have loyalty programs. There’s no one way to launch your program. What do customers ask about the most? Free shipping? VIP access? You can give yourself plenty of flexibility to supercharge your customer loyalty program to keep driving more sales.

7) Offer Product Customizations

Product personalization was once reserved for keychains, pens, & merchandise but can now integrate with your print-on-demand store. We now integrate with Customily to create personalization options & send them directly to your store. You can use a library of clipart, custom text options, photo uploads, & live preview mockups to empower customers to get the look they want to drive more sales.

Sure, keychains are fun. But Customily works with any of the products you want to offer, from blankets to hats & bags. It’s an easy choice & gives customers more reason to stick around & buy.

8) Figure Out Your Competitors’ Problems

Instead of trying to figure out what your competitors are doing right, look at what they’re doing wrong. What do their reviews say? Is their customer service subpar? Are their designs lackluster? Do they use DIGISOFTTM, which captures more vibrant detail, to optimize the quality of your product? It looks incredible when applied on soft fabric that’s typically difficult to print on without compromising design quality.

Once you know which areas help you stand out from your competitors, you can focus on mastering them. Remember to incorporate those strengths into your marketing strategy to attract more customers & earn more sales.

9) Create an Additional Revenue Stream

There are always ways to add more revenue streams to your online store to earn more. If you sell hiking-themed shirts, consider selling an ebook about how to camp out of your car or hidden paths in popular areas. Digital products pair well with physical products. The process takes time, but you never have to spend a dime when you create & sell digital products.

If you’re not up for the digital route, there are also outlets like YouTube. Create a channel that positions you as an expert in your niche. Monetizing your channel with ads is one way to earn more, but you can also promote your products to a wider audience.

 

How do you increase revenue without raising prices in your online store? Let us know by leaving a comment below!