Looking for new ways to lift your revenue and profit margins? If so, then don’t fall for the trap that only finding new customers can generate more sales.
There are plenty of ways to increase the ticket size on your ecommerce website with existing customers. It’s always better to aim for increasing the amount of each transaction rather than trying hard to get more transactions.
Also, it will get your customers to buy more from you without you being overly salesy. Moreover, it reflects that you have the power to retain customers and influence their buying decisions. Believe me, if this doesn’t help win customer loyalty and repeat purchases, I don’t know what will.
So, when you create an online store, make sure to do a cost and expense study before pricing the products. It will greatly assist you in analyzing and calculating your profit on an average basis, thus helping you keep track of the estimated average ticket.
How to calculate the average ecommerce ticket?
So, what have we learnt so far? The ecommerce ticket not only calculates the average purchase price made by each customer but can also measure the increase or decrease of your online store’s revenue.
So, how do you calculate the average ticket of your ecommerce website? Simply divide the total sales by the number of customers served within the period you want to calculate.
Average ticket = your store’s revenue / your store’s orders
Easy enough, right?
And oh! Do we also know what your next question will be? Aren’t you thinking now that why your store is struggling from a low average ticket? Only if there were some strategies to help you increase the value of your ticket size…
How to increase the average ticket size of your ecommerce store?
When you plan to create an online store, there are a number of methods you can apply to make the customer spend more, to increase the number of visits, to stay on the customer’s radar etc. Seems like a lot?
But do you know that with some simple tools and features you can achieve a lot and influence your customers to order more? The thing is, when it comes to increasing the ticket size, there is always room for improvement. The sky here is truly the limit.
Apply the strategies mentioned below for increasing the ticket size of your and you will definitely see an improvement in your ecommerce revenue.
Product bundling is the simple tactic of selling more than one product on your online store. How?
By pairing two or more products together at a price that may be more expensive than the individual products but definitely cheaper than buying them separately.
This tactic helps increase the perceived value of the deal they are receiving. This, in turn, persuades them to spend more than intended.
So when you create an online store with StoreHippo, you don’t have to bundle up products on your own. This is because your Storehippo platform comes with this product bundling feature that you can use to offer a combination of products to your customers.
This amazing feature allows you to match the related items thus helping you sell more than one product with an order. Moreover, it helps you create a variety of bundled products based on your customers browsing history and preferences.
For instance, have you ever grabbed the shampoo and conditioner combo from an ecommerce website because it was way simpler than sorting through all the available options? Or maybe you bought more toothbrushes than intended just because of a “buy two, get one free” deal? That’s product bundling for you. Simple, isn’t it?
2.Wishlist and Inquiry
Do you know the key to convert your site visitors into returning customers? Offer them a great on-site experience. How? By investing in the most useful tools at your disposal.
Wishlists and enquiries happen to be such tools. Where the former store the desired products of customers for a future purchase, the latter help them submit product queries for future reference.
Let me also tell you a fun fact, millions of wishlists and product enquiries are made across the world every day by online shoppers. You know why? Because nothing beats the satisfaction of coming back to buy something that was added long ago.
So, when you create an online store with StoreHippo, you get the next generation wishlist feature for your website. Your customers can use it to create their wishlist and add products that interest them. Also, they get the benefit of adding an item to wishlist directly from catalogue/collection.
But what do you get out of all this? Valuable information out of the wishlist that can help you increase your sales. You can not only personalize the whole user-experience for your customers but can also build loyalty by serving them better.
Moreover, you can use wishlist data on your ecommerce website to inform promotions, pricing adjustments, and other marketing decisions. And lastly, when customers share the wishlists to friends and family, you also get added advertising. Isn’t that amazing?
3.Brand Building through the Blog
We live in an age where information plays a major role in brand building. And while information sharing a.k.a. content marketing comprises of various functions, blogging happens to be the most effective of them all.
And there’s a reason for it. Blogging has always played a key role in brands building. And if used effectively, it can offer a wide range of opportunities for your business to grow when you create an online store.
Blogs not only give you a unique opportunity to share your voice and personality but also to help your website rank better for search queries. Its other benefits include keeping the content fresh, making people stay longer, and help you target long-tail keywords.
StoreHippo covers this aspect too. Our platform comes with a built-in blogging engine that helps you quickstart your blogging strategy. is embedded with capabilities to cover the majority of the blogging basics. What capabilities? We are glad you asked.
StoreHippo not only allows you to write and edit blog posts on your ecommerce website with ease but also give you the option to save them as well for future publishing. What’s more, you can share these blog posts on social media and improve the brand popularity.
You can even create multiple blog categories for your blog section using StoreHippo’s blog engine. This not only helps in easy browsing but also makes your blogs more organised and easily searchable. Additionally, you can insert images, videos and a nice visual editor etc. to your blogs.
Just remember, a good blog is a good appetizer, more of a conversation starter. When you create an online store and post something that’s full of interesting and useful content, it becomes highly appealing to your existing customers which in turn, helps with your sales.
4.Real-time selling through Notifications
Notifications play a key role in cutting through the noise and sounding the alarm that something important needs attention. However, you need to be highly selective with your online store and setting notifications for it. After all, you don’t want the alerts you wish to send become part of the noise. Do you?
Sales notifications can be an extremely powerful and useful tool for your ecommerce website if only you know how to put them to work for you. And luckily for you, StoreHippo comes action-packed with a complete unified notifications feature which includes email, SMS and push notifications.
This feature allows succinct updates to the users even when they are not on your website. Due to this approach, there is no beating around the bush and information is shared in a jiffy.
Timing is of the essence here. Make sure to match the time for the day, week and month with the frequency of messages when you create an online store. A perfectly timed notification well matched with the frequency is the key to increase the click-through rate.
For example, when you notify a customer about an offer on his waitlisted item and send him a direct link, the chances of the customer closing the sale with a quick click increase significantly.
So this way, Storehippo not only keep your customers in the loop but also save your team time from having to call, email or find each other to provide updates.
5.Automatic Abandoned Cart Follow Up
We all know getting an old customer from your ecommerce website into your sales funnel is way cheaper than trying to find a new customer to market to. That’s why cart abandonment follow-ups are an affordable, cost-effective solution to boost your sales.
And these aren't the only benefits you get from recovering abandoned carts. They help boost your online store’s revenue and profit by following up and encouraging the customers to complete their purchases. Moreover, they help you determine the cause of lower sales as well.
Also, it helps you keep track of abandoned checkouts on your ecommerce website which you can easily search and filter (by email id) as per your needs.
Now to tackle cart abandonment, you can send a mailer to the customers who have not made the purchase. You can either send it manually or automatically to help win back lost customers thus boosting potentially lost revenue.
For instance, a customer of yours left his shopping cart without making the purchase. The next day he woke up to an email thanking him for visiting your site yesterday, followed by inquiring if he faced any issues while checking out. Below that is the direct link to the item he abandoned.
What do you think his reaction might be? Can he say no to that? We don’t think so.
When you create an online store, increasing the ticket size serves as one of the key ingredients for increasing cash flow. And rightly so, since it’s the sign of a healthy and progressive business. The five features mentioned above are insanely easy ways to increase your online store’s ticket size.
However, there is a readymade solution available as well. StoreHippo ecommerce platform offers real results, with great service and minimal maintenance. It offers world-class security, constant innovation and robust API infrastructure. Your only limit? How fast you can sell on your ecommerce website.
If you are worried about your sales getting slowed down or being stagnant because of the absence of important features on your existing ecommerce platform, it’s time to switch to a better alternative.
Want to know more about StoreHippo? Visit our website and book a free demo today!