The 7 strategies to make money in e-commerce
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To run a successful online business, focus on increasing profits by growing sales in a sustainable way. Here are 7 strategies that you can implement to grow profitably.
Focusing solely on increasing sales while selling online can be detrimental to the health of a business. Instead, it's best to focus on increasing profits by growing sales in a sustainable way. This insight is similar to the idea of selling on credit in an offline setting, which is often detrimental to a business's health.
In both offline and online scenarios, it's important to remember that true success and long-term health of a business comes when people buy willingly, not when they are pushed to buy.
Here are 7 strategies to implement to run a profitable online business
- Pricing Power
- Improve Conversion Rates
- Increase Customer Life Time Value
- Reduce Customer Acquisition Cost
- Prevent Dead Stock
- Reduce Costs
- Increase Average Order Value