Mo’ Money, No Problems: How to Increase Your Ecommerce Store Revenue




  • — November 2, 2017

    You might be perfectly happy with your store’s revenue. Maybe you’re recovering 80% of your abandoned carts and rolling right along with a successful promo strategy. Heck, you might just have tons of traffic and sales and happy customers!

    Far be it from us to assume you want more cash. But…

    Maybe, just maybe, you’re not seeing as much profit as you should. Because at the end of the day, your customers just aren’t spending enough.

    So today, we’re gonna talk about one failsafe way to increase your overall revenue: by offering discounts and/or free shipping that your customers can only unlock with a minimum order value.

    Mo’ Money, No Problems: How to Increase Your Ecommerce Store Revenue

    Better get that discount!

    This means your customer has to reach a certain spending threshold to unlock their discount or free shipping.

    It works because shoppers are hardwired to want more for less. And research shows that offering a deal can boost your overall revenue.

    Say I’m shopping at the Wigglywump store and I’ve got $ 10 worth of Wigglywumps* in my cart.

    Mo’ Money, No Problems: How to Increase Your Ecommerce Store Revenue

    But while I’m browsing, I see a banner message that says, “Use code WIGGLETIME for 15% off orders of $ 15 or more!”

    Mo’ Money, No Problems: How to Increase Your Ecommerce Store Revenue

    Pretty enticing, eh? And one can never have too many Wigglywumps. So I’ll bump up my cart total to $ 15, immediately get my discount, and enjoy feeling like a very savvy shopper.

    Mo’ Money, No Problems: How to Increase Your Ecommerce Store Revenue

    * I have no idea what a Wigglywump is. Please don’t ask.

    Look at that! I spent more than I was going to originally, all because of a simple on-site offer.

    You can define discounts by dollars off or percentage off. Here’s a step-by-step way to set these up inside your Shopify store. (Don’t forget to check the “minimum purchase required” checkbox and specify your minimum purchase amount to unlock the discount.)

    TIP: When enticing shoppers with a discount and deciding whether to advertise “percentage discount” or “dollars off” discount, choose the bigger number, because it’s more impressive. (For example, if you’re offering 10% off purchases of $ 75, say “10% off” — not “$ 7.50 off”.)

    Ready to give this tactic a spin? Here are 2 banner copy templates you can swipe and place sitewide to promote your discounts.

    TEMPLATE 1: PERCENTAGE DISCOUNT (BANNER COPY)

    Love our stuff? Use code [CODE] to get [X%] off your order of [MINIMUM SPEND] or more!

    TEMPLATE 2: DOLLAR DISCOUNT (BANNER COPY)

    Spend more & save! Enter code [CODE] at checkout to get [$ X] off your order of [MINIMUM SPEND] or more

    You can also try offering a minimum spend threshold to qualify for free shipping, which lots of stores do now (thanks a lot, Amazon Prime). Of course, you’ll want to work out the math first to make sure you’re not losing money on shipping.

    Sometimes, you can give a little to get a lot. It’s like gambling, only everybody wins every time!

    If you decide to run one of these discounts, leave a comment and let me know how it goes.

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