eCommerce costs have a serious impact on the bottom line of many online merchants.
Fortunately, a number of ways exist to lower your eCommerce costs efficiently.
Find 3 useful tips on how to do just that below!
eCommerce firms have enjoyed record growth in recent years, especially in light of the COVID-19 pandemic. However, high costs have long been a thorn in the side for even the most profitable eCommerce companies. How exactly are you supposed to increase your bottom line when your expenses are so high?
Fortunately, we’ve put together a few useful tips on how to cut your eCommerce costs. Take a look below to learn more!
Lower Your Packaging and Shipping Costs
One easy way to cut your eCommerce costs is to lower your packaging and shipping expenses.
If you’re packaging is too much or too heavy, you risk adding unnecessary shipping costs for your products. Instead, focus on efficiency. Use just enough protective packaging rather than layering it on in order to cut your expenses. Plus, try buying your shipping materials in bulk and using eco-friendly packaging, which is often more cost-efficient.
Reduce Customer Returns
High return rates can certainly have a negative impact on any online merchant’s bottom line. The key is to find ways to reduce them efficiently so they don’t cause your expenses to skyrocket.
To do this, cut your cart abandonment rates by launching a remarketing campaign and reminding customers who abandoned their purchase to complete it with email reminders. These are proven ways to reduce rates of cart abandonment and improve your bottom line.
It’s also a good idea to extend the timeframe for customer returns to reduce the sense of urgency on the customers’ end, improving the likelihood that they ultimately opt to keep the product. Conveying important information to customers before they make a purchase is also critical. To that end, make sure that your shipping and returns policies are clearly visible on your site, make sure that your FAQ page addresses product returns, and convey exactly what the product is clearly and concisely in your ad copy.
Negotiate with Your Suppliers and Manufacturers
Finally, be sure to negotiate with your vendors and manufacturers to see if you can get lower shipping rates.
Ask for bulk shipping discounts and any discounts available for long-term shipping contracts. This is a simple yet effective way to save money for your online business – but you won’t know what’s available unless you ask!
Boost Your Bottom Line Today!
High costs don’t have to put a damper on your online business’ growth. By leveraging these tips, online merchants can cut costs and boost their bottom line, ultimately becoming more profitable in the future for years to come!