In the world of retail and online sales, there are four primary methods to increase revenue sustainably. If you want to make more money with your business, you need to increase customers, boost the average transaction size, attract more repeat sales and purchases, and consider raising your prices. While you might see self-proclaimed sales gurus with a top ten list of tips and tricks, these tried and true methods are the best for achieving long-lasting and sustainable results. The quality of the products that you sell can also impact your sales. You need to know your audience and have items for sale that will appeal to them the most. Online sterling silver sales are no different than brick-and-mortar retail transactions. If you purchase quality silver items, offer a selection of custom silver objects, and work with a reputable sterling silver manufacturer, your customers will notice.
Increase Your Customer Base
Business owners who have neighborhood stores know that the best way to increase sales is to bring more customers through the door. For online sterling silver sales, you need to expand your reach to find more customers who match your target demographic. That might mean increasing advertising and social media exposure to find shoppers who will appreciate your custom silver objects and jewelry, but whatever it takes to get them through your virtual door will be worth it. You can start small and set a specific budget for the amount that you will spend on online advertising. Social media advertising through Facebook, Instagram, and Pinterest can be highly targeted, allowing you to set the parameters and cost limits based on your unique needs and desired audience. Google advertising is also a great way to get your feet wet and try out new methods of marketing in the process without spending too much.
Increase the Transaction Size
There are two ways to look at this tip: increase the number of items that the customer purchases per visit or increase the amount of the receipt when customers purchase quality silver items instead of cheaper products. The goal here is to get each customer to buy more than they normally would. In retail stores, this idea is known as “upselling,” and you have probably seen it in action at fast food drive-thrus and coffee shops. The cashier asks, “do you want fries with that?” or tries to get you to increase the size of your drink from medium to large. At the coffee shop, the barista pushes the fresh baked goods or asks if you want to try the product of the day. All of these examples are ways that stores increase the size of the transaction per customer. It doesn’t work every time, but it does work. For online sales, you can offer additional products in a pop-up or page between the catalog and the checkout. If you are selling custom silver objects, consider including silver polishing cloths and products as an easy add-on. You could also offer other related items, such as a jewelry box, gift wrap, or a seasonal product that would make sense to a shopper.
Increase the Frequency of Transactions
How often do you get repeat customers? What can you do to bring customers back to your store again and again to purchase quality silver items? You could collect email addresses through a newsletter sign-up program like Constant Contact and send out mailers once a week to announce new items from your sterling silver manufacturer. Sales opportunities, buy-one-get-one deals, and holiday offerings can all be highlighted in a loyal customer mailing. Start tracking your online sterling silver sales to see how often your customers come back to browse. Offer the option to create a wish list on your website for subscribers. This will help to bring them back to your business again and again when they need to shop for something specific. Even if the amount that the customer spends per visit remains the same, you will increase receipts for your online sales if they start coming back once a week instead of once a month.
Increase the Price of the Products
This can be a tricky method for many store owners because it involves knowing your audience really well so you can understand what the market can stand. You don’t want to increase the prices so high that your customers go to a cheaper store. However, you also don’t want to be underpriced and lose out on potential profits. When you purchase quality silver items, make sure to know the “going rate” for those products, whether you are selling custom silver objects or popular jewelry pieces. If you can raise your prices even by just one or two percent to test the market, you should be able to increase your revenue as long as you maintain the traffic volume, number of sales, average transaction size, and frequency of purchases for online sterling silver sales.
Catalog and Custom Silver Objects
If you are in the market to purchase quality silver items from a reputable sterling silver manufacturer, look no further than JT Inman Company. Located in Southeastern Massachusetts, we provide catalog and custom silver objects, jewelry, and gifts to retail and online retail store owners nationwide and around the globe. Since 1882, we have worked hard to earn a solid reputation in the fine sterling silver industry. To learn more about our products and opportunities, give us a call at 508-226-0080 or use our online contact form to reach one of our customer sales representatives.