Data and reports provide the basis for further actions. This is where most of the brick and mortar businesses differ from online businesses.
Online businesses have easy access to the data generated by their customers and visitors. Whereas for brick and mortar businesses, they need to set up a new system to collect the data. We’ll talk about the ways brick and mortar stores can achieve this in a later blog.
Here, we’ll stick to one specific way how online business can grow by using the available data.
Using the Top 5 Products of your WooCommerce Store
What if you don’t know which are your top 5 products? — Here is an easy answer, check it out.
Now, that you’re set with this crucial data, how do you plan your WooCommerce business for growth?
Check the historical record for your top 5 products
When you are selling a popular brand product or a flagship product, only then it is possible that the product will always appear in your top list. If not, your products will keep on changing when you are selling multiple products. Keep a track of all these products and we suggest you continue communicating with your production unit or the supplier. Work on reducing the acquisition or production cost of these top 5 products.
Check for the times when your Top 5 product changed
Identifying the times when your list of Top 5 products changes will allow you to further restock your products or keep it in minimal inventory value. This will avoid your expenses but more than that you move along with your market by following the expectations. Thinking about at what frequency you should check this - make it a habit of tagging this along with your sales target. If you work based on a monthly sales target, check the top 5 product reports weekly and identify the days that changes occurred.
Analyse any external business environment that may have caused the change
Oftentimes, missing this analysis of external factors is the easiest path to improve online business. Maybe that your competitors have ranked higher or are spending more on online ad budget. Or, it is possible that a new trendy product line has launched and you haven’t listed the trendy product. It also may be that the season is over and you may need to run your clearing sales with discounts. Keep your top 5 products as allowed by the
Do some experimentation with the product
If you believe that your product should perform better than it currently is, one trick that you can immediately implement is to tag that product along with the top performer. You could create a packaged product. You could decide to offer a discount for a limited number of customers for limited days. If you are selling globally, you could play along with the international shipping rule also.
Leverage the power of social media to improve product sales
Present is the time when no one can avoid using social media. And when you are on it, why shouldn’t your business be? Social media allows you to target specific customers and interact with them on a personal level. But that’s not it. You can also increase your social proof by displaying the confidence for your product. If you are able to ask reviews about your product on social media with your customers on the social media platform, don’t hesitate to provide some incentive as well.
After you identify your Top 5 Products, try implementing these ideas as far as possible and let us know the results. Maybe we can help you with some personalized suggestions also.