How to make 47.8% more profit with 6 simple changes...
From an ecomm brand owner who has generated over $70M+ in sales in the last 24 months.
Bookmark this thread:
From an ecomm brand owner who has generated over $70M+ in sales in the last 24 months.
Bookmark this thread:
1️⃣ Create a bundle
With the right bundle setup, you can double to triple your on site AOV.
Test these variations:
1-2-3 items
1-3-5 items
2-4-6 items
Increasing discounts with more items helps to build value.
Offering free items at higher tiers will increase AOV.
With the right bundle setup, you can double to triple your on site AOV.
Test these variations:
1-2-3 items
1-3-5 items
2-4-6 items
Increasing discounts with more items helps to build value.
Offering free items at higher tiers will increase AOV.
2️⃣ Price tests:
Price is your #1 lever for profitability.
A 5% increase in price can result in up to a 50% increase in profitability, assuming conversion stays the same.
Sounds crazy right? Here’s the math:
Price is your #1 lever for profitability.
A 5% increase in price can result in up to a 50% increase in profitability, assuming conversion stays the same.
Sounds crazy right? Here’s the math:
$100 AOV @ 10% Net = $10 profit per sale
Raise the price 5% ($5)
$105 AOV @ 10% Net = $15 profit per sale
We just increased profit by 50% ($5) from one simple change.
Small levers swing big doors.
Raise the price 5% ($5)
$105 AOV @ 10% Net = $15 profit per sale
We just increased profit by 50% ($5) from one simple change.
Small levers swing big doors.
3️⃣ Add a Product Page Order Bump:
We tested this Order Bump, and it increase conversion ~10% with a ~15% take rate.
Upsells later in the funnel (ex: cart) can decrease conversion, making the increase in AOV a wash.
Tasteful upsells on the product page usually don't.
We tested this Order Bump, and it increase conversion ~10% with a ~15% take rate.
Upsells later in the funnel (ex: cart) can decrease conversion, making the increase in AOV a wash.
Tasteful upsells on the product page usually don't.
4️⃣ Comment on all Ad Comments:
This is a great place to remind people you are human, and also to buy your stuff.
You should get at least a 100% ROI on your CS team's time by responding to all comments.
This is a great place to remind people you are human, and also to buy your stuff.
You should get at least a 100% ROI on your CS team's time by responding to all comments.
“Hey [NAME], thanks for your comment... Our small Florida-based team really appreciates it!
Just letting you know we still have [X PRODUCT] in stock if you or [PERSON TAGGED] is interested!”
Super Simple with services like Gorgias
Just letting you know we still have [X PRODUCT] in stock if you or [PERSON TAGGED] is interested!”
Super Simple with services like Gorgias
5️⃣ Offer a subscription:
Most brands don’t think they can offer a subscription, but that just means they lack creativity.
Take Pier 1 for instance.
Hard to create a physical subscription for a home decor store right?
So they created a digital subscription.
Most brands don’t think they can offer a subscription, but that just means they lack creativity.
Take Pier 1 for instance.
Hard to create a physical subscription for a home decor store right?
So they created a digital subscription.
Note: I would -not- use auto subscribe like Pier1 does without the advice of competent legal counsel.
Anyways, subscription offerings have higher LTV, and subscription MRR is worth more at exit than “repeat purchasers.”
Figure out a way to add a subscription to your store.
Anyways, subscription offerings have higher LTV, and subscription MRR is worth more at exit than “repeat purchasers.”
Figure out a way to add a subscription to your store.
6️⃣ Replace your cart with a Cart Drawer:
Side carts vastly outperform the standard cart in Shopify in most tests.
Don’t go overboard with adding upsells / cross-sells as it can negatively impact conversion.
Side carts vastly outperform the standard cart in Shopify in most tests.
Don’t go overboard with adding upsells / cross-sells as it can negatively impact conversion.
Test a few different product options that are:
1) relatively inexpensive
2) compliments the product that brought them there
1) relatively inexpensive
2) compliments the product that brought them there
That's a wrap!
If you enjoyed my content:
1. Follow me @huntkyle for more of these
2. RT the tweet below to share to your audience!
Thanks!
If you enjoyed my content:
1. Follow me @huntkyle for more of these
2. RT the tweet below to share to your audience!
Thanks!
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