With a global economic downturn looming, online sales are down across Europe, at least for the past quarter. According to UK reports, customers are spending 21.8% less than a year ago on online purchases. Does this mean the end of online retail?
Launched in Sweden by Ingvar Kamprad, IKEA has grown to become the largest furniture retailer and the eighth-largest online store in the world. There have been several economic downturns and sales declines, but they have continued to thrive for nearly eight decades. If they can do it, so can you!
In addition to IKEA, retail history is littered with stories bulk sms argentina of brands that have found ways to recover sales after periodic downturns. What did they do well to recover? In this article, we tell you about some of the measures they adopted.
How to reverse the decline in online sales
Since online sales are the bread and butter of any modern business, their decline can be a scary thing. It can be difficult to pinpoint the exact reason behind a decline in sales, but we've provided some general strategies you can apply to turn things around:
Audit the sales funnel and the purchasing process
Are you reaching the right people with targeted, accurate messaging? If not, it may be time to change your marketing strategy.
If your water bill suddenly doubled, one of the first things you'd do would be to get a plumber to inspect and repair any leaks in your plumbing network.
Online sales work in a similar way. If you see a decline in sales, it's likely due to a flaw in your sales funnel or your purchasing process. So the first step to fixing a decline is to review both to make sure they're correct.
It's not enough to have the most sophisticated marketing campaign. You also need to make it easy for your customers to buy from you. All marketing materials should include links that take customers directly to your product catalog.
No one wants to have to click through multiple pages that aren't related to the actual purchase. So, shorten the purchasing process as much as possible. From login (or access by clicking a link) to checkout, customers want to complete their purchase in just a few minutes.
