How To Make Money on Shopify: 10 Revenue Boosting Tips

Posted by Benjamin Meskin on Jul 31, 2019 9:42:06 AM
Benjamin Meskin

how-to-make-money-on-shopify

If you dream of having your own business that reaches the heights of success, you should start an e-commerce business. Research reveals e-commerce businesses have grown exponentially over the past couple of years. E-commerce sales are expected to grow from $2.3 trillion in 2017 to $4.5 trillion in 2021. However, if you have decided to step into the online corporate world, starting from a Shopify store would be the best decision.

Shopify is an e-commerce platform that allows people to create a business and manage it from home while selling products all over the world through internet. If you are wondering how to start on Shopify, you can find a complete guide on the internet, including videos, podcasts, and much more.

Although Shopify offers a paid plan, you can have a free trial for 14 days with no credit card required. Once you have created the store, the next step is to know how to make money on Shopify. Here are ten smart ways that will guide you to make higher profits throughout your business journey.

 

1. Invest in Instagram Marketing

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With over 1 billion monthly active users, Instagram has become one of the most popular social networks worldwide, as per the Statista report. While posting compelling pictures and using hashtags strategically, you can build an impressive number of followers.

Connecting your Instagram business profile with your Shopify store will allow you to reach a maximum audience number. So, if you need an effective tactic on how to make money on Shopify, it will drive more sales and boost your revenues. Also, you will not need to create separate posts for your Instagram.

 

2. Focus on Cross-Selling

Product recommendations are quite common nowadays. According to Forrester Research Analyst, offering related products to the customer can boost eCommerce website revenues from 10%-30%. Depending on the selling products you have, make sure to add the related items in your Shopify store.

For instance, if a customer selects a computer to purchase and you navigate them to another page showing printer options, they may buy it right away. This is called cross-selling, where you present related options to the buyer for extra purchases. While many business owners strive for how to make money on Shopify, using such a tactic at your Shopify store will help you make extra sales and more profits.

 

3. Add More Trending Products 

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Many business owners choose to deal in niche type commodities for years. However, today’s consumers strive more for the newest and trendiest items. Considering that, if you add products like upgraded gadgets and improved products, you are likely to create more customers at your Shopify store.

 

4. Increase Brand Awareness With a Facebook Store

According to a recent report, 20% of online customers turn to Facebook to make purchases. The stats indicate Facebook is one of the most viable social media platforms for eCommerce marketing. The amazing features of the Facebook store have made selling hassle-free.

Considering that, creating a Facebook store will allow you to integrate it with your Shopify store, saving you from managing separate inventory. Consequently, Facebook ads and the store will increase brand awareness through the usage of social indicators, which will further help in increasing your sales and thus the revenues.

 

5. Increase Your Prices

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Many entrepreneurs assume that their sales will dry up, and the customers will abandon their shopping carts if they increase the prices. However, they tend to underestimate the benefits and over exaggerate the outcomes. Increasing the prices of Shopify store products with a small percentage will work miracles in boosting your revenues.

 

6. Work on Personalization

As an effective marketing technique, personalization can drive an impressive amount of sales on your online store. Marketing research has revealed 93% of businesses with modified personalization strategies increased their revenues, fostering their online businesses.

When it comes to personalizing your Shopify store, you can integrate customized themes while using behavioral data. BCG’s marketing report anticipates that personalization can increase sales up to 10% or maybe more than that, depending on your tactics. With your highly personalized Shopify store, you can cater to everywhere your customers are in the world.

 

7. Put Efforts Towards Upselling

upselling-how-to-make-money-on-shopify

Most of you probably have heard something like, “would you like to have an add-on to your order?” This is a true example of upselling. Many sellers use this approach to sell a premium version of the product the consumer was considering for purchase.

Instead of acquiring a new client, most businesses find upselling an effective tactic. At times, customers are not aware a premium product is available. You need to help make them aware of this by adding more updated and upgraded products, and you can list them in categories on your Shopify store. Chances are, customers will opt for the premium product considering it the best fit for them.

 

8. Reconsider Giving a Phone Support Number to Customers

Do you want to reduce your workload by 50% while giving up around 15% of your business? If that is the case, stop offering your toll-free sales number on your sites.

Instead, invest your time and money in promoting your Shopify store. Since you would not need to stay engaged with customers’ calls, it will save you a lot of time that you can put back into more online marketing.

 

9. Develop a Partnership Program

Due to its generous partnership programs, Shopify has become quite popular in the past few years. If you find managing a Shopify store intimidating and wondering how to make money on Shopify, you should consider these three opportunities from Shopify:

  • Get an 80% profit through selling an app
  • Make 70% revenues by creating eCommerce themes
  • Earn 20% monthly commission for referring the clients.

However, it will be great if you already work in e-commerce because you will have a large network of clients to whom you can refer this online shop. Besides that, you can use Shopify affiliate program that allows you to earn cash if someone signs up with your affiliate link.

 

10. Save Money with Shipping Insurance With Cabrella

shipping-insurance-costs-revenue-shopify

Earning more profits doesn’t only mean increased sales. You can save a large amount of money by reducing your shipping costs. Using a Cabrella shipping insurance will save you time and money and provide you with safe and secure postal services.

For reasons why Cabrella is the best third party shipping insurance provider, check out our blog: Cabrella: The Best Third Party Shipping Provider

 

Watch the Shopify Profits Skyrocket

With these ten effective strategies to boost your revenue on Shopify, you should now be in a much better position to learn how to make money on Shopify. Integrate this model into your online business and reap large profits on Shopify.

Furthermore, use Cabrella shipping insurance for your Shopify store to have dependable dropshipping services for your consumers. Using Cabrella will reduce your Shopify shipping insurance costs.

To learn more about Cabrella’s shipping insurance and to request your free shipping insurance quote today, feel free to contact the experts at Cabrella.

Cabrella Get a Quote

 

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