No Products in the Cart
"The essence of sales involves four essential components: traffic, conversion rate, unit price, and repurchase rate."
Opportunities to gain traffic have evolved from being limited to busy cities and places with high foot traffic to now being obtainable both online and offline. For our business, Hedgedin, since our products are not essential but relatively high-end substitutes designed for people from the middle-income bracket and above, we can focus on creating a simple website without any unnecessary features, leveraging online bidding and ranking and collaborating with third parties. For offline promotions, we can participate in exhibitions, engage in local promotions, and sponsor events.
To improve our conversion rate, we need to identify the reasons behind the low conversion rate. Is the product quality not up to the mark? Is the price higher than expected? Are customers baulking at the shipping cost? Or is the delivery taking too long? By identifying the reason, we can change our sales strategy to offer unique products and services and increase our business value.
To increase the unit price, we can focus on improving the product quality, increasing value addition, and exceeding customer expectations by providing excellent customer service and fast delivery. By offering a combination of products, we can encourage customers to purchase more. For example, a customer who only wanted one ball may buy a set of pots and balls instead.
To achieve a higher repurchase rate, we need to focus on improving customer satisfaction. Since our product is designed to last for several years, we need to rely on customer recommendations to others to drive repurchase rates. We can occasionally introduce new products to encourage satisfied customers to repeat purchases.