Online Sellers: 3 Signs You’Re About To Hit a Rock Bottom
So last night you made a big sale. And even though we’re just 10 days into this month, you’ve already achieved your monthly revenue goal. Kudos!!
Sadly, as clichéd as the saying is, it’s quite true—if the path ahead looks too bright, open your eyes. This is to say, if your online business is making continuous high revenue, expect a downturn (remember business cycle?)
You’ve already optimized your sales and profit, going beyond that is not possible, until something dramatic happens. And sustaining your business on the same level for long is difficult. A decline in your sales is imminent. If you’re not careful here to handle the situation very well, you might even hit a rock bottom in your business.
Whether you sell on Walmart marketplace, Amazon, eBay or any other platform, here are 3 signs that you’re about to hit a rock bottom-
You don’t know what your competitors are up to
Doing a competitive analysis on a regular basis is very important. Knowing what the top rivals are up to, the kind of marketing campaigns they are running and if they have changed their overall business approach as of late—these information helps you stay competitive in the market by adjusting your own strategies.
You don’t have a reliable e-commerce solution provider by your side
Today, signing up to ecommerce software solution is nothing short of essential. More so, if you’re selling on multiple platforms and have a very competitive niche. So, if you’re doing it all alone – handling everything manually – you’re about to see a big dip in your revenue.
Look around carefully and sign up to an e-commerce solution right away. With their user-friendly, centralized platform that offers seamless Walmart, Jet.com API integration and sync-up between various marketplaces and webstores, they will significantly ease up your life and increase your efficiency.
You haven’t changed your pricing strategy in a very long
When pricing your products, a lot goes into it than just prioritizing your own desired profit margin. Among a host of other factors that needs to be considered is the current market trend. And just like market trends change often—so should your pricing strategies. So if you’re continuing with the same price of your products through seasons – offering no discounts – chances are you might see a dip in your revenue soon.
These are the three signs for flourishing online sellers that they are about to hit a rock bottom. If you sell on Walmart marketplace or any other platform, and see any of these signs, open your eyes and make some quick changes to save yourself from declining revenue.