How do you react to a decrease in online sales?

How do you react to a decrease in online sales?

We all know that the actual financial situation is complicated. Needs change, and businesses must adapt quickly. Many entrepreneurs who have an online store have recently noticed a sales decrease. What are the reasons behind it? What can you turn the ship around? Let us see how you can react when you face a decline in online sales.

Try to find the reason behind this sales decrease

Before panicking, please note that information is vital if you are facing a sales decrease. It is indeed easy to say that it is the economy's or the inflation rate's fault; however, it will not allow you to find a solution. Let us try to find the source of this decrease.

Is your e-commerce website working well?

First question: Is your online store still working well and optimized? Try purchasing something using various devices to see if there are any problems. If this is not the case, ask yourself if your e-commerce website is still up to date. Trends change quickly, and you must ensure that the design does not seem outdated.

Are your prices competitive?

Then, ask yourself if the price of your products and services are still competitive. Take a look at competitors' websites. Do you notice any significant differences? If your price is higher, it could be essential to explain why: the quality of the used materials, the included shipping, etc. Nonetheless, before lowering your prices, ensure you have sufficient profitability.

Has your target audience changed?

If you notice a decrease in online sales, it may be related to your target market. Has your audience changed since your beginnings? Who do you target, and who still purchases your products? If needed, it could be relevant to take the time to do a new market analysis. Your products may interest other groups of people when you have the correct information in your hands.

What about your statistics?

Finally, it could be wise to analyze your online store's statistics. Have you noticed when your sales started to decrease? Is it cyclical? Can you see if you experienced a similar decrease last year? Then, take a look at your results on search engines. If you were penalized by Google and lost many positions, it could explain why you have fewer visitors and sales.

A few tips on how to promote your online store

Whatever the reason for your sales decrease, here are a few tips on promoting your online store. If you do not get the results you had before, it could be relevant to try new strategies.

Use advertising

You may need to invest more money in advertising to get the same results. Start by determining where your target audience is and what type of content or social media they like. You can choose to do advertising campaigns on social media (Facebook, Instagram, Pinterest, LinkedIn, YouTube), work with influencers, use Google Adwords, consider local media… 

Be active on social media

If you do not have a substantial budget to promote your products, you can decide to create organic content on social media. However, please note that it can take more time than it looks. Benefit from this opportunity to present your products and build your online community. Answer questions, use funny or trendy themes, and adapt your content on all platforms. With time, you will know which ones have better results.

Do partnerships, special events, and contests

Why not take advantage of the situation to do things you never done before? For example, you could partner with other stores that offer complementary products and organize special events like promotions, launches, and contests. As we mentioned before, it is relevant to try new strategies at this step. You could be surprised by the results.

Start a newsletter

A marketing tool that is often underestimated is the newsletter. Yet, it is a way to communicate with your clientele and win their loyalty. Contrary to social media, where free content only allows you to reach a small portion of your community, you have more control over using a newsletter. Indeed, people are already interested in your products or business. You can send them special offers and news from time to time. It is also possible to use marketing automation to be more effective.

Create new products

Finally, if you notice a significant decrease in online sales, it could mean it is time to create new products and offers. Are your actual products still popular? Do you still meet your target customers' needs as well as before? For example, if you realize that your competitors offer products that are not expensive, can you create a lighter version or an entry-level product? Feel free to ask your past clients for more information about what they want to see on your online store.

In conclusion, as Charles Darwin said several years ago, it is not necessarily the strongest who survive but those capable of adapting. Consequently, if you notice a decrease in online sales, you should not sit back and wait. Try to understand the reasons behind this decrease and try new things. Consider using strategies to promote your online store and your products, too!