DO YOU KNOW WHAT YOUR BEST SELLING PRODUCTS ARE AND WHY?
Are you carrying products that aren’t selling? The 80/20 rule still applies … 80% of your sales come from 20% of your products.
As a consultant, one of the first things I do is a thorough business analysis. With a strong understanding of purchasing and operations, many times I can identify opportunities to increase sales and inconsistencies that decrease profit. Cost of goods, gross profits and the effects of discounts on your bottom line are thoroughly examined.
If you’re a service based company, the same holds true. Trying to offer everything your customers could want eventually renders you ineffective and can effect the level and quality of service you provide.
This analysis provides the foundation for a strong brand, a targeted marketing strategy and effective marketing programs that deliver a solid return on investment.
Dolce & Gourmando’s e-commerce sales were flat. By analyzing sales funnel data from Google Analytics and their e-commerce platform we identified several factors affecting the lack of sales growth. After making a few tweaks, in the first month e-commerce sales increased by 125% compared to last year, cart abandonment rate decreased by -7%, and conversion rate increased by +0.7%.
Are your sales stagnant? Want to find out easy ways to increase gross profit?