WooCommerce is the most popular WordPress (WP) plugin designed for ecommerce businesses. In fact, it stands as one of the most used ecommerce platforms in the whole of the digital universe: It is estimated that 41% of all online shops run this solution. The reason behind this success is unparalleled versatility, flexibility, and scalability, characteristics it shares with the native platform, WP.
The profit is not just there for the taking, however. A killer product is not enough to make people flock to your storefront. A “build it and they will come” mentality does not cut it either. One has to figure out the best way to monetize the store and make strides towards fulfilling set goals.
So, here is how to increase signups and generate recurring profit, the lifeblood of any thriving business.
Search Engine Optimization
Setting up a web shop with WooCommerce is fairly easy, but work does not stop there. Search engine optimization (SEO) is an essential strategy for all digital storefronts. After all, you have to enable people to find your site easily. This has a profound impact on and driving organic traffic your way as well as revenue streams and your bottom line.
The trick is to find appropriate tools to translate a plan into reality. Due to the plethora of available products, making a choice is not easy. Here, we would like to recommend a Yoast SEO plugin, which is a powerful addition to any SEO arsenal.
In a nutshell, a WooCommerce version of it seamlessly integrates the vanilla build with your ecommerce platform. What is more, it equips you with new options when it comes to optimizing every aspect of your store and presenting products in a professional manner. In addition, users get a chance to use Yoast breadcrumbs instead of WooCommerce ones and boost their Pinterest sharing capacities.
As for those who target local customers, they should also consider a Local SEO for WooCommerce.
With the introduction of WooCommerce memberships, many stores were quick to launch new sections of their websites that are limited to members only. A content featured there poses another opportunity to generate profit and diversify the monetization strategy. A paid membership is a viable method because customers fancy the idea of being a part of an exclusive group.
So, go on and develop a membership program. It should encompass various tactics such as putting forward exclusive, member-only products, and offering early access to test runs and new releases. Furthermore, feel free to feature discounts, coupons, special deals, and free shipping offers. Provide helpful content in the form of downloadable e-books, educational videos, courses, and guides.
These are all great ways to test the waters before making big financial commitments.
A larger and larger share of traffic and ecommerce orders is coming from mobile devices. We have full ushered in a mobile era, where desktops lag behind smartphones. Hence, making headways into the mobile market opens up lucrative new opportunities.
One approach is to develop your own app and use it as an extension of the mainstay of your digital presence, your store. This is a potential game-changer: Recent studies have shown that when it comes to the number of visits and time spent on site, dedicated apps can outperform even the most responsive ecommerce stores.
In addition, apps bring hefty money when offered on digital marketplaces like AppNext. This leading mobile discovery platform puts your product in front of millions of users and allows them to easily interact with it. This hub includes premium monetization suites that display action- and ad-based product families, facilitating the execution of your web monetization game plan.
Beyond that, bear in mind that there is one indirect way to profit: Using additional apps and plugins lets you fine-tune your store. So, tool up and download additional plugins to reinforce a set of features and functionalities at your disposal. Seek apps like WooCommerce iOS that make it possible to perform shop-related task quickly and on the go.
You might not be eager to bombard your visitors with ads, but they hold great potential in terms of boosting revenue. All you have to do is say yes and paste a string of code in a wigetized section of your store. Your website can then start producing a potentially endless flux of money.
Now, this is just in theory, and besides, there are some drawbacks to consider.
Most notably, ads may distract people from what you offer and actually turn them away. After all, the purpose of ads is to lead people somewhere else, which can have a negative impact on your bounce rates and other key performance indicators (KPIs). Moreover, with a slew of ads cluttering your digital real estate, you could give away an amateurish impression.
That being said, and provided that you are aware of all the pros and cons, you should feel free to utilize this tactic. The payoff could seem meager at the start, but down the road, opulent rewards may lie.
Selling your own stuff is not the only way to earn good money. You can choose to push other people’s products and gain an extra source of income that way. Basically, you get a cut from their profit and this practice is called affiliate marketing. One of the paragons in the field is Pat Flynn, who has proven it feasible to earn millions in affiliate commissions.
To make this work, ecommerce websites usually feature product reviews that contain affiliate links. They also allow others to create banners or add links via their newsletter. One big advantage of this tactic is that the payout tends to be higher when compared with ads.
Besides that, remember that you get to choose what you want to recommend on your website and pick only the products you actually care about or find useful. Being consistent and genuine can pay dividends in the long run because modern consumers are quite educated and able to sniff out affiliate marketing that aims solely at profit.
Revenue tide that lifts all your boats
There is no doubt that WooCommerce is one of the best shopping cart platforms you can employ. To make the most of it, though, you cannot just build your store and fill it with product offers. It takes much more to rise above the competition and create a full-time income from a web entity.
In other words, you have to put a solid monetization strategy in place.
Depending on the specific factors, some tactics will make more (financial) sense than the others. In any event, you have a host of tools readily available. Use them to grow a loyal and devoted audience. Add value to your store’s membership and to people’s lives. Explore novelty tactics in the league of affiliate marketing.
You have a chance to tap into additional revenue without having to go out of your way.