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Jun 19, 2024 | 8 minute read

7 Revenue-Boosting Commerce Tactics to Try This Week

written by Seamus Roddy

Recently, when we surveyed 200 retail executives, we found that the most common motivators for adopting a composable commerce approach were increasing speed to market and addressing shifting market and consumer trends quickly.

At a high level, it’s exciting to know that brands trust composable commerce to get revenue-boosting experiences live on their commerce sites fast. But tactically, this finding begs the question: What specific commerce tactics can and should my team prioritize?

Below, we provide seven valuable revenue-boosting commerce initiatives that your team can get live fast. For brands using (or considering) Elastic Path, you’ll see how some of these tactics can be implemented in a matter of minutes.

1. Send abandoned cart recovery emails

The first, fast action revenue-boosting commerce tactic is sending abandoned cart recovery emails. There’s no more logical place to start than with shoppers who came close to completing a purchase, but were distracted, or spooked by the price, or encountered slow page speed or some other issue.

You don’t have to send these emails manually – implement a sequence of automated emails to remind customers about the items they left in their cart, and consider offering incentives such as limited time discounts to those who complete a purchase.

2. Launch a flash sale or promotion

If your experience is that launching flash sales or promotions is a process that takes days or weeks, you aren’t using the right commerce solution.

Elastic Path Product Experience Manager gives brands the ability to create urgency, drive quick purchases, and boost revenue with flash sales or promotions that can be launched and time-boxed. And it only takes minutes.

See a seasonal flash sale launched in minutes, with no code or IT support, using Elastic Path.

3. Showcase customer reviews and testimonials

99.9% of customers read reviews when they shop online. And depending on the price of a product, shoppers’ conversion rates can improve by anywhere from 190% to 380% if reviews are displayed during their buying journey.

These statistics indicate that your brand has every incentive to showcase positive product reviews on your site. While getting product reviews is an ongoing effort, brands using Elastic Path Composer get an instant-on, pre-built integration with Yotpo. This integration, available in Composer’s Integrations Hub, allows you to not only display but solicit positive reviews from your customer base via email.

Our Yotpo integration also syncs to your site search provider, meaning that the power of positive reviews permeates throughout your site. Best of all, setting up the integration and soliciting reviews takes only minutes.

4. Reward loyal customers

Let this statistic sink in: On average, loyal customers are worth up to 10X as much as their first purchase.

If you’re selling online, one of the worst mistakes you can make is failing to offer a loyalty program that incentivizes repeat buying – you’re leaving literal multiples of money on the table.

Even for brands with large catalogs and unique demands, Product Experience Manager makes it possible to create loyalty product experiences, catalogs, and programs in a matter of minutes. 75% of consumers favor brands with loyalty programs – read to see how to create one in less than 20 minutes.

5. Start or expand product bundling

Want revenue? Start or expand product bundling.

Want revenue fast? Power your product bundling with Elastic Path.

Pairing items together, particularly a fast-moving product and slow-moving product, boosts AOV, clears inventory, and juices revenue.

Dynamic product bundling, in which buyers get the ability to choose the options within a bundle, are especially effective – but used to take time and dev or IT resources to bring live.

Now, with Product Experience Manager, you can launch dynamic product bundles in less than 10 minutes. Watch the video below to see this merchandiser-friendly experience in action.

6. Create a shoppable landing page

Whether you’re merchandising a new product, launching a new sale, or just want to try something new, a tried and true revenue-boosting commerce tactic is creating a shoppable landing page.

Shoppable landing pages provide buyers a dynamic, conversion-boosting design and interface. Thanks to Elastic Path CX Studio, high-quality landing pages can be created and launched in minutes. Watch how easy it is to create a shoppable landing page for a new product.

7. Set up fast, one-click checkout

The final fast-action commerce tactic to set up this week is one-click checkout.

For brands that don’t use Elastic Path Payments, getting one-click checkout live in a week or less might not be possible. That’s unfortunate, because 70% of customers will leave a checkout process that takes too long – and online consumers measure length in seconds, not minutes.

Brands that do use Elastic Path Payments can set up one-click checkout in, well, a matter of a few clicks. It’s the ultimate fast-action revenue boost, and eventually, it will help curb or eliminate the abandoned cart emails your team sends.

Elastic Path Helps You Get Fast Time to Value on Commerce Initiatives

At Elastic Path, we don’t believe that commerce innovation and improvement should have to be measured in months and years. We believe in – and enable – fast launches, quick time-to-value, and commerce solutions that keep brands like yours at the forefront of commerce innovation.

Want to make smart, targeted commerce investments that make you money fast? Get in touch with our team to discuss your unique commerce needs and where to start.

Digital is a game of speed. You want to be supported, you want to be risk-averse, and you want to be able to make change quickly. The win with Elastic Path is that we can act with speed.

pella-logoRebecca Hicks eCommerce Product Manager, Pella Windows & Doors

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