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Ebook | 13 minute read
Businesses looking to uplevel their commerce have, in the past few years, faced serious headwinds.
Maybe you’ve suggested new commerce ideas, and heard something like this: How much is this going to cost in money and work hours? When will we see actual revenue? How long will it take to recoup our investment?
Fortunately, there are specific, targeted actions your business and tech teams can take to boost commerce revenue quickly, without throwing money at hard-to-justify tech or undergoing a lengthy, expensive replatform.
Check out six actionable tips to increase AOV, conversion rates, and revenue in three months or less – and learn how Elastic Path’s family of modular, composable products helps you put these suggestions into action.
Why it’s important: Selling the right product at the right time at the right price to the right customer is a surefire way to boost revenue fast – while also optimizing for profitability.
But what does this look like in practice? It could take different forms, like launching a site-wide flash sale to clear overstock items, or it could mean only targeting certain users with promotions and discounts. It could be pairing together products in dynamic bundles. It could be dynamic pricing broken down by category.
The key to smart merchandising is to implement strategies on your commerce site, measure what drives revenue and maximizes profit margins, and double down on what’s delivering the best results. Over time, you open up a flood of new revenue streams while maintaining or improving on profit margins.
How Elastic Path makes smart merchandising possible: Elastic Path has the strongest, most robust smart merchandising capabilities in commerce. Elastic Path Product Experience Manager has merchandising and catalog management capabilities that unlock the ability to create flash sales, buy-one-get-one promotions, discounts, dynamic product bundles, and more, in a matter of minutes, and without relying on IT or dev support. The result is empowered merchandisers, a faster time to market, and less time and costs spent on technical support. More revenue, less cost, efficient and productive business users: it’s what separates profitable, sustainable merchandising from time and money sucks.
See Elastic Path bring smart merchandising to life: With Elastic Path, you can set up a flash sale that boosts AOV and revenue in a matter of minutes and clicks. Watch a short demo to see Elastic Path’s merchandising power in action.
Why marketing campaigns are important: For customers to buy your products, they have to know about your products. When selling online, that means driving high-quality traffic to pages that spotlight your products, increasing awareness and driving sales.
For smart commerce teams, marketing is a revenue-generating activity. Investing the right amount of time and money into high-quality campaigns means driving revenue, and delivering profitable growth, as fast as possible.
How Elastic Path makes revenue-generating marketing campaigns possible: Elastic Path Studio gives merchandisers and marketers the ability to quickly generate high-converting shoppable landing pages without code or IT support. Studio’s no-code visual editor, first party analytics, A/B testing, one-click integrations, and SEO tools and tracking mean that landing pages can be created fast and at scale, reach customers, and drive revenue in a matter of weeks and months.
Plus, Elastic Path’s new strategic partnership with Klevu enables merchandisers to easily activate data to deliver personalized shoppable landing pages with optimized search and product recommendations.
We have a variety of assets, such as our calculator page and eBook downloads, that we've created to generate MQLs. CX Studio makes it easy for us to embed these lead magnets throughout our site and test whether they’re working. Using CX Studio isn’t just about building a site – it’s about optimizing that site to generate leads and win business.Sarah Bedrick CMO
We have a variety of assets, such as our calculator page and eBook downloads, that we've created to generate MQLs. CX Studio makes it easy for us to embed these lead magnets throughout our site and test whether they’re working. Using CX Studio isn’t just about building a site – it’s about optimizing that site to generate leads and win business.
See Elastic Path bring a marketing campaign to life: Launching a product? Considering a seasonal sale? Heard the buzz about commerce-enabled landing pages and want to try them out? Studio gives your merchandisers and marketers the ability to create stunning, revenue-generating landing pages in minutes. Watch to see a business user create a pre-sale landing page to attract customer sign-ups.
Why on-site product discovery is important: With the average buyer spending less than a minute on any given webpage, it’s critical to give your website’s visitors what they’re searching for – before they leave your site and turn to your competitors.
Unfortunately, many commerce sites have weak product discovery capabilities. Consumers click around and type in site searches that they think will help them find products, but instead leave the site without finding what they need – and without making a purchase.
How Elastic Path makes strong on-site product discovery possible: Elastic Path is a composable commerce provider. That means supporting commerce architectures with best-of-breed vendors powering specific components. As a part of our strategic partnership with Klevu, Elastic Path Composer’s Integrations Hub offers a pre-built, instant-on integration to Kllevu’s AI-enhanced product discovery tool.
In fact, Klevu is now the default search offering for Elastic Path Composable Commerce, with the integration offering elevated and fast-to-launch product categorization and discovery tools for brands that use Elastic Path as a commerce engine.
The integration is also pre-built into our Composable Frontend, a modern CLI for generating Next.js storefronts. In minutes, your devs can configure and generate a Next.js storefront that is embedded with Klevu’s AI-powered product search and discovery capabilities.
See how the Elastic Path and Klevu partnership brings exceptional product discovery to life:
Why positive customer reviews are important: When it comes to building buyers’ trust, customer reviews are essential. Research has shown reviews boost conversion rates by nearly 400% – supercharging revenue fast.
But there are two catches. For one, collecting customer testimonials takes time. Also, dissatisfied customers leave reviews 21% more often than satisfied buyers. Given their importance, you don’t want your site displaying a disproportionate number of negative reviews, so you need to proactively seek positive reviews – but how can you do this without spending a ton of time, resources, and effort?
How Elastic Path makes adding positive customer reviews possible: Integrations Hub offers a pre-built, no-code, instant-on integration with Yotpo, an eCommerce retention marketing platform. The integration:
Collect enough positive reviews and you might decide to feed review data to your site search provider, putting positive reviews and social proof at the forefront of your commerce experiences – boosting revenue not just over the course of a few months, but over the months and years to come.
Why alternative payment options are important: If a buyer wants to pay you, shouldn’t you do everything you can so that they can pay you in their preferred method? It may seem intuitive, but many brands still struggle to provide “buy now, pay later” solutions and other alternative payment methods on their commerce sites.
The data follows intuition. Having at least three payment options on a commerce site has been shown to increase conversion rates by as much as 30%. The question isn’t whether you should provide alternative payment options, it’s whether you have the ability to launch them fast and without drowning your devs and IT team in work.
How Elastic Path makes alternative payment methods possible: Elastic Path Payments, our payment processing product, supports buy now, pay later functionalities, as well as other alternative payment methods such as Apple Pay and Samsung Pay. Our Payments solution also supports pre-orders, one-click checkout, and buy online, pick up in store options, giving customers like Billfold game changing payments functionalities.
Our objectives are simple: reduce operational headaches and ensure a seamless and efficient contactless payment experience. There’s no margin for error in this business—Elastic Path Payments’ robust functionality and exceptional support are key to the success of our customers in what might be their only event of the year.Stas Chijik CEO and co-founder
Our objectives are simple: reduce operational headaches and ensure a seamless and efficient contactless payment experience. There’s no margin for error in this business—Elastic Path Payments’ robust functionality and exceptional support are key to the success of our customers in what might be their only event of the year.
Why organizational efficiency and productivity can unlock revenue in months: It’s cliche to say that organizational efficiency and productivity is important – it’s well-documented that siloed digital commerce strategies won’t serve broader organizational goals and drive profitable growth.
But is it really possible for organizational efficiency and productivity to be considered a quick commerce fix that drives revenue in a matter of months?
Our position is a resounding yes. Improving business processes happens over time, but shifting gradually to a modular, composable commerce approach unlocks revenue at each step. It could mean first getting access to low or no-code shoppable landing pages that support a marketing team. Next, it might mean launching a composable storefront in a new market or for a specific business line. After that, it could mean getting a commerce-intelligent iPaaS to orchestrate and manage your entire platform. The takeaway is that at every step in the composable journey, you can act with improved efficiency and productivity – unlocking revenue and making smart decisions about how and where to invest next.
How Elastic Path makes efficiency and productivity possible: With Elastic Path’s suite of composable products, business and tech users get increased control over commerce functions that drive revenue. Your IT team isn’t bogged down with requests, your developers are free to innovate and build new features instead of focusing on troubleshooting and patchwork solutions, and your merchandisers and marketers have the power to launch and optimize revenue-generating commerce experiences.
Learn how one business got revenue-generating commerce experiences live fast with Elastic Path: Astrak Group, which sells earthmoving equipment, wanted to expand into the U.S. They opted for an Elastic Path Composable Commerce solution that got the site live in the U.S. market and driving revenue in a matter of months while supporting demanding merchandising requirements such as decoupled product data and the threat of SKU explosion.
Check out the full case study to see how Astrak used a composable commerce solution from Elastic Path to work efficiently and productively and drive revenue in a new market fast.
Compared to other commerce platforms, like WooCommerce, BigCommerce, and Magento, Elastic Path allowed us to get new experiences live and in front of customers fast. Our in-house team hasn’t had to learn complicated, new technology – we can make changes and get site experiences live in minutes and days instead of weeks and months.Stephen Cope CIO, Astrak Group
Compared to other commerce platforms, like WooCommerce, BigCommerce, and Magento, Elastic Path allowed us to get new experiences live and in front of customers fast. Our in-house team hasn’t had to learn complicated, new technology – we can make changes and get site experiences live in minutes and days instead of weeks and months.
If you’re feeling ready to put these commerce fixes into action and to start producing revenue, it’s important that your merchandisers and commerce devs are comfortable with the business user tooling and technology they’ll be using.
That’s why we’re offering a free trial to Elastic Path. Get full access to our suite of composable products and solutions, and experience firsthand how we use a composable architecture to empower businesses with unique requirements to get revenue-generating commerce experiences live fast.
Start skyrocketing commerce revenue today. Try Elastic Path for free.
Talk to an expert to learn how Elastic Path can help your brand Unplatform and unlock commerce success.