How to improve your Magento store profits?
Stop benchmarking Ford and Liverpool FC Magento stores right away!! They make heavy profits despite not optimizing their stores.
To improve Magento store profits, you need strategies the SMB stores follow. (and also generate profits)
You also need to answer major questions right from the word go.
- What’s the Magento edition you’re going to use?
- What will be your web store theme?
- Who’s hosting your store, and what do they charge you?
And many more. Many Magento businesses have dumped money into bad returns. So you must take wise steps to turn your Magento store into a success story. Let’s find out how.
Profitable eStore step #1: Choose Magento package based on your needs
Your first step to improve Magento store profit starts up by determining your needs.
Ask yourself— what’re your goals? What do you expect from your store in the next few years? How many SKUs will you run in your store?
Once you’ve identified them, pick your package.
You’d want to go with Magento free community edition/ Magento open source when:
- you don’t wish to expand your online store shortly
- your store deals orders from one country only
- the store doesn’t need a 24/7 support team
Magento enterprise edition/Magento Commerce is a good choice if:
- you want to exploit the progressive advertising
- want features such as rewards, giveaways, promotions, etc.
- you wish more store functionalities than Magento CE edition
- the store needs customer support
- you take international orders and deals in many currencies and languages
- your store accepts different types of payment modes
- you want a secure store.
Picking the right Magento edition will prevent you from burning money down. (When your business scales or de-scales).
Profitable eStore step #2: Use Hyva theme for a robust store
There’s a correlation between the lighter yet faster themes and conversion rate. This is the reason why businesses opt for faster themes as their conversion rate optimization technique these days. .
The Magento theme fails to get you the “green score.”
You may want to stick with the inbuilt theme to avoid development hassle. But since it’s not fast, it’s not profitable. Store speed is not a choice anymore.
So you need to put the best bet on faster themes like the Hyva theme. Hyva makes your website blazing fast. You can expect pages to load in as little as one second.
See how Hyva delivers the “green signals.”
Profitable eStore step #3: Make your website sit on a good web service host
It’s another area where you can adjust profitability. The location and service of your host server decide how your website will perform.
Consider your current traffic and pay for the server depending on your use. Some servers accept “pay-as-you-use” models. You can adopt these models as well to optimize your spending.
Again, “shared server” is not the only answer to cost cut and push your store towards profitability. Sometimes, a dedicated server may cost you 70x to a shared server yet get more sales and revenue.
Website speed is truly a thing if you’re looking to generate profits in the long run.
Profitable eStore step #4: Decide if you want to start from scratch
The future of your Magento store profit depends on how you want to start. You either use tons of plugins through the community edition. Or use built-in features from Magento in the enterprise edition.
The community edition needs to use 65 plugins to act as an Enterprise solution if you didn’t know. So you’ll spend a lot of time and money to make the community edition mimic the enterprise features. Don’t forget plugins slow down your Magento store too.
We’re not giving the verdict. But if starting from scratch is not a pain in the neck for you, you can go with CE.
But please consider calculating the time valuation. Also, make a comparative analysis to measure the effect of plugins on conversion. Going with CE would be the same as starting from scratch.
Profitable eStore step #5: Let experts handle your Magento store
Either focus on the core issues or become the jack of all trades.
DIY Magento store is a happening idea. You may even nudge a few customers to your store. But it’s always best to leave complex tasks to the experts.
For example, you may not want to hire costly developers. Maybe you feel they are the roadblocks to your profitability. But it would be best if you plotted the trade-offs your store suffers by not hiring them.
You need developing, marketing, SEO experts, etc., to name a few, to manage the Magento store. They are the ones who push you through the break-even point. The most effective pricing strategy is not spending your time on the things you’re not an expert at.
Over to you
There are plenty of other ways to improve your Magento store’s profit and success. But if you set the foundation strong (the ones we mentioned ), the more you can work towards profitability.
Check our Magento Maintenance services that can help you optimize your store and improve your profits.