How to Increase Sales & Grow Your Shopify Store with 10% Wins
In the race to grow sales, it’s tempting to search for a magic bullet to solve everything overnight. But having helped hundreds of store owners scale up, we recommend focusing on improving 7 key business metrics by just 10% each to double your profits. Here we outline how it works step by step.
While it was already mainstream, online shopping has been turbocharged by the pandemic with more Australian households buying online, and more often, than ever recorded. For online retailers, this has created both a massive opportunity as well as increased competition.
Tactics like discounts, large ad spends and seasonal promotions can work to spike your sales short term, however the holy grail of a valuable ecommerce business is steady long-term growth driven by a series of continuous optimisations.
That’s why in our Growth program, we use the proven 7 Levers Framework for Ecommerce to drive consistent and sustainable growth. Since 2013, we’ve built 450+ stores on Shopify and Shopify Plus, collecting 190+ verified reviews.
What is The 7 Levers Framework for ecommerce?
Created by best-selling author and entrepreneur Pete Williams, the framework outlines a focused process of rapid experimentation, data-driven testing and iteration across 7 key areas of your ecommerce business to achieve long term growth.
By lifting each key lever by just 10%, the compounding effect can double your profit over time, and create a sustainable and consistent approach to long-term growth.
7 levers of ecommerce growth to increase sales and grow your Shopify store
The framework specifies 7 metrics to measure and optimise:
1. Suspects: Visitors to your product pages from Google, social media and other sources
2. Prospects: People who show intent to buy, by adding a product to their cart for example
3. Conversions: Visitors who complete a purchase and become customers
4. Average Item Price: The average price your products or services are sold for
5. Average Items per Sale: The average number of products purchased in each transaction
6. Transactions per customer: How often customers make repeat purchases
7. Margins: Your overall profit margin of all sales as a percentage
So, where to start? It is important to note that The 7 Levers Framework is not a linear process. Where you focus first will depend on your analytics and business priorities. We recommend you analyse the data for each lever, and start where you find the quickest wins before moving to the next after a three month optimisation period.
For example, you may have strong traffic, but poor conversion rates. Or you may sell multiple items per transaction, but have low repeat purchases. The analytics will tell you where to focus first for the biggest return. Then it’s a matter of consistently pulling the levers.
Become data-driven to better understand your ecommerce customer journey and identify improvements. Curate data from all the sources such as your in-built Shopify Analytics, Google Analytics, email marketing provider (Klaviyo, DotDigital and so on) and Hotjar recordings and heatmaps.
If you’re planning to launch a new online store, then it’s best to embed best practice features for all 7 levers from the start. If you already have a Shopify store running, then the next step is to analyse each lever to get a baseline of where you are today.
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