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A Merchant's Guide to Maximizing Profit

Last updated 6 years ago

Your business is always capable of further increasing profits by reducing costs. To operate as efficiently as possible, you’ll need to understand how to spend wisely and utilize every advantage at your disposal. Here are a few tips any merchant should follow. 

  • Limit Shopping Cart Abandonment: If you sell products online, you understand how vital it is to limit shopping cart abandonment. Tens of billions of dollars are lost annually by businesses because customers lose interest or get sidetracked during the purchasing process. Sometimes buyers want to come back and complete a purchase later only to find that their shopping cart has expired. Other times, checkouts have so many requirements that frustration kicks in and the buyer decides it’s not worth it. No matter the cause, shopping cart abandonment is an enormous problem that can be solved with simple measures such as implementing an email notification to alert buyers that they can resume and finish a purchase.
     
  • Sell a Dream: Merchants who sell dreams maximize profits. Steve Jobs understood the value of selling a dream–he spoke about products that would create a better world–instead of simply selling products as items. Merchants must understand and capitalize on the fact buyers are swayed by ideas. Tell them how their life is going to change for the better and watch your profits skyrocket.
     
  • Reduce Credit Card Fees: Merchants are forced to pay substantial amounts of money to enable credit card transactions. If you’re forced to pay a large sum of money each month to enable these transactions, it can erode your profit margin. Merchant Advocates can negotiate these payments and monitor the results to make sure that they stay low.

You can make strides towards maximizing your profit by reducing credit card fees. Contact the experts at Merchant Advocates at (732) 727-2073 to learn how we’ll fight for your business.

 

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