There are a lot of factors that go into how much money a Shopify store makes per month. It honestly relies upon the products being sold, the price points of these products, the advertising efforts of the store owner, and an entire host of different elements.
That being said, we can see some general trends when we look at the average Shopify store. For example, most Shopify stores make between $1,000 and $10,000 monthly. However, a significant number of stores make less than $1,000 per month, and fewer stores make more than $10,000 per month.
How Much Does The Average Shopify Store Make Per Month?
The common Shopify store makes about $3,000 per month. However, there’s a huge range of store sizes and revenue levels. Some make much less than $1,000, and some make more than $10,000. It surely varies depending on the products being sold, the price factors of these products, the advertising and marketing efforts of the shop proprietor, and an entire host of different factors.
So, how can you ensure your Shopify store generates as much revenue as possible? There are a few key things to keep in mind:
1. Make sure you sell products people need to shop for. This looks like a no-brainer. However, it is important to do your studies and ensure you are not simply selling products to sell them. There’s no point in starting a Shopify store if you’re no longer marketing products people need to shop for.
2. Focus on your advertising and marketing efforts. Once you’ve got a solid product choice, you need to ensure that people know your store and what you are selling. Some ways to market your Shopify store include social media, content marketing, and SEO.
Factors That Affect Shopify Store Revenue
Several factors can affect this number. Here are three of the most important ones:
1. The Quantity Of Products You Sell
The more products you sell, the more revenue you’ll generate. But there’s a restriction to what number of products you can realistically promote in a month. If you’re starting, you may only be able to sell a few dozen products. As you grow, you will be capable of selling a few hundred. But sooner or later, you’ll probably hit a stage where you can’t sell more products without investing in greater inventory or hiring a greater workforce.
2. The Average Order Value
Another essential factor is the common order value. This is the average amount of money that customers spend according to order. If you can increase your average order value, you’ll make extra money even if you sell fewer products. Some methods to do this include imparting discounts for large orders, upselling associated products, and so on.
3. The Margins to Your Products
Finally, it’s essential to remember the margins for your products. If you’re selling products with low margins, you’ll want to sell loads of them to make a respectable profit. But if you’re selling products with high margins, you can make an amazing income even if you sell fewer items. So, it’s vital to find products that have high margins.
These are 3 of the most critical elements that affect Shopify store sales. If you store these elements in your thoughts, you’ll be on your way to generating greater revenue in your enterprise.
Tips for Increasing Shopify Store Revenue
When it comes to Shopify stores, many factors go into how much revenue they generate each month. However, some suggestions may help grow sales for any Shopify store.
1. Offer Free Shipping
One of the great approaches to growth sales for a Shopify store is to provide free shipping. Customers are much more likely to purchase if they don’t pay for delivery. In truth, a look at ComScore determined that free delivery turned into the primary element that inspired whether or not or no longer people made a buy online.
2. Use Scarcity Tactics
Another superb way to boost revenue for a Shopify store is to use shortage methods. This approach creates an experience of urgency and scarcity around products or services. For example, you could offer a limited-time discount or a restrained amount of a product. This will make customers more likely to buy because they don’t need to miss out on a good deal.
3. Offer a Loyalty Program
Offering a loyalty program is another wonderful way to grow sales for a Shopify shop. This is because it incentivizes customers to make extra purchases from your store. For instance, you could provide a reduction for clients who make several purchases out of your store according to your program. Loyalty programs can also assist in boosting customer retention, which is another vital thing in generating sales.
4. Invest in Advertising
As we discussed earlier, investing in advertising is another exquisite way to boost revenue for a Shopify store. This is because it helps you attain a bigger target audience and generate extra visitors for your shop. Some great marketing methods you could use include Google AdWords, Facebook Ads, and Instagram Ads.
By following these tips, you could begin boosting your Shopify store’s sales. However, it’s essential to hold in thoughts that there’s nobody-length-fits-all solution. What works for one shop won’t work for another. So, testing and finding what works best for your store is vital.