Page 70 - THE LIVE STREAM MANUAL ONLINE PRODUCT SALES

Managing customers' escalating expectations is critical, and in order to do so, you must

first understand what people appreciate about your business. You must prioritize user experience
and employ design techniques that are relevant to your business. This is perhaps one of the most

significant ecommerce difficulties that companies confront. Such e-business difficulties need
serious consideration and strategy (Lau, n.d.).

2. SECURING PROFIT MARGIN AND RETAINING CUSTOMER
The second problem is to maintain profit

margins and client retention. Large client acquiring

costs, such as high advertising for live broadcasting
networks, might cut into a brand's earnings from

livestreaming partnerships (Hu & Chaudhry, 2020).
Furthermore, while businesses seek to steer traffic

from live broadcasts to their shops and retain
consumers, streamers want to enhance their own Figure 29. Securing Profit Margin

brand by preserving customer trust and establishing (Nicasio, 2021)

their position as a networking channel (McEachern,
2020).

Following are some strategies that should be followed to ensure customer retention:

* Make use of consumer accounts.
* Enhance your client service.

* Launch a client loyalty program.

* Customers should be sent interesting emails.
* Provide a discount or credit for returns.

When it comes to generating profit, controlling, and increasing profit margins is critical to the

economic performance of your business. It is an important accounting technique for individuals
who desire to operate a profitable company (“6 Ways to Increase Ecommerce Profit Margins,”

n.d.).

How to Boost Profit Margin?

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