Approach Of Revenue Management Solutions Towards e-Commerce
A business generates revenue through three basic ways; acquisition, retention, and expansion. The acquisition is getting new customers, retention is making those customers renew subscriptions or enable repeat purchases and expansion is cross-selling or up-selling for the existing users. A revenue management solution is a process of optimization to acquisition, retention, expansion, and pricing approaches for the growth of profits and business health. By allowing revenue management, it not only bears the impact of earning from individual sales but rather it also improves the sum of income. Managing Different Portions of Revenue There are four levels of approaches to work on while managing the revenue; acquisition, retention, expansion, and pricing. Every approach needs to be given equal consideration while working for the maximum results from every space. Optimizing the pricing strategy will affect acquisition, retention, and expansion areas. Enhancing customer retention can boos