You may not realize it, but your wine business is losing precious dollars to an insidious and pervasive force…
Over 20% of your revenue, in fact… right out the window! How? Two words: Cart Abandonment. If you’re not familiar with this proverbial thorn in the side of ecommerce operations everywhere, it’s what happens in roughly 70% of online shopping experiences and goes something like this: shopper peruses web store, shopper adds items to cart with seeming intention to purchase, shopper abruptly abandons the cause and leaves the site without completing a purchase. Ouch!
There are infinite reasons why cart abandonment occurs, not the least of which is that we live in an age of endless distractions competing for our already limited attention spans (Did that email say “free cupcakes”? Is that a new cat video on Instagram?! Gotta go!). A large portion of cart abandonments are simply an unavoidable consequence of how users browse ecommerce sites. Many users are doing price comparisons, saving items for later, exploring gift options, etc. While there’s no way to completely eliminate abandonments, research indicates that customers are often deterred by unexpected costs, lack of information or trust, and inefficiencies in the checkout or shipping process.
Needless to say, fully understanding buyer behavior practically requires a PhD in Psychology. Nevertheless, there are ways to prevent abandonment and reunite with runaway shoppers that can result in a completed purchase… aka, a win(e)-win!
Here are some pro tips for combatting cart abandonment and recovering your lost revenue.
Before The Abandonment
1. Be Transparent. Transparency not only means being up front about costs and fees, but also possible delays in shipping (for ex, weather holds) or features & services not included with the purchase. Additionally, make sure all of your items are displayed with updated pictures, descriptions, and reviews.
2. Establish Trust. Reassure customers that your payment processing is secure and your business practices are sound by displaying testimonials and security logos, as well as addressing security and other customer support issues in your FAQs. If you use our software, you can rest easy. vinSUITE’s payment processing software is not only PCI compliant, but also uses tokenization - the most secure way to store data.
3. Make Purchasing Easy - Customers crave convenience. Make purchasing painless by:
- Ensuring that your site is responsive.
- Eliminating the hassle associated with updating credit card information (vinSUITE’s decline minimizer software does this for you!)
- Removing unnecessary steps from the checkout process. For example, requesting the same information multiple times or requiring that users establish an account. A study by User Interface Engineering showed a 45% increase in customer purchases when forced registration was removed from the checkout page.
After The Abandonment
You’ve done all of the above, but your user still bolted! How do you win back their heart and (more importantly) recover your lost sales? Research shows that abandoners not only buy, but they spend 55% more when they’re remarketed. That means if you could reach out to every shopper who bailed before buying, your bottom line would reap the rewards.
The easiest way to do this is with Abandoned Cart Recovery software. Through a careful tracking process and strategically-timed emails, you can actually recover more than 22% of those lost sales.
More specifically, this software identifies runaway customers and sends them automated, personalized emails designed to bring them back to the site and complete checkout. These customizable messages are automatically sent at different time intervals after abandonment (for ex: 20 mins, 24 hours, 3 days) with various levels of urgency to promote conversion. You can send them everything from a simple reminder to a super duper discount. The important thing is to get them to act. Remember, 75 percent of customers who abandon a cart do so with the intention to buy, so a little nudge can go a long way.
Now go forth, and recover your revenue!