Wouldn't it be nice if turning your website into an online profit center was as easy as pulling up a shopping cart and watching the orders stream in? That dream is far from a reality. If you want to see true online sales success, you have to take steps to not only drive customers to your online store, but also to help them spend as much money as possible once they get there. While we will delve deeper into driving prospects to your site in another installment, this month we will look at tactics to maximize your online sales once you've enticed shoppers to your site.
Increasing Online Order Values
While this list may seem a bit overwhelming, it doesn't have to be. Simply implement ideas one by one until you find what works best for your online store.
- Offer free shipping at a specific dollar value—Free shipping is prized by online shoppers, but don't just give it away. Make your site visitors earn it. The free shipping incentive may be enough to compel many shoppers to add just one more item to their carts in order to hit the required spending amount.
- Display bulk-buy savings—Big-box mega retailers have ingrained a more-for-less mentality into consumers. Take advantage of that bulk-buying mind-set and incentivize your customers to stock up. Clearly showing the available cost savings on those product pages will entice bulk buyers and boost your average order value.
- Cross-sell similar products—A cross-sell shows your customer a product or products related to the item he has just added to his cart. The primary goal of a cross-sell should be to increase the customer\'92s average order value by offering an additional related item.
- Offer cash back incentives—Encourage shoppers to add another item to their carts by offering cash back in the form of gift cards or vouchers valid for a limited time. Not only does offering a $10 voucher on a $50 purchase increase your average order value, but it also creates urgency, giving customers a reason to buy again within a specified time frame.
- Share reviews from satisfied customers—One of the great benefits of an online store is that you have the opportunity to reach customers far outside your store's traditional geographic footprint. Those new prospects can be hesitant to spend a lot of money with a business they know little about. Displaying positive user reviews can help build trust with those online shoppers who aren't familiar with your dealership's local reputation. In fact, according to the BrightLocal Local Consumer Review Study, 79 percent of consumers trust online reviews as much as a personal recommendation from a friend.
- Offer alternative payment options—Concerns around credit card security and identity theft are rampant and, as a result, some customers are afraid to use their credit cards online. Giving customers the option to pay via PayPal or wire transfer can allay these fears and increase the online spend.
Increasing Online Cart Conversions
If you have noticed high shopping cart abandonment rates on your website, you're not alone. According to aggregate data from the Baymard Institute, the average shopping cart abandonment rate is almost 68 percent. So how do you encourage those customers to complete an online sale?
- Provide robust product details—To convert window shoppers into buyers, ensure that your product pages are as detailed as possible, including specs, features, benefits and images. The less off-site research customers have to do, the more likely they are to complete purchases while on your website.
- Create a sense of urgency—Who doesn't love a sale? But how you present the savings to your customers can impact success at checkout. If you always offer 15 percent savings online, it doesn't create that sense of urgency many customers need to encourage them to complete their purchases. Instead, create limited-time promotions on specific product categories. Generate an acute sense of urgency with a flash sale that lasts only 12 hours; customers will not want to miss out. The key here is to communicate that this offer has a finite end date. Another way to create a sense of urgency is to display available inventory. If you only have a single item in stock, displaying this information may incite more immediate action.
- Refine your shipping charges—Surprising customers with high shipping charges late in the checkout process is one of the fastest ways to lose a sale. If you're making money on shipping, consider a break-even approach. And while offering free shipping on every item you sell online may be cost prohibitive, it may be worth offering for sales that hit a specific dollar-value threshold or for smaller products that cost very little to ship.
- Provide clear delivery expectations—Long waits and unclear time expectations can negatively affect online shopping cart conversions. It is imperative that you clearly communicate shipping times to manage customer expectations. If you don't have an item in stock, or if an online customer's shipping address requires long ground shipping times, consider offering expedited shipping options. Another alternative is in-store pickup, allowing local customers to get a product more quickly and when it is most convenient for them. This approach makes it extremely convenient for a shopper who has completed the research stage to make a commitment to that wheelchair you have in stock.
- Don't let them go so easily—Take advantage of Google's Remarketing ads to reach out to customers who have abandoned your site and encourage conversion. Remarketing lets you reach people who have previously visited your site and show them relevant ads across the Web or when they search on Google. You can even show those prospects a tailored message or offer that will encourage them to return to your site and complete their purchases.
While you will never eliminate abandoned cart syndrome, following these steps will help you lower your abandonment rate to boost your e-commerce profits. Have specific questions? I'd be happy to talk through this or any of your store's online challenges. Drop me a line at dennis.olsen@arinet.com.
