Even if you have the best products or services out there, you will still experience some level of shopping cart abandonment. You can use proven strategies to reduce shopping cart abandonment and increase sales.
In this article, we’ll share 4 of the most effective strategies for reducing shopping cart abandonment that will increase your bottom line in Q4.
Use Scarcity Marketing Techniques
Scarcity marketing is a marketing strategy based on the psychological principle that we tend to want what is in demand and hard to attain. When we, as humans, feel FOMO, impulse buying kicks in. When customers see that an item is in limited supply or that the sale ends soon, they’re more likely to feel a sense of urgency and buy the product before it’s too late.
You can use scarcity marketing techniques in several ways but also keep them classy, such as:
- Offering a limited-time discount
- Running a flash sale
- Offering a freebie or bonus with a purchase
- Showing when items are in low stock
- Utilize scarcity language in abandoned cart sequences and pop-ups
Everyone has time-limited sales these days, so if you want your business to stand out, you’ll need to up your game in scarcity marketing. If you believe in your product, there’s no need to have time-limited sales to get people to buy—use some of the above strategies to focus on the exclusivity of your product instead. This will encourage people to buy now instead of later (or, more likely, never), and your sales will soar. This also will train your list not to expect discounts, so when you hold a discount-driven sale, the exclusivity of it will be authentic.
The Power of Free Shipping
The #1 reason for abandoned carts is thanks to Amazon Prime and the cost of shipping. If the shipping cost is too high or unreasonable, I will back out of purchases. Free shipping is an appealing option that is often overlooked, and running this as a promotion would be a great way to capitalize on that.
Free return shipping is a huge selling point for consumers–88% of them say that it can make the difference between buying and not buying an item. Especially for apparel and electronics, people don’t want to receive something they paid to have shipped to them just to find out it doesn’t fit or it’s not quite what they wanted.
Free shipping makes us more likely than ever to buy something online instead of going to the store. If we find out that shipping costs are too expensive for an item we could just as easily get at the store down the street, the rationalization fails, and we abandon our carts. Don’t miss out on this simple opportunity to boost your revenue.
Buy Now, Pay Later – Online Lay-Away Financing
How many of you remember Kmart and Walmart Lay-Away, or am I showing my age here? I remember when Big Commerce was advertising the last time to use layaway for the holidays or big purchases.
But here’s a little secret, lay-away didn’t actually go away, and it just changed how it looks and is handled. With the boom of online shopping, when the pay later hit the scene, adding companies like Affirm lay-away looked a little more like financing anything you wanted to buy, big or small.
Exit Intent Pop-Ups
While they may seem annoying, Exit-intent popups can boost sales by 5% or more. Pop-ups get a bad rap as being annoying, and I agree they can be aggravating, especially when you can’t find the X box to exit out on your mobile device.
But, using them strategically and ethically can greatly impact your conversions and sales. For the intent of reducing bounces, exit intents are a type of popup that appears when a customer is about to leave your website. They often offer discounts or incentives to get customers to stay on your site and complete their purchases.
If you’re looking for a way to reduce shopping cart abandonment, exit-intent popups can be effective. Just make sure not to overuse them or risk annoying your visitors and driving them away.
My Weekly Challenge For You
- Take a look at your metrics for Abandoned Cart. Take a baseline of where your numbers are now, and then, in two weeks, rerun these same numbers to see an increase. Send out a feedback campaign. Ask for reviews, likes, and dislikes, and take action.
- Don’t have an Abandoned Cart sequence set up? Schedule a free 15-minute call with me, and let’s get this important marketing piece taken care of.
So What Did We Learn?
- FOMO is real. As humans, we never want to feel like we missed out. Using ethical scarcity marketing techniques can greatly impact your bottom dollar.
- The power of free shipping and return shipping shouldn’t be overlooked. Adding this simple offer to your marketing strategy could boost your revenue by 33%.
- Online Buy now, Pay Later is a must-have for your shopping carts. If not offering your customer multiple payment options, you are leaving money on the table.
- Exit-Intent Pop’s aren’t a thing of the past. You can increase your bottom line by 5% or more if used strategically.
We’ve just touched the tip of the iceberg on ways to increase your sales and conversions. Wrap up the end of the year strong and schedule a call with me today for a marketing consultation.
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