Ecommerce: 1 Step to Double Your Profits
In this installment we’ll discuss cart abandonment VS. increased visitor traffic.
Currently the cart abandonment rate is at near 70%. The same as it was a decade ago.
You may have the best/least expensive/coolest products in the world. You may even have an awesome-looking website with (what you perceive as) a great online store; but what is your conversion rate? More importantly, how can it be improved?
While most online store owners concentrate their funds on increasing the amount of visitors I encourage my clients to increase their conversion rate. Not only is it less expensive with better results; but it increases customer happiness and loyalty.
When you widen the top you lose even more first time customers, likely never to return. When you widen the bottom you build a loyal fan base.
Put it this way — If you have 1 million monthly visitors and it costs you $100,000.00 to double that number then you have 2 million visitors. But if only 20% of them are buying and 30% of the buyers are completing the checkout process; you spent $100,000.00 to gain 60,000 buyers.
Now try this — You have 1 million monthly visitors. Only 20% of them are buying and 30% of the buyers are completing the checkout process. Spend $60,000.00 to gain to increase the VSR (Visitor to Shopper Ratio) to 30%; and increase the percentage of buyers that finish the checkout process to 70%. You’ve spent $60,000.00 to gain 150,000 buyers.
Forms — Forms are the first reason buyers abandon their carts.
If someone comes to your store, decides to pay money for your stuff, then leaves because your form is too complicated, you’re a real dope. Three ways forms get you in trouble:
- The checkout process. Make sure your checkout process is smooth and has no surprises. Make sure buyers know the shipping (and handling costs) BEFORE they type one piece of personal information into your form.
- Accessibility. We’ve talked accessibility to death; but I for one have not seen improvements. Now we can add mobile users to the list of accessibility issues. If mobile users have a hard time checking out, you’re toast.
- They are too damn long. Shorten it up. Just get the information you need (not want). All that preference stuff can be collected via drip campaigns once they PURCHASED THE DAMN PRODUCT.
Good luck and I hope this article helps.