How to avoid cart abandonment in your e commerce

19/12/2013

Angela de la Vieja

When we say basket abandonment we are taling about those purchases which are started by our clients but which are not finished, leaving the basket abandoned eventually.

There are several techniques in order to minimise those sale looses which we can clasify in two stages:

Pre basket abandonment: we try to minimise the basket abandonment by our clients maximizing conversion.
Post basket abandonment: once the basket has been abandoned, we act quickly in order to retrieve the purchase offering some kind of discount or promotion

In this post we are going to talk about the techniques we can use in the Pre basket abandonment stage.

One of the main causes of basket abandonment is price. It is now really easy for on line buyers to compare prices as they have several price comparison sites such as Google Shopping, Kelkoo, etc. just a few clicks away. They can easily get a full list of competitors selling the same product ordered by price. If our online shop prices are not competitive, the client will abandon the basket to make his purchase in a competitor´s site which offers a better price. It is not about being strictly the cheapest, but to offer competitive prices, that make our clients forget about searching elsewhere as they are faithful to our brand.

In order to find out where our prices are competitive or not, we must use a price monitoring tool with which we can get the following information:

A list of products where we are not competitive, allowing us to filter by brand and/or category
Change price alerts which inform us soon about changes in the competition so we minimise the time in which our site could potentially loose sales
Measurement of the competitiveness index so we can be sure of which competitors have higher or lower prices.
Measurement of price wins and price loose rates, that allows us to know how often our price is better or worse in the market.

By using a competitors price monitoring software, we can design and implement a wining price strategy minimising the basket abandonment rate and increasing our clients data base.

11/11/2022

Consumer behavior: How can behavior tracking be effective for setting the right pricing strategies?

Behavior tracking is becoming massively popular today. As a result, pricing strategies born from studying consumer behavior are a merchant's dream come true. If done right, it can conquer every market for the business quickly. With abundant data available, the strategic makeover of the pricing models is becoming easy for companies.

What is behavioral tracking, and how is the data beneficial in pricing?

For a quick understanding, behavioral tracking refers to gaining in-depth knowledge and insights into consumers through their web data. Their browsing habits, spontaneous decisions, shopping interests, and preferences come under behavioral tracking.

How can enterprises use customer behavior data?

Companies can use customer behavior data as a tool to strengthen their hold on the market. A customer’s preferences, values, and tendencies allow businesses to work in sync with them through the collected data. Apart from this, customer behavior can also aid in:

Tailoring customer needs for customer retention

Personalization is becoming the heart of a company’s growth. No matter in which area an enterprise is functioning, tailoring the services, products, and solutions is becoming increasingly crucial. Uniqueness and personalization attract the crowd like no other.

Increasing the overall value

One of the best ways customer behavior data affects a business is by upgrading the value of customers for the business. The customer’s characteristics allow the company to target the people that match the business prospects well.

Optimizing every type of content

Everything that is up for digital display requires content. You must have seen companies unveiling their products or services through advertisements and making the initial public appearance. Two essential sales strategies – upselling and cross-selling comes through content optimization.

Pricing Strategy

Last but certainly not least is the influence of customer behavior data on the pricing strategy. The pricing strategy essentially constitutes content derived from data analysis. Companies need to have a dynamic approach to the pricing system to attract the right customers.

17/02/2015

Saint Valentine’s Day, always a good opportunity

V-Day is looming, a long-awaited date for all and also a good occasion for the eCommerce. According the study conducted by Prosper Insights and Analytics, it is forecasted the average consumer expense that day will be the highest in last years. Furthermore, 25% of them will buy online, which means an increase of 4% regarding 2014 (The US department of Commerce). This is, therefore, a key date where market competitiveness increase and which could be assumed as a big opportunity for our business or, a big fail if we do not adopt the correct strategies.

How to turn this event into an opportunity? To achieve this goal, we need to adapt our prices to this hostile environment, i.e. we need to develop an appropriate Dynamic Pricing strategy that allows us to adapt our prices to the variations produced in supply and demand and to position us ahead of our competitors. In V-Day, the frequency in changes will be higher, carrying it out each hour or even each minute. It is estimated that 65% of leader retailers have the ability to respond quickly at these variations, such Amazon. For this reason, it acquires great importance the correct use of a software specialised in price motorisation of competitors. Do not miss the time and adapt your business to new adversities.

28/12/2022

Which are the best footwear marketplaces to sell on?

Footwear marketplaces are booming. The last decade has seen the launch of new specialized marketplaces with millions of different users. Among them are Spartoo, Sarenza and Farfetch, portals with international reach. Their main value is that they unite hundreds of footwear brands, as well as offering clothes and accessories. Although each has its own characteristics, they are all vertical marketplaces, i.e., they focus on a specific area, and their sales categories are interrelated. For sellers, these portals provide an opportunity to expand sales channels and drive the globalization of their e-commerce business. We explain how to sell on these footwear marketplaces so that you can assess whether they align with your plans for the future and then start defining a possible pricing strategy.