Shopping cart abandonment: how to recover customer business?

07/05/2020

Angela de la Vieja

Abandoned carts are one of the biggest concerns for online stores as they represent a volume of potential sales currently in the process of being lost, a black hole that any eCommerce should pay attention to.

For what reasons do users abandon their cart?

There are several reasons why a user leaves an online store without completing the purchase process, we highlight the following:

The user did not plan to buy but enters just out of curiosity.
At the time of payment, they noticed an unexpected additional expense.
During the purchase process a problem arose, and the user could not find a way to directly ask for assistance.
The online store had an issue and the user did not want to waste time waiting for this to be fixed.
When paying, the user is suspicious of the payment methods offered at the checkout.
The user has last minute doubts and is indecisive, leaving the purchase for another time.

Strategies for recovering abandoned carts

Email marketing: consists of scheduling and sending a personalised e-mail to remind the user of the products that they have left in the cart. It is the most effective tool and also probably the least used. The emailing should run correctly, making sure any links work perfectly, so as not to cause a bad image. This strategy can only be implemented with registered users since these cases require all the necessary data to be available and validated to be able to send the email. On the contrary if it is a "guest user" it will not be available unless an email address was correctly entered beforehand.
Push notifications: this tool allows the sending of a reminder to the customer about the products that they left abandoned in the cart, increasing the chances that the purchase process is completed. Can only be used when a visitor to your website accepts such notifications.
SMS Marketing: this strategy has a huge advantage, which is that in addition to helping to recover sales, it is also effective with another big problem for online stores: abandonment during the payment process. This sends an SMS text to the customer notifying them that the purchase was closed without making the payment.
Remarketing: this technique, which is popular and extensively used, consists in the use of cookies to get ads from your site to appear on other pages, in this way remarketing serves as a reminder, inciting the user on different pages and times to return to your online store and finish the purchase that was left half completed.

The tools mentioned above do not generate high expenditures either of resources or time, but it is essential that they are sensibly managed in order for them to be effective and to reverse any abandonment situation

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.