Would you like to generate more revenue from your store without increasing your SEO, PPC, or social media marketing budgets?
Well … who wouldn’t!
The good thing is that you can, and it’s simple:
All you need to do is optimize your store’s conversion rate (CRO). Now I know the whole idea of CRO can be quite intimidating and it’s easy to feel lost in the 100s of tips out there. But to prevent this from happening to you, I’m showing 3 of the most effective optimization tactics that I’ve seen our customers use. Start implementing them today and generate more leads and sales.
1. Optimize the checkout process in real time for possible cart abandonment
When it comes to cart abandonment, most optimization efforts are retrospective in nature, i.e., they begin only after a user leaves the store. Take the cart abandonment follow up emails, for example. Online stores often send a follow up email (or a series of follow up emails) to customers who didn’t complete the checkout process.
While follow up emails are an effective means of recovering some of the cart abandonment losses, they aren’t the most optimal solution. And given that the average cart abandonment rate is a whopping 68.81%, it calls for a better method.
To optimize such checkout drop-offs, it’s best to use exit-intent technology and offer additional discounts to the buyers who try to exit your store during checkout. Just as a normal exit-intent offer fires when a visitor tries to leave a site, the checkout exit intent offer shows up when a person tries to exit the checkout window.
Carbide Processors — an online tools megastore — uses shows lightboxes to all the buyers who they suspect won’t complete their purchase. The following image shows the lightbox that displays to those customers. As you can see, it offers a coupon code with an additional 5% discount. Such an offer gives an incentive for acting immediately and can be very effective in pushing a visitor to complete the purchase.
Implementation wise, all that Carbide Processors has done is set the tool up to show the above lightbox when a user tries to exit the top of the brower window.
2. Offer non-intrusive help to assist customers (especially for high ticket items)
Selling a $1000 gold coin is way more difficult than selling a $20 T-shirt. The reason is obvious… When it comes to expensive items, buyers generally:
● Have more questions
● Need more convincing
● And need to overcome more hesitation
Because of the pricey nature of some products, customers do more research on them. This is all fine, but the problem arises when a customer leaves the store just to find an answer to a simple question and never returns. This equates to losing a sale or a very strong lead.
So, if you sell an expensive product, make sure that you’re available to answer any questions that your potential buyers might have. A great way to stay available is to add a non-intrusive Q&A widget to your product pages, just like U.S. Money Reserve does:
(This is actually a query form designed with a standard Q&A widget theme.)
If you can be available live on chat, that could work even better. But at least, give your visitors easy ways of asking questions about your products. The emails you collect this way will be strong leads for following up with.
Insight: On an average, our clients have seen a 1% increase in their conversion rates by adding non-intrusive Q&A widgets to their sites.
3. Personalize offers in real-time
When it comes to personalization, here’s what most online stores do:
- Run recommendation engines: Here, customers are shown products similar to the ones they’re buying. Such prompts help in increasing the cart value as customers often end up adding some of the suggested products to their carts.
- Send personalized product recommendations emails: Another common personalization tactic is to send a follow up email recommending related products to a customer who has recently bought.
While these event driven email marketing tactics are effective in generating more revenue, they only work when a visitor is fairly interested or engaged and browses through the store or buys something.
But not all visitors engage with an online store. In fact, two out of every three visitors who land on the store leave without conducting any meaningful engagement. Which means the majority of your store visitors simply bounce back from your store/product pages. Which also means that if you find a way to engage these visitors, you’ll boost your chances of getting leads and sales.
An effective tactic for stopping such people from abandoning your store is to make your offer more relevant to their needs.
Let me explain.
Let’s say that you sell T-shirts on your store, and there’s a potential buyer interested in buying a white one. Somehow, this visitor lands on your product page. With a tool that can handle dynamic offers, you can easily show this visitor a white T-shirt exclusive offer.
Instead of saying, ‘Opt-in and get $5 credit,’ you can say, ‘Buy this White T-shirt. Get 10% off and free shipping.’
The best part is that you don’t have to write 1000s of personalized offers if you sell 1000s of products. All you need to do is make a template and the tool will fill in the values dynamically. By personalizing your offer, you’ll significantly improve your chances of making a sale or getting a subscriber. HubSpot found that personalized CTAs had a “42% higher view-to-submission rate than calls-to-action that were the same for all visitors.”
Bonus tip: We’ve found that when the first thing a visitor sees is an offer for 10% off and free shipping, there’s a 3x – 10x increase in email submissions and sales.
Wrapping it up
So those are the 3 tactics I’d like you to start with. Try them on your store and tell me how it goes. If you need customized advice to take your online store to the next level, just hit me up in the comments, and I’ll be happy to offer some free consultation.