The average rate of e-commerce is 33.9% and it is 68%. The cart abandonment rate of over 66% adds to the problems that any e-commerce business faces. The growing showrooming trend further threatens the existence of online businesses.
But here’s the good news: shopping cart abandonment can still be seen as an opportunity to exploit.
what’s the problem?
Basically, customers are guaranteed when it comes to online transactions. As belts have been tightened over the past decade, online shoppers have developed a skill in finding the best deals.
In a brick-and-mortar setting, retailers will be able to assess each potential customer browsing the store. Sales staff will provide different incentives to different customers to make the products more attractive.
In the same way, you need a way to automate your e-commerce platform so that potential customers are shown offers that are suitable for them.
It also gives you the ability to close more sales.
Fortunately, with a software-as-a-service (SaaS) approach, these platforms are more accessible than ever. And improving your bottom line will be more than enough to pay for the cost of services.
Let’s take a look at how they work, and then review the specific solutions you can use to improve your overall conversion.
What is behavioral targeting?
Now the ads you see seem more relevant to you than a few years ago. This is due to a mix of contextual and behavioral targeting.
You are for example being shown ads based on your location (received from your IP address) and previous online behavior. Factors taken into account include cookies on your computer, ads you have clicked on recently visited sites.
But it is also beneficial for consumers. Due to targeting, there are fewer completely irrelevant ads and more that are useful and relevant.
What is dynamic pricing?
The ability to price your products flexibly can provide a huge benefit. This means that you can automatically adjust your prices according to holiday dates, demand and competitive pricing.
Attractive pricing means you can capture your potential customer’s interest, reducing their tendency to look elsewhere.
Your prices are how many customers buy your services. Dynamic pricing can adjust prices downward when sales are sluggish or if your competitor is discounting. This can adjust your prices upward when competitors are out of stock or there is less customer resistance to higher prices.
Sweeten the deal – sell it
In a high street shop, your sales team will have a lot of discretion when they add sweetness to the deal. You also need ways to do this in your e-commerce store. Here are some SaaS applications that will help:
1. Fanplayer
FanPlayer allows you to segment your site visitors and create appropriate offers for each segment. The application works by continuously analyzing the behavior of visitors, including the time they spend on each page and the items they show interest in.
FanPlayer then allocates each user to a segment you define and shows that the user has set the offer for that group of customers.
Creating user-specific offers in this way helps maintain your brand quality image, and also helps increase conversion rates by offering discounts to specific segments of your users. Slightly smaller profit margins are higher than those made with an increased conversion rate.
2. Confusion
Volusion provides an end-to-end e-commerce solution, including hosting, an online store builder, and even built-in search optimization optimization mechanisms.
The entry level plan provides a basic e-commerce platform, which includes product listings and shopping carts.
Premium plans provide additional functionality such as a customer relationship management (CRM) module, loyalty scheme and day deals. These premium features are important for creating proposals that improve conversions.
In addition to optimizing conversions, Volusion also has a built-in manager for pay-per-click campaigns, which helps e-commerce vendors promote their merchandise on other websites.
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