How to increase monthly conversions in your store
Posted: Sun Dec 22, 2024 5:16 am
While there are many things that can hurt your sales, today we'll talk specifically about payment steps and options, and the damage caused by rejections and fraud.
Shopping cart abandonment is certainly a problem in the life of any online retailer, and rightly so. The shopping cart abandonment rate for online stores varies between 60% and 80%, with an average of 68.91%.
Among the many reasons why consumers abandon their orders, one of the main ones is that many are frustrated with complicated checkout processes. Too many steps before finalizing a purchase can irritate a consumer and cause them to not complete the purchase. Consumers are often in a hurry and give up, often forgetting about the transaction over time.
Another issue is the limited range of payment options. If a uk consumer data list consumer places an order and has their card rejected without being given another payment option, they will definitely give up and go to a competitor’s website. After all, it only takes a few clicks.
Another issue that all online stores should consider is fraud. Fraud can lead to significant losses, headaches, and serious risks to your online business. Purchases rejected due to false suspicions also affect sales and can hurt your reputation among good consumers who are disappointed by the transaction rejection.
So, if you don’t want your business to suffer from these factors and want to see monthly growth in your sales, here are some tips to help you keep your profits high.
Reevaluate your payment process
• Make sure your checkout process is understandable
Many consumers are in a hurry and easily distracted, not to mention the fact that there are many brands competing for their attention. A simple checkout process can benefit your store.
Consumers can get frustrated at every step of the process and abandon their carts, which means you lose out on revenue. Showing consumers every step of the way helps manage expectations.
• Minimize wait times
Traditional brick-and-mortar stores try to keep their customers from waiting in long lines, and the same logic should apply to online sales. The option to checkout without creating an account reduces the time spent on the checkout process and allows customers to purchase the items they want without feeling obligated to go through additional steps.
Of course, it’s important to collect customer data for future campaigns, but this may be unnecessary. Consider offering incentives to customers who go through the more time-consuming process of creating an account.
• Avoid last-minute surprises
You should do everything you can to encourage sales and avoid any unexpected costs that may arise at the last minute. Promotional codes, free shipping and clearance sales are all powerful ways to encourage consumers to complete their purchase.
Reduce the risk of disappointment at checkout by allowing customers to enter promotional codes at the beginning of the transaction.
Avoid waiting until the last step of the checkout to reveal the shipping price. Customers may be alarmed if the price is higher than they expected. Most major online retailers allow customers to see the shipping price on the first page or two of the checkout process. Showing a preview of the cart and associated costs, such as shipping and taxes, at the beginning of the transaction allows customers to adjust their purchases based on their budget.
Avoid fraud without affecting your sales
One of the main reasons why e-commerce businesses go bankrupt is fraud. If you think this only happens to your competitors, think again. Any online store is susceptible to fraud.
Chargebacks, purchases made with a credit or debit card that are canceled by the administrator, have a direct impact on your revenue. Chargebacks can happen because a consumer whose data was stolen did not recognize the charge on their account. You did your job and sent the merchandise and now you have to deal with the loss.
If you think the best way to handle this is to manually assess the risk of purchases or adopt a more conservative policy and reject more orders to avoid the danger, know that there are better alternatives. Fraudsters are professionals who are increasingly prepared and use creative schemes to access your system. Your legitimate customers do not deserve to suffer as a consequence of this!
We suggest using a third-party company that specializes in electronic security and fraud mitigation. Our advice is to focus your efforts on increasing sales, improving your marketing, adjusting your logistics process and taking actions that attract more customers while you seek the services of a specialized company like ClearSale to let you sell your product without fear of fraud.
Shopping cart abandonment is certainly a problem in the life of any online retailer, and rightly so. The shopping cart abandonment rate for online stores varies between 60% and 80%, with an average of 68.91%.
Among the many reasons why consumers abandon their orders, one of the main ones is that many are frustrated with complicated checkout processes. Too many steps before finalizing a purchase can irritate a consumer and cause them to not complete the purchase. Consumers are often in a hurry and give up, often forgetting about the transaction over time.
Another issue is the limited range of payment options. If a uk consumer data list consumer places an order and has their card rejected without being given another payment option, they will definitely give up and go to a competitor’s website. After all, it only takes a few clicks.
Another issue that all online stores should consider is fraud. Fraud can lead to significant losses, headaches, and serious risks to your online business. Purchases rejected due to false suspicions also affect sales and can hurt your reputation among good consumers who are disappointed by the transaction rejection.
So, if you don’t want your business to suffer from these factors and want to see monthly growth in your sales, here are some tips to help you keep your profits high.
Reevaluate your payment process
• Make sure your checkout process is understandable
Many consumers are in a hurry and easily distracted, not to mention the fact that there are many brands competing for their attention. A simple checkout process can benefit your store.
Consumers can get frustrated at every step of the process and abandon their carts, which means you lose out on revenue. Showing consumers every step of the way helps manage expectations.
• Minimize wait times
Traditional brick-and-mortar stores try to keep their customers from waiting in long lines, and the same logic should apply to online sales. The option to checkout without creating an account reduces the time spent on the checkout process and allows customers to purchase the items they want without feeling obligated to go through additional steps.
Of course, it’s important to collect customer data for future campaigns, but this may be unnecessary. Consider offering incentives to customers who go through the more time-consuming process of creating an account.
• Avoid last-minute surprises
You should do everything you can to encourage sales and avoid any unexpected costs that may arise at the last minute. Promotional codes, free shipping and clearance sales are all powerful ways to encourage consumers to complete their purchase.
Reduce the risk of disappointment at checkout by allowing customers to enter promotional codes at the beginning of the transaction.
Avoid waiting until the last step of the checkout to reveal the shipping price. Customers may be alarmed if the price is higher than they expected. Most major online retailers allow customers to see the shipping price on the first page or two of the checkout process. Showing a preview of the cart and associated costs, such as shipping and taxes, at the beginning of the transaction allows customers to adjust their purchases based on their budget.
Avoid fraud without affecting your sales
One of the main reasons why e-commerce businesses go bankrupt is fraud. If you think this only happens to your competitors, think again. Any online store is susceptible to fraud.
Chargebacks, purchases made with a credit or debit card that are canceled by the administrator, have a direct impact on your revenue. Chargebacks can happen because a consumer whose data was stolen did not recognize the charge on their account. You did your job and sent the merchandise and now you have to deal with the loss.
If you think the best way to handle this is to manually assess the risk of purchases or adopt a more conservative policy and reject more orders to avoid the danger, know that there are better alternatives. Fraudsters are professionals who are increasingly prepared and use creative schemes to access your system. Your legitimate customers do not deserve to suffer as a consequence of this!
We suggest using a third-party company that specializes in electronic security and fraud mitigation. Our advice is to focus your efforts on increasing sales, improving your marketing, adjusting your logistics process and taking actions that attract more customers while you seek the services of a specialized company like ClearSale to let you sell your product without fear of fraud.