Online Sales Skyrocket – Reduce Cart Abandonment with Express Entry for a Slice of the Pie
Have you looked at the cart abandonment rates on your website? Maybe it’s time you do, and here’s why: an estimated 1.92 billion people are expected to make online purchases in 2019, resulting in an estimated $3.45 trillion in sales. If you’re losing the sale at the very last step of your online transaction, you’re missing your slice of the pie! Read on to find out how to capitalize on profits in 2019 and put an end to lost sales!
Why are people abandoning their carts, don’t they like my product?
A recent study shows that 78% of customers abandon their shopping carts before a purchase is made. Now of course, many customers may be using their shopping bag to browse, window shop or compare prices and products. However, many of these customers have other, avertable qualms with your site. About 26% of U.S. online cart abandoners have left a cart specifically because the checkout process is too long or too complicated.
How can I close the sale at checkout when my store is online?
Customers want the most user-friendly experience possible. They’ve made their selection (which is the fun part) and now they want a fast checkout (take my money and let me go) so that they can then wait at the door for their delivery (at least if they’re anything like me). With an autocompletion web service like Global Express Entry from Melissa, you can considerably cut checkout time, making it easy to “buy now.”
Global Express Entry reduces keystrokes by 50% by autocompleting accurate address data (for 240+ countries) as the user types. With accurate addresses, you can also provide fast, error-free delivery – avoiding the backlash of missing packages. Additionally, a solution like this will pre-verify and auto-fill the customer’s email address in real-time.
Loyalty is Everything (Even Online)
Loyal customers are what drives out your competition. Studies have shown that loyal customers spend more money on your site, purchase the highest priced items, refer most new customers and buy from your new site when you choose to expand your product line. According to the Harvard Business Review, it can be anywhere from 5-25 times more expensive to acquire a new customer than it is to keep a current one. For these reasons, many businesses will choose to absorb the cost of reshipping a delivery in hopes of fostering customer loyalty, even though wrong delivery is almost always a result of user error in the checkout process. This can easily be avoided with the right address verification and auto-completion tool.
Checking Out the Results
The results are in: user experience has been outvoted over content, in that 52% of customers rank a website’s load-time and overall performance as being its most important feature while only 32% regard content as the most important aspect. Bank of America has experienced such results. Their customer registration rates increased by 45% after they redesigned their online registration process to make it easier and more efficient for clients. Customer service thrives to drive every business always, especially online. Even though you aren’t in person with your customer, you can still demonstrate excellent customer service skills through improved website functionality, resulting in better customer-satisfaction rates, higher online sales and improved customer loyalty. And best of all, you can leave your high cart abandonment behind!