Did you know less than 2% of visits to an e-Commerce website result in a sale?
Cart abandonment is endemic to eCommerce as a whole and is rampant within the Shopify landscape, too. After brands spend time and money creating a product, designing a website, and marketing it to the target audience, that reality can sting.
But it doesn’t have to be that way.
Let’s look at a few strategies that can turn those abandoned carts into fulfilled orders, a referral program that keeps customers coming back, and more.
If you’re looking to increase profitability of your eCommerce business, you’ll likely want to increase your average order volume.
Since research shows product recommendations account for an average 10-30% of an eCommerce store’s total revenue, it makes sense to experiment with upselling, cross-selling, and bundling products to boost order size and value.
One tool that can help you organize this across Shopify is Bold Upsell. This tool allows you to offer product upgrades, upsell from a single product to a bundle, and also cross-sell complementary products. It has a built-in tracking tool that allows you to get into the data about which upsells convert best, etc.
Another way to boost AOV is by offering free shipping, as studies show 25% of customers are willing to spend more if it helps them qualify for free shipping. Do some experimentation to find out which method works best for your business.
42% of people have bought something because they’ve seen it on social media. Boasting an 11X return on investment compared to traditional marketing techniques, influencer marketing can be highly profitable and drive thousands of dollars in sales.
Every influencer is a unique being with their own values and audience, which means it can be tough to navigate the process of finding and working with an influencers that aligns with your brand.
To simplify the process, some marketers use matching platforms such as #paid. There, you fill out a brief form and they match you with creators and influencers who would be an ideal fit for your campaign. You can even sort your options by target markets, have creators pitch how they’d handle content, and chat with them directly to make sure it’ll be a solid partnership.
Keep in mind that you don't need to only work with the expensive influencers with million-plus followers for these efforts, either. Micro-influencers (accounts with around 1,000 followers) boast an 85% higher engagement rate than those with 10,000 followers for an average of $250 for a sponsored post.
Cart abandonment rates stand at around 70% across all industries. If you’re struggling with this issue, you’re in good company. After getting the customer all the way to the final conversion point, cart abandonment can feel especially frustrating. There’s just no way of knowing why they didn’t make the order.
Unless, that is, you reach out to customers via SMS. If it’s a question they had regarding the order, a quick text from a real human being can often help iron out any small obstacles to purchase. If they’re still hesitating, an exclusive discount code might be enough to get them over the hill.
This is exactly what we do at LiveRecover. We have a team manually follow up with customers who abandoned their carts and ask them why. 46% of them reply, and after answering any questions and perhaps offering a discount, around 20% of them usually go back and finish the purchase. Not bad, right?
User-generated content allows your happy customers to do the heavy lifting for you when it comes to driving sales. It’s a powerful form of social proof that can come in the form of reviews, ratings, photos, and even videos.
You can tout your products’ benefits and features all day long, but sometimes the best and most effective way to convince online shoppers to buy is to let them decide for themselves based on feedback from current customers who have experienced the item firsthand.
Finding, gathering, and leveraging this content can be labor-intensive, but it doesn’t have to be. Reeview, an AI-powered tool for Shopify merchants, finds and delivers quality user-generated video reviews for eCommerce businesses that help increase conversions and boost shopper engagement.
Fear of missing out (FOMO) doesn’t just apply when scrolling through Instagram. It applies to marketing as well. People don’t like to miss out on things: whether it’s a good deal, a special edition item, or VIP access to limited-run drops.
Knowing this, marketers can put this to good use and drive sales to the point of selling out completely.
Watch Gauge is one brand that does this to great effect. When you go to their website, there isn’t even an option to buy: only to join the waiting list. This is a smart way to build excitement and a sense of scarcity and shows just how high demand is for their products.
The only FOMO you want customers to feel is the fear that they won’t be the first to get their hands on your products, so mindfully engage with your waiting list via SMS to bring excitement levels for your latest release to boiling a point.
Referral-based leads convert 30% better than leads generated by any other marketing channel. But how do you make sure happy customers are actually making referrals? They might need a reminder and incentive to do so.
Research shows that companies with referral programs have 86% revenue growth over two years compared to those without. Yet only 30% of companies have a formal referral program at all.
With a tool like Referral Candy you can select and edit referral pop-ups, keep track of key stats (such as who referred who), and customize the rewards system you select. This is a smart way to incentivize word-of-mouth traffic to your Shopify store.
Making more sales on Shopify this year might be as simple as implementing a few of the tactics we’ve outlined here. Experiment, find out what works for your audience, and watch the sales roll in.