Brands are passionate about business predictions! Here’s one.
“Merchandise worth $4 trillion is to be abandoned next year by shoppers”. All credits to Sleek Note, this forecast is turning out to be a harsh truth. The reason is the burning issue of uncontrollable cart drop-offs by the uncertain customer base. The reason behind the adjective “uncontrollable” is that no brand can deeply influence a purchasing decision, especially during online sales.
To tell you the entire story, brands and private labels suffer the most due to these drop-offs. When a customer closes the tab instead of “proceed to payment,” the real loss of a brand starts from there. According to Dynamic Yield, every year e-commerce brands lose a staggering revenue of $18 billion.
Why does sales revenue drop?
Fortunately, the brand is able to determine the reasons behind cart abandonment. The process is simple thanks to Google analytics. The mechanism provides a brief look at every customer’s journey and indicates the challenges they have encountered along the way. A brand’s understanding of these strategies is like holding a mirror up to the brand, allowing them to see their system and uncover things that they might have missed.
Source : Baymard.com
Due to these issues, 70% of customers leave without a checkout. However, the saddening truth is that these brands alone cannot do anything to alleviate the pain of cart abandonment. In this case, they solely survive on the remaining chunk of 30% of customers. Some brands are suffering, but others are turning their fortunes around!
Rather than taking full control on their own, these brands work with the master here, the brand aggregator. These aggregators have mastered the art of rescuing. They work smart by using their sheer research ability, search marketing, and other marketing strategies to ensure “add to cart” success.
These aggregators not only address this burning issue, but also go one step further and inject solid strategies into sales performance. Let’s look at the eye-opening recovery strategies that aggregators deploy.
Scan Like Monitor
Every brand is aware of the loss drop-off brought in but a majority of them remain unaware of the reasons behind it. Brand aggregators are experts at diagnosing the causes and acting upon them. They find accurate data related to specific products, and this handy data helps the team take a look forward and create an action plan.
A brand alone may not be able to invest in research and get moving. Thus, the metrics used by aggregators’ team help in studying the behavior of website visitors. Additionally, it also measures how effective and trustworthy the checkout process is.
Checkout Optimization
Here’s where advanced technology comes into play. When a brand improves user interaction, the chances of cart drop-offs decrease. To do so, the content is optimized for search engines, and the website is made user-interactive to maintain engagement. However, the best method to pump sales is by creating a fully optimized checkout process.
Here, a brand alone cannot perform such strategies as they have a very small volume of sales and limited knowledge of buyer’s behavior. Whereas an aggregator has a proper understanding of what type of checkout process buyers prefer. With the help of experts, the checkout flow is made convenient for users by carefully selecting form elements and form fields. Eliminating unnecessary fields makes checkout a quick and easy process. Through this, reducing the site load time comes as a bonus. These two strategies are some of the most underrated antidotes which need attention from brands.
Cutting Cost
Cost is the biggest deal breaker that triggers cart abandonment. In such a case, an aggregator saves the brand by cutting the extra costs. When an aggregator acquires a brand, it becomes liable to take control of every process, including shipping. The deep pockets of aggregators are enough to modify the shipping process and cut costs. Hence, when the brand starts offering free shipping and cost-cuts, customers complete their purchasing.
Another is the pricing strategy. Often aggregators have a scan of the best and average performing products. By analyzing the demand, they can adjust the price effectively. It indirectly helps in successful check-outs as there remains less chance for a customer to go with a competitor’s product.
Marketing
The beauty of e-commerce is that shoppers are approachable on the most diverse online channels, which is all the marketing strategy demands. One of the best ways aggregators use to approach these cart abandoners is emailers and retargeting.
A shopper who has just turned down the buying decision can be motivated to complete it. By using personalized mailers and retargeting, aggregators encourage customers to return where they left off. Through cart recovery pop-ups and e-mails, many brands have gained their lost revenue. After this, the results which come from optimized content and personalization are off the charts.
Find Your Antidote!
Among all that is discussed, “trust” should not be overlooked. For brands, selling via an unreliable e-commerce platform is one of the things that can become alarming. Addicted to the habit of shopping through branded and trusted sources, shoppers never buy a product listed on an unknown source. However, there’s an easy fix to this problem. Here all a brand needs is an aggregator with widespread and trusted network support. This support is a strong shoulder who takes the responsibility of a brand and strives to elevate them.
With a network of more than 125 marketplaces, Ergode backs brands. Our team makes the process of recovering revenue seamless. Since our in-depth understanding of the market and customer is well founded, we do it wisely and effortlessly. Therefore, if the issues like cart drop-offs are a hiccup during your brand growth, don’t wait for any miracles to happen. Contact experts now!
