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Ecommerce Blog - Fortune3

7 Shortcuts for Skyrocketing Your E-Commerce Revenues

fortune3-e-commerce-skyrocketing-revenue-imageAre your revenues where you want them to be? Have you ever wondered if there are some easy techniques you could use to increase your revenues at your e-commerce store?

There are some. Every business has ways it can do things a little bit better. Think about some of these and see if they apply to your e-commerce store:

1. Upsell

Most customers come to your e-commerce store with a certain budget in mind they’re not willing to exceed. Upselling is when you successfully convince them to buy more than they intended.

A simple technique to do this is to “display the next model up.” If you sell a 55″ television, show your customers a photo of the 60″ version for just $200 more.

If your customers get a certain quantity of a product for $40, give them 50% more for just $10 extra. They’ll spend more, but get more for the price.

2. Personalization

If your customers go to a website and buy an iPhone, don’t show them the iPhone again when they return. That’s what everyone sees. Instead, allow them to see a case, charger, or headphones.

It makes more sense to them to see these items, and they’ll be more likely to buy.

3. Use a Search Bar 

E-commerce users do use these to find the products they need. Make sure your search function shows products relevant to what your customers are really looking for.

4. Make Shipping Costs Clear

Let your customers know as early as possible how much shipping costs will add to the final cost of their item. The earlier they know about this, the less likely they are to abandon your shopping cart.

5. Add Supporting Services

If you sell products, consider adding services to sell. You could include gift wrapping, handwritten notes, or even live chat support 24 hours per day.

6. Give Your Current Customers a 10% Discount

One of the truest business maxims out there is that it costs more to get new customers than to keep your current ones. Send out an e-mail that offers a 10% discount to past customers who haven’t bought from you in a while.

7. Let Your Customers Create Accounts After They Purchase

If you make them create an account before they purchase, it makes purchasing harder. Guess what? They’ll purchase more if you give them the option to create an account after purchasing.

Most of those methods do not take a long time to implement.  Think about them all, and consider which could help improve your revenues.

Posted in Ecommerce Essentials & Tips, eCommerce Website Analysis, How To, Shopping Cart Abandonment

A Day on Twitter : Infographic and Statistics

As one of the most popular social networks in the world, if you really want to be successful using Twitter and making it worth your time, first and foremost, you have to understand how other people are engaging in the social network and from there you can come up with your own strategy.
WHAT’S MOST SHARED ON TWITTER?

1. PICTURES: Pictures make up more than one third of all links shared.
2. ARTICLES: 16% of shares are made of up articles.
3. VIDEOS: 10% of all content shared on Twitter are videos.

Many that share images also through Instagram on Twitter – 15%.

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Posted in Shopping Cart Abandonment

How To Reduce Shopping Cart Abandonment

shopping cart abandonment reduceShopping cart abandonment is a very serious problem for internet retailers. As much as many of us are obsessed with how much traffic we can drive to our ecommerce sites, at the end of the day, what matters is if we’re converting those visitors to shoppers. Looking at our shopping cart abandonment rate plays a significant, if not one of the largest roles in guiding our design. It is also one of the best metrics to use to judge user experience and navigation.

7 out of 10 shopping cart are abandoned in 2011! The goal of any internet retailer is to reduce shopping cart abandonment. Some of us work day and night to figure out how to boost sales and sometimes traffic isn’t the answer, it’s actually doing things that will just reduce shopping cart abandonment.

If you look at the average shopping cart abandonment rate, it’s anywhere from 60-70%. If you want to look at conversion rates, if you’re in the 1-2% bracket, you’re OK.

How do you reduce shopping cart abandonment?

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Posted in Shopping Cart Abandonment

7 Out of 10 Shopping Carts are Abandoned in 2011

shopping cart abandonment 2011In internet retail, the biggest challenge that is part of the big scope of things is the shopping cart abandonment rate most if not all ecommerce websites face. In a report by Forrester, shopping cart abandonment has risen to 71% which translates to an approximate $18 billion dollar issue for internet retail.

7 out 10 shopping carts in ecommerce result in abandoned carts…7 out of 10….that’s a large number. Maybe we can all agree it can be worse and the report doesn’t really tell the story much as far as if those 3 other carts convert to sales because if 3 out of 10 people shop on our website, we would have incredible businesses.

Shopping cart abandonment isn’t looked at enough by start-up or small internet retailers as what counts at the end of the day is just looking at traffic and sales. However, by analyzing your shopping cart abandonment rates, you can analyze user behavior better and understand what items may be being abandoned the most, etc.

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Posted in Shopping Cart Abandonment

Average Shopping Cart Abandonment Rates

All internet retailers deal with shopping cart abandonment. It is an on-going process to get consumers to purchase from your website and there are a lot of elements that come into play when you try to optimize your sales and it won’t happen overnight. However, there are several things you can do to make sure you decrease your shopping cart abandonment rate.

While we look at our shopping cart abandonment rates, it’s important to understand the average abandonment rates and look at some statistics so we can base our websites performance on the averages to know where we have room for improvement.

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45 Percent of Online Shopping Carts Don’t Lead To Sales

According to a U.S. survey, some 45% of online shopping carts don’t lead to online sales and are missing key components that lead to some serious shopping cart abandonment issues.

According to an article on the CSmonitor website, an article about a report gives us a very good idea of why many eCommerce websites fail, and that is due to ‘broken’ shopping carts and bad checkout page optimization.

“According to PayPal, 45% of online shoppers in the U.S. abandon carts, leaving baskets worth an average of $109 each time.”  Natalia Framil, director of information for Empathy Lab said, “ An effective shopping cart and checkout is a crucial part of the overall e-commerce experience.” Framil told BusinessNewsDaily that the key to solving this challenge is to look at this from three perspectives: the business, the customer and the brand.

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Posted in Shopping Cart Abandonment

Top 10 Ways to Reduce Shopping Cart Abandonment Rates from PayPal

Shopping cart abandonment….us internet retailers hate that word. It means people are leaving our website and for the most part, it can be attributed to a few factors. The great news is that we can always improve our ecommerce stores to keep improving the customer experience of shopping from our websites.

These tips are actually on the PayPal site and can help you a great deal. A great tip in order to actually implement these tips on to your website is print this post and make it a check list. You don’t have to do all this at once but even implementing some of these tips can really help conversion rates.

1. Show stock availability on product pages and show which countries you ship to. Disable the cart button for out-of stock or back orders. Xanadu Gaming Store is a good example.

2. Show tax and shipping charges pre-checkout to prevent “sticker shock” – the number one reason for cart abandonment.

3. Don’t require login, but instead allow guest check out. Make account creation optional after the purchase is complete, and explain the benefits of registration (faster checkout next time, order tracking, special discounts, etc).

4. Use SSL (secure socket layer) certificates, and make sure you renew them when they expire. SSL certificates protect credit card numbers and personal data, preventing identity theft. Customers do look for them.

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Posted in Shopping Cart Abandonment

Shopping Cart Abandonment Later In The Checkout Process

As we continue to talk about shopping cart abandonment, it is a determining factor in the success of your online retail store. Following our last blog post (top 5 reasons for shopping cart abandonment) which all online retailers love the theme of shopping cart abandonment because we know the importance of finding solutions to decrease shopping cart abandonment, we’ll continue to look at shopping cart abandonment LATER in the checkout process.

Continuing to write this story from the great post on eConsultancy, the question is “what makes customers abandon later on during the checkout process?”

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Top 5 Reasons for Abandoned Shopping Carts

Any online retailer hates 3 words, “Abandoned Shopping Carts.” That word just means as online retailers we are losing business, and losing business means losing money. Abandoned Shopping Carts is something we try to decrease daily as business owners and it has to do with a couple of factors.

On our last blog post, we discussed online shopping behavior and factors that are important to people shopping online.

In an eConsultancy blog post titled ‘checkout abandonment on the rise,’ according to a Forrester survey, 88% of consumers have abandoned shopping carts! 88% of online consumers abandoned their cart, which means we all have to climb a steep mountain ahead.

They list the top 5 reasons for Abandoned Shopping Carts:

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Posted in Shopping Cart Abandonment

Shopping Cart Abandonment Emails – Bring Your Customers Back

How many transactions COULD HAVE taken place in your web store today? Do you look at your shopping cart abandonment rate? Shopping cart abandonment happens to everyone from the smallest retailers to the largest ones, it’s the SMARTEST online retailers that will do something about it.

shopping cart abandonmentHaving a shopping cart abandoned is like having a person in a store put two things in a basket, and deciding they’ll go elsewhere to check out something similar and see if they can get it for cheaper or maybe something of better quality, or whatever the case may be. Point is, they were VERY close to shopping from the store. This is probably the easiest customer to get back and shop as they were VERY close to completing the transaction.

So, how do you get that customer to complete the transaction online from your online store? Many online retailers use the email tactic which will take custom programming that once a customer creates an account or provides an email before shopping and adds something to their shopping cart, the system will email them letting them know they have a transaction to finish in their shopping cart.

Email-Marketing-Reports.com reports that a study by Experian CheetahMail showed that abandoned cart mails produce 20 times the transaction rates and revenue of standard email campaigns.

  • Diapers.com said that abandonment emails generated over 10% of total email marketing revenue, but accounted for less than 3% of their outgoing email volume.
  • S&S Worldwide revealed “…a 25% conversion rate on personalized transactional messages focused on items left in carts.”
  • And SeeWhy’s Charles Nicholls is quoted as saying that Disney produces “…$2 for every remarketing email they send.”

You can call this tactic re-marketing as you’re trying to re-sell the customer to either to come to your website or the product they choose to abandon. What will be your marketing message?

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Posted in Shopping Cart Abandonment