How to Cure Abandoned Shopping Cart Syndrome
:: By Al Lalani, Social Annex ::
In 2013, we saw more customers turning to social to increase conversion rates, which is in contrast to 2012 when retailers were almost exclusively interested in growing their social reach and referral traffic.
This year, an increasing number of customers used social tools designed to encourage checkout and achieved a 16.3 percent conversion rate vs. their baseline of only 2.8 percent. Here are five ways our customers used social to increase their conversion rates in 2013.
1. A personalized shopping experience
Retailers on our platform created an interactive shopping experience, recreating the feeling of shopping in store with friends for their customers. They added personalized product recommendations for their customers based on previous purchases or items saved in wishlists. Other retailers collected and utilized social data for smarter retargeting and personal touches like birthday promotions.
2. Showcase product reviews and ratings
Our clients saw more and more online consumers comparison shop before checking out. In order to make it easier for shoppers to trust their products, they featured product ratings and reviews. In a recent study by Dimensional Research, 90 percent of consumers consult these reviews before making an informed decision.
3. Simplified checkout process
The fewer steps between a shopper deciding to buy an item and checkout, the better. Retailers reduced the use of account creation forms by offering social logins. They were still able to collect rich data, without the hassle and time for their shoppers.
4. Invest in top influencers
Those who implemented rewards and incentivized loyalty programs saw shoppers coming back to make more purchases more often. These top influencers also increased the retailer’s social reach through shares and referrals. Our clients know that it is always easier to keep a current customer happy, than to invest in finding new ones.
5. Adding a second call-to-action
Sometimes, people are just not ready to buy. Instead of just having an abandoned shopping cart, our clients suggested shoppers add their selected items to a social wishlist. This can be saved for later or shared with family and friends. Not only does this reduce shopping cart abandonment, it also increased their social reach.
Social is continuing to become a great solution for e-commerce. Retailers have demanded ROI from social and they have seen it time and time again. These 5 easy steps are just a snippet of how social can really influence e-commerce and be that game-changer we all believe it to be.
Al Lalani is the Co-Founder and Head of Client Success at Social Annex. Al has more than 10 years of experience with eCommerce, including online marketing, conversion optimization and remarketing.