Is Your Store Leaking Customers? Here’s how to fix it.
Where exactly is my store leaking customers?
According to Baymard Institute, 69.57% of online shopping carts are abandoned.
Which means, for every 100 potential customers, 70 of them will leave without purchasing.
How much would your revenues increase if you were capturing those sales instead of losing them?
Let's do quick math.
Let’s say you're currently making $100,000/mo in online revenue and you show up at Arlox door.
And we manage to install a low budget multi channel retargeting campaign and an abandoned cart recovery email drips campaign.
And with that we’ll be able to easily turn just 35% of those abandoned orders into sales,
How much additional revenue do you think you’ll make?
you’d make approximately $70,000 ADDITIONAL per month.
Here’s the thing,
If you are fashion E-Commerce Business owner or any E-commerce brand owner for the matter,
You’re losing money.
I know this because plenty of data supports it—each and every day you sell online you’re losing potential orders on your website.
You might wonder where? how? why?
That’s more money that could be used for:
- Launching new collections
- Hiring better people.
According to Business Insider, upto 63 percent of abandoned carts are potentially recoverable by savvy ecommerce retailers.
To fix this leaking pipe,
Every Fashion ecommerce owner must find out:
#1 Why do “potential customers' ' leave my store without purchasing?
#2 What systems can I have in place to avoid this from happening ?
Or in simple terms:
- Why is my pipe leaking?
- How do I fix my pipe?
Arlox answered these questions for you along with specific, actionable steps you can take to fix this leaking pipe in your fashion ecommerce business.
First we’ll dive into the two research based reasons and then one what I think why the pipe is leaking?
Here are Two research based reasons why shoppers exit online stores before checking out:
Cost is the metric they use to judge the value and is nevertheless an important number to modern-day shoppers, so it’ll come as no surprise to learn that any extra costs tacked on at checkout could be a potential cause of cart abandonment.
49% of people abandon their shopping cart because extra costs at checkout were too high.
Extra costs—including shipping, taxes, and extra fees—aren’t always made obvious to a customer. When they head to their online cart and see those fees added on top of each product price, it causes 49% of cart abandoners to exit.
Complex Checkout Process
First-time customers to your online store want a fast, friction free experience. That doesn’t happen when they’re being asked to create an account or juggle multiple cards while trying to make a purchase.
A long and complicated checkout process is the reason behind 18% of shopping cart abandonments. Buyers who are forced to register before checking out are also more likely to leave your site.
Other easily fixable reasons include:
- The website is untrustworthy
- Lack of familiar Payment Options
- Foreign currency rates.
Now, here’s what I believe is the Biggest reasons why you are leaking customers:
The biggest reason I think is “Life”
Strange but true, I can go on and on about studies showing 56% shoppers blame unexpected costs or 75% claiming it to be the loading speed, there is some truth to that.
But we’ve found at Arlox, and also common sense agrees with us that people now have relatively shorter attention spans and are easily distracted.
Life could get in their way, someone or something could interrupt the buying cycle,
all we need to do is have a process in place to remind them that
“Hey, Customer!, a few minutes back you started something, want to finish it?”
Just with that.
You have your customer back.
Buying your great products and feeling satisfied with it.
If you’re a fashion ecommerce store owner and want to scale your business to next level, we understand it can be difficult.
You need to implement a lot of system right in order for things to work out the way you want them too.
By implementing such easy to install systems in your remarketing strategy, you could avoid potential leaks by making sure all visitors convert into paying customers without much effort on your end!
It really doesn't take much to set up these systems and we're here to help.