The Availability Bias and How You Can Leverage Human thought Process to Grow Your Online Business.
There will be a point during which any subtle increment in availability of your product will cause a disproportionate increase in sales. This is because most human beings are bound to follow the same thought patterns when shopping (and going on about their lives).
The number one priority when your products aren't selling as well as you expected is to take a good look at how many steps your client has to take in order to make the purchase.
Of course, you want to make sure that you are selling an item that is in demand to begin with (more on this topic in the next post), but when you confirm that the demand is there, work on making your product as available as possible. If you do not know where to start from, let me walk you through a few variables you can apply right now.
Have lots of calls to action: The more calls to action you have on your website the easier it will be to tip your client over to the shopping cart. Online shoppers don't like websites that are hard to navigate. Once the client has added the item to the shopping cart, have another call to action that tells them "continue shopping here!" or "other shoppers also bought...". What would a good store clerk do? Offer suggestions? Highlight products that might complement the item that your client is about to buy? Try doing that!
Have a way for your client to save their personal information on your site: There's nothing worse than losing a sale for an abandoned cart just because your client go distracted and forgot to enter all their information. This seems like an exaggeration but since the whole point of e-commerce is convenience, people tend to have very high expectations when it comes to their buying experience. Fortunately, platforms like Shopify will save your clients information so that they will enter it once and never have to do it again.
Build a mailing list: If you want to maximize the amount of total sales on your site, you have to work around your clients' schedule. That's because the average conversion rate of a site with fist time visitors is barely 3%. That means that for every 100 unique visitors, you will only get 3 sales. The reason why this figure is so low has to do with a couple of factors. Some of the visitors might not be ready to buy right now, but they are nonetheless interested in what you sell. Other visitors, might need to be convinced that you are a trustworthy business and that they can spend money with you. There's also people that are indecisive on what item (size, color, model) to buy so they are waiting to make up their minds. When you collect email addresses and you build a list, you can send out periodical emails to stay top of mind and make your brand available at your customers' convenience. If you are able to set up an efficient marketing campaign your overall conversion rate could skyrocket to 20% or higher!
Activate as many methods of payment as possible: If you are serious about capturing as much business as possible, you want cater to as many people as you can. Whatever you do, do not only offer credit card payments. In 2016, the amount of people buying on mobile devices has crossed the 50% mark. It's only a matter of time until the vast majority of purchases will be made on a smartphone or a tablet. When operating on mobile devices, people tend to like faster and easier tasks such as one-button-purchase etc. Thankfully, Shopify allows you to receive payments with credit cards, Paypal, Apple Pay and more.
In conclusion, before focusing on marketing and promotions, take a good look at your online business and ask your self: "If I were a person on the go, looking to this site on my smartphone, would I be able to make an impulse buy?" or "If I wasn't ready to make a purchase on the spot, would I be able to easily find this site again?" If the answer is no, you might have some work to do. Pave the road for the path of least resistance and seal the cracks from which your potential clients are leaving and never coming back.