Too many choices. Too little time. Too little help.
We live in an age of practically limitless options—cars, phones, products, services, lifestyles. The choices we face for the simplest purchases seem infinite.
Take the supermarket. Last count there were over 42,686 products (and growing) lining the shelves. Choosing a can of soup can make your head spin. Then there’s electronics. Computers. Small appliances. Business supplies. How about the large choice of lawyers. Accountants. Dentists. Architects.
Customers who walk into a store with little or no knowledge about your product or service are likely to leave without buying anything. That’s why many companies are losing business. Continue reading →
I know a lot of people who agonize over when to post to social media, whether its posting blogs or messages on their various channels. The dilemma was universal enough to encourage some folks to research the issue. Here’s some of what they discovered.
It indicates the effective times to post social media.
According to TrackMaven reports, and other industry research, the table below provides Continue reading →
To buy or not to buy The growth in Internet and social media usage has changed how people shop for your services or products. But what influences the decision to buy most? A recent survey by YouGov indicates that approximately 4 … Continue reading →
Customers often abandon their carts over this charge.
Be careful how you price some services. I don’t know about you, but I often come across online retailers (eTailers) that charge an arm and a leg for shipping. This is the top reason why customers abandoned shopping carts. In some cases, the shipping costs more than the product. Customers often abandon their carts over this charge. Shipping should be offered as a break-even service and sometimes a marketing cost, not a revenue stream. The following chart showswhy customers abandon shopping carts.
How to stop abandoned shopping carts.
Lately I’ve noticed that retailers have finally caught on. They are either eliminating shipping charges by offering Post Office delivery services or greatly reducing the fees. In exchange the delivery time may be longer, but for people who are shopping on a budget, it’s worth the extra few days. Now that many states have insisted on eTailers include local sales tax, the combination of shipping and taxes add incredible costs to the total cost.
Why I abandoned shopping carts
We give customers with promotional items, including custom-designed tee shirts. One vendor I found had great shirts at great prices. I ordered several to show my client so he could see the quality and style. When I went to check out, the cost of shipping (and supposedly handling) was so high, I cancelled the order. I have not been back to the site since. My feeling is they offer great prices and make up the reduced margin through outrageous shipping costs. Shoppers are fools.
Shopping cart abandonment can impact your brand.
So the cost of gouging your customer is not just ONE lost sale, it can result in lost customers and the revenue stream they would give. So when you are pricing your products, think strategically. Calculate the life-time value of that customer and what you will lose by overcharging for shipping. If your shipper is the reason for the high-cost, look around for another who will give you better rates. I know UPS and FedEx offer lower rates for commercial users. Look for ways to lower customers’ costs. You’ll profit from it.
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