Question

In: Economics

In sales and marketing, we are motivated to sell and close the deal. On a website,...

In sales and marketing, we are motivated to sell and close the deal. On a website, for the most part, especially the ecommerce (sites where you can order) you want people to buy. According to some sources the abandon rate for shopping cards is over 67% (how often do you abandon a shopping cart?) In this discussion, talk about what design or copy styles keep you engaged? What do you think organizations can do to "close the deal" or get the sale? Talk about some websites that you have seen that you feel have good design and copy that you feel convinces you that you should place that order. Feel free to talk about the six tips for crafting a compelling call to action

Solutions

Expert Solution

ANSWER#

Abandoned shopping carts singificantly reduce revenue for ecommerce stores.It happens when a propesctive customer adds product to cart but leave before completing the checkout process.

Now how we can check and calculate the abandoned rate

first step -Figure out why abandonment happens.In some cases,consumers just get busy or distracted but if something about your website trun them off,yopu want to know about it.

Second-Diving beep into your websites data will you to pinpoint patterns that might contribute to abandonment rate.You can make targeted changes and A/B test thpose changesfor better results.

Shopping cart abundonment Rate Satistics (from year 2018)

Based on the recent data ,the average shopping cart abundonment rate is 78.65%which rose from just over 77% the year before.Different sources shows different rates as even in 2017 the satistics say just under 70%.Moonsend also notes that the marketers who use automation tools experience 50%increases in conversion rates.

Why cart abundonment rate is so high?

There are several factors might infulences consumers to leave their websites as cart left without checkout.Some common reason for that is:

  • Unexpected Costs

When a visitor visit the website just to order add in his cart and go to cart bag just to checkout and discover a unexpected cost ,he/she just click away immediately.It often happens with shipping charges .If you have any shipping charges kind of like it then mentioned it clearly,sop that a consumer can expect and order.

For example:- ALIBABA a well knowed ecommerce website with a large range of product with huge sales and duiscount always shows on their website,but while checking out we found a huge amount of shipping charges which cause to not to order the items.

  • Total cost unavailable

A customer always wants to know exactly what they'll pay at checkout .If you don't reaveal the entire amount including shipping,taxes any other fees -they might get unpleasent surprise when they reach the end.

Provide imformation as much as can to your visitors as possible.

For example:- Myntra a well clothes websites who shows huge discounted product but while chekout they show alot of taxes and delivery charges etc..

  • Account Required

Sometimes consumers decides to not want to create an account on the website just because

-Full email inbox

-Privacy

-Lcak of time

-Unceratnity about the purchase

If you force them to create a account thaat without account you can't purchased they will abundonem your cart right away.

  • Lengthy checkout

When presented with a long checkout process,busy consumers oftem click away and dont want to order from the website and get angry with a lengthy process of checkout.

  • Confusing checkout

You also have to mentioned the clear instruction though that the customer can't confuse.As if you want there birthday date then make sure there will be a short example for it like 10/2/2010

  • Website timeout

You need a good hosting of your website make sure that the website shows the things what they are purchasing and sometimes the customer add product in their cart only get locked fopr 10 min for checkout and after that it will disappear and its wrong.

  • Trust issue

In todays times a customer can only purchase from a websites only then if they trust and there is any social proof of there websites beacuse sometimes there are many fake websites messaged to purchase at a very low amount so then a customer can attract and customer open the websites it took all data and sometimes it force to make payment so that they can earn but they didn't deliver the item to customer.So always be aware from fake websites and make your websites clear and proofully so that customer can belive and can order.


Related Solutions

What are the key requirements to close the deal and secure a new client as a...
What are the key requirements to close the deal and secure a new client as a long-term customer for a successful wealth manager ? (300words)
SAP (a German company) bought Qualtrics for $8 billion in 2018. The deal was to close...
SAP (a German company) bought Qualtrics for $8 billion in 2018. The deal was to close in 12 months. The current exchange rate between USD and Euro was $1.185 at the time of the deal. The exchange rate forecast was for Euro to depreciate against the USD, but the exact decline is not known. SAP decided to hedge with derivatives and purchased enough options for USD. The call option with strike price of $1.18 per Euro is selling for the...
There is a great deal of strategy and research that goes into the marketing process, but...
There is a great deal of strategy and research that goes into the marketing process, but at the end of the day, marketers ultimately strive to build a brand that creates sustainable customer relationships that bring value to both the customer and the business. You should be starting to think of yourself as a brand in order to create a competitive advantage in the modern workplace. Today, there is a lot of talk about personal branding and every career minded...
The owners paid $2,000 for website advertising. They were able to get a good deal because...
The owners paid $2,000 for website advertising. They were able to get a good deal because one of the company's owners also owns stock in the website company. The owners also paid $6,500 for some advertising in local newspapers. [Note: Combine both transactions into one entry].
The owners paid $3,500 for website advertising. They were able to get a good deal because...
The owners paid $3,500 for website advertising. They were able to get a good deal because one of the company's owners also owns stock in the website company. The owners also paid $6,000 for some advertising in local newspapers. [Note: Combine both transactions into one entry] multiple accounts and dollar amt entry Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank    Account: Dollar amount:   Sales were...
The owners paid $2,000 for website advertising. They were able to get a good deal because...
The owners paid $2,000 for website advertising. They were able to get a good deal because one of the company's owners also owns stock in the website company. The owners also paid $6,000 for some advertising in local newspapers. [Note: Combine both transactions into one entry]. Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account options: Cash, Accounts receivable, inventory, prepared rent, fixtures and equipment, accounts payable, interest payable, wages payable, notes payable,...
how do we deal with medication compliance?
how do we deal with medication compliance?
Company A is trying to sell its website to Company B. As part of the sale,...
Company A is trying to sell its website to Company B. As part of the sale, Company A claims that the average user of their site stays on the site for 10 minutes. To test this claim Company B collects the times (in minutes) below for a sample of 11 users. Assume normality. Time 0.8 10 6.8 1.6 4.9 0.3 13.5 6 6 2.2 1.5 Construct a 99% confidence interval for the true mean time spent on the web site....
Company A is trying to sell its website to Company B. As part of the sale,...
Company A is trying to sell its website to Company B. As part of the sale, Company A claims that the average user of their site stays on the site for 10 minutes. To test this claim Company B collects the times (in minutes) below for a sample of 20 users. Assume normality. Time 0.5 1.7 17.7 8.5 1.1 0 4 10.1 8 4.6 13.5 1.3 20.6 2 14.2 1.4 1.2 6.9 16.3 1 Construct a 98% confidence interval for...
Company A is trying to sell its website to Company B. As part of the sale,...
Company A is trying to sell its website to Company B. As part of the sale, Company A claims that the average user of their site stays on the site for 10 minutes. To test this claim Company B collects the times (in minutes) below for a sample of 10 users. Assume normality. Time 1.6 25.9 7 23.3 7.3 8.8 18.5 8.6 10.8 12 Construct a 95% confidence interval for the true mean time spent on the web site. a)...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT