Identifying Opportunities in Shopping Cart Abandonment

Identifying Opportunities in Shopping Cart Abandonment

An abandoned shopping cart isn’t the be-all and end-all of a purchase journey and an online merchant’s profit. It offers opportunities for reversal towards increased sales and the further cultivation of brand awareness. An abandoned eCommerce shopping cart is but one stage in a series of steps that the consumer has already taken towards a purchase. As such, the abandoned cart itself indicates prior consumer interest. In this sense, remarketing efforts to bring the consumer back to the cart are essential, especially when there is lost revenue at hand – according to Business Insider, a hefty US$4.6 million worth of it.[1] Knowing what makes online shoppers leave your eCommerce site with nothing in hand will also help you to better tweak your strategies to convert site visitors into customers. The Preliminary Dilemmas of the Asian Online Shopper A bad beginning to a shopping experience online increases the likelihood of the customer abandoning the cart prematurely and the loss of revenue. One major cause can be poor site design, such as having to click through multiple pages to get to the payment destination, or an overcrowded page. Getting the technical and design aspects of your webstore right paves the way for the consumer to push their shopping cart through to purchase. This includes creating a better customer experience through convenience features, such as a persistent shopping cart, which can encourage further browsing. These aspects are not just applicable to eCommerce sites, but also for mobile and other digital channels, especially for omnichannel retailers – who can recoup lost sales through more than one channel. Creating a different consumer journey, though with...
Dynamic Pricing – A Profitable Alternative To Pricing Wars

Dynamic Pricing – A Profitable Alternative To Pricing Wars

In the battle for eCommerce clicks and sales, dynamic pricing can help online businesses stay profitable, relevant, and on top of the competition. Searching for the best prices is a part of a consumer’s due diligence, whether buying groceries at a wet market in Singapore or purchasing a television set in Shanghai. But when a consumer can visit multiple stores with just a few clicks of the mouse, price comparison has become an entrenched ritual in the online shopping experience. But eCommerce retailers need not start a pricing war to hook fast-fingered online shoppers to the checkout page. Knowing what your competitors are offering helps you chart your own, better path against theirs, and in this, dynamic pricing is a worthy strategy. Knowledge Is Power And Profits Dynamic pricing simply means adjusting prices in accordance to market demand and supply in real time. It may sound elementary; after all, who hasn’t compared prices with other shops on the same street? But what dynamic pricing promises over static prices and manual monitoring of competitors, is increased market sensitivity and knowledge — which can help eCommerce retailers make better pricing decisions towards their business goals. This sensitivity is premised on using competitive intelligence software to collate and crunch large masses of critical data, including prices of a product across the market, price fluctuations and the amount of stock your competitors hold. This produces recommended prices that are lower than your competitors’, yet also advantageous to both the consumer and your business. The end result is a mark of success for dynamic pricing. Take for example, Amazon — perhaps the largest and...
The Art of Reliability: Establishing Trust in Asia Pacific eCommerce

The Art of Reliability: Establishing Trust in Asia Pacific eCommerce

In the world of online retail, authenticity and trust are key to converting browsers into buyers. There is a perception that Asia’s shoppers are drawn to online retailers for the promise of a great deal. After all, eCommerce does away with expensive overhead costs associated with maintaining a brick-and-mortar storefront, meaning competitive prices online for the same goods. However, many Asian consumers feel that eCommerce lacks reliability. While domestic deliveries in urban centres can usually offer accurate shipment tracking and delivery on time, online retailers often struggle to provide a trustworthy logistics solution that will instil confidence in buyers overseas or in remote locations.[1] Furthermore, the proliferation of counterfeit branded products, which are advertised as genuine by online retailers, has become a problem for Asian consumers. These shoppers are growing increasingly likely to choose online purchasing channels based on authenticity and trust, even if it means paying a higher price.[2] The challenge in Asia Pacific eCommerce, then, is twofold: to earn consumers’ trust and deliver authentic goods at the right time to the specified destination. For online retailers who can get this right the potential upside is very attractive: A slice of the global B2C eCommerce pie, which is projected to top US$4 trillion by 2020.[3] Deliver Reliability Online retailers can build trust with a seamless and reliable order fulfilment practice, which will also serve to make shipping attractive to overseas customers, customers in remote locations domestically and customers who require flexible delivery options because of their busy metropolitan lifestyles. B2C eCommerce retailers should offer consumers the convenience of multiple shipping speeds and pricing options. They can also partner...
Paving the Way for the Online Shopper in Asia

Paving the Way for the Online Shopper in Asia

Charting a path toward successful checkouts in Asia takes more than designing where the buttons go, but an understanding of what makes online shoppers in the region click. It’s said that, on average, a person makes up to 35,000 decisions a day.[1] Included in this weighty number are consumers’ purchasing decisions as a buyer navigates their way to purchase. For example, analyzing how a product fits a need, to judging how many virtual or physical steps it takes to reach the product, to even seemingly minor considerations such as the typography used on a product label. The online shopper has even more questions and motivations on their consumer purchasing journey. Therefore, understanding the contemporary online shopper and their motivations is crucial to designing a virtual shopping experience that leads to the most critical stage of online shopping: payment. Identifying an online shopper’s emerging behaviors can ensure the longevity of success in the APAC eCommerce landscape, which Forrester projects will be worth US$1 trillion in 2020.[2] The Shoppers Behind the Mouse and Mobile UPS’s Pulse of the Online Shopper study termed today’s online shoppers ‘flex shoppers’ – and “ruthlessly efficient” at that.[3] The flex shopper is highly aware that time and tide waits for no consumer. They take advantage of the omnichannel approach that online retailers use, and evaluate products through different devices and multiple channels before purchase. Furthermore, their online purchase decisions are influenced by convenience, efficiency, communications, delivery speed, the amount of information provided and personalization, such as site recommendations for products based on known preferences.[4] As such, having a seamless transition between multiple channels is significant to the flex shopper,...
Getting Ready for Singles’ Day 2015: Dealing with Post-Singles’ Day Challenges

Getting Ready for Singles’ Day 2015: Dealing with Post-Singles’ Day Challenges

Getting Ready for Singles’ Day 2015: Dealing with Post-Singles’ Day Challenges The sheer size of Singles’ Day introduces its own fair share of challenges that can extend well beyond the shopping holiday. From dips in sales to substandard delivery processes, brands and merchants need to be able to address these concerns early on or risk losing the momentum afforded by Singles’ Day. 2015’s Singles’ Day has come and gone, and as many doubtless expected, it has smashed all records. With $3.9 billion USD raked in in the first hour[1] for a final tally of $14.3 billion USD and 467 million delivery orders[2], the event has driven home yet again the power and potential of online shopping. But for retailers, these tremendous figures come with a multitude of challenges. The after-sales experience of your customers is just as important as their pre-sales one. This is especially true during high-traffic seasons such as Singles’ Day. But the sudden spike in sales traffic can lead to a rise in after-sales concerns that need to be addressed quickly and efficiently in order to protect the integrity of your brand. Whether it’s in fulfillment, product returns, or after-sales support, these are the aspects of retail that all contribute towards a positive customer experience. Merchants and retailers can expect a lot of first-time buyers during Singles’ Day, but the challenge lies in making sure that those additional customers ultimately convert into return sales through a healthy, positive relationship with your brand. Create a Positive After-Sales Experience through Streamlined Logistics Logistics takes the lead during the post-transaction process. As soon as sales are processed, online shoppers...
Getting Ready for Singles’ Day 2015: Best Practices for eCommerce Merchants

Getting Ready for Singles’ Day 2015: Best Practices for eCommerce Merchants

Getting Ready for Singles’ Day 2015: Best Practices for eCommerce Merchants The record-breaking success of Singles’ Day underscores the importance of online sales events for Asia-facing retailers. But as more and more merchants aim to make their mark in the world’s most lucrative online shopping holiday, brands should incorporate a number of best practices to help stand out from the crowd. There’s no denying the sheer size and success of Singles’ Day. The Alibaba-invented online shopping event jumped 60% in sales revenue in 2014, bringing in a record-breaking $9.3 billion USD[1] across an estimated 27,000 merchants and 42,000 brands[2]. But as the success and popularity of Singles’ Day continues, the increasingly crowded Asia Pacific marketplace is making it that much more difficult to leverage on simple price cuts. In the previous entry of our Singles’ Day Series, we talked about what learnings we could take away from the successes of 2014. In this article, we’ll be discussing what best practices brands and retailers can implement in order to stand out and make the most of Singles’ Day 2015. Integrate Both Social and Mobile Strategies for Effect Businesses selling online should never discount the potential of either social commerce or mobile commerce, both of which will undoubtedly have a large presence come Singles’ Day. This is especially so for the former in Asia Pacific, the region being home to some of the world’s most social media-savvy markets such as Singapore, Malaysia, and Indonesia. Read more about APAC social commerce here. mCommerce is also gaining ground among Asia Pacific’s online shoppers. Visa’s 2015 Regional eCommerce Monitor Survey[3] reported a 22% increase...