Is Your eCommerce Store Leaking Money

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eCommerce Store Leaking Money infographic.

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Read more about ecommerce tips and tools

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Is Your eCommerce Store Leaking Money

While your ecommerce store may be successful, Its likely there are still areas where you could save money. Here’s a look at some of the common ways online stores are losing money.

Poor Conversion Rates

  • 84% of online shoppers review at least one social media site before making a purchase
  • Using product videos can increase product purchases by 144%
  • Inaccessible websites account for a loss of 2.5 Million ticket sales annually in the UK music industry

How to Improve Conversion Rates

There are many ways to improve your conversion rates, but the following are a good place to start:

  • Design the site for ease of use.
  • Make sure the “Add to cart” and “Checkout” buttons are easy to find.
  • Make sure it’s accessible to those with certain disabilities.
  • Create product videos.
  • Be honest. For example, if something is out of stock, let your customers know.

Earn your customer’s trust, you can do this by:

  • Pointing them to testimonials and recommendations on your social media sites.
  • Providing a phone number that connects them to an actual person.
  • Providing a privacy policy.
  • Using security badges that show you have a secure checkout process

Handling Returns

The lack of a return policy that benefits both you and your customers can become costly.

The impact

  • 30% of online purchases are returned.
  • Returns account for 8.1% of sales for the average retailer.
  • 66% of consumers read the return policy before making a purchase.
  • 81% of online shoppers want a simple and fast return process.

How to Improve Your Policy

Allow more time for returns

By increasing the amount of time customers have to return the product, you are building trust and making them feel more comfortable about their purchase.

Many companies have done this and seen an increase in sales (Zappos.com and Coastal.com)

Finally

With a user-friendly website, some negotiation, and rearranging, your online store can begin to regain some of the money it may have lost along the way. Make sure to be honest with your customers and don’t give them unexpected costs along the way.

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