Strengthening e-commerce strategies in broad economic zones
Here are some ways to reduce shopper hesitation in your digital customer journey during the downturn.
Recession or not, many companies are planning a recession. As shoppers become more spending conscious, ecommerce brands must leverage the right data to implement strategies to reduce shopper hesitation and improve engagement, conversions and retention.
The recession is changing consumer habits
Prices for basic commodities, fuel and housing are rising globally, impacting consumer spending habits. While there is a decline in purchases across demographics, about 37% of baby boomers are more cautious about their finances. 30% of Gen Z and Millennials. UK shoppers are the most likely to cut back on spending of all markets.
Where are consumers spending their money? Many people plan to make less discretionary purchases such as luxuries, dining out, travel, subscriptions, new clothing, and home expenses. They are also likely to have cheaper product replacements and will employ more money-saving measures.
With multiple external factors influencing consumer purchase intentions today, the ability to detect, understand and reduce shopping hesitation has become a key advantage for e-commerce brands.
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5 ways to reduce shopper hesitation in your online customer journey
Who are the hesitant shoppers? As consumers tighten their wallets, what can e-commerce brands do to ensure that every customer journey remains relevant and leads to purchases? So here are five strategies to consider:
1. Make the site experience more relevant for long-browsing shoppers
66% of shoppers expect brands to understand their unique needs and expectations, so knowing when to start asking questions while browsing a site is an advantage. Most of the time, shoppers who spend more time than average aren’t sure about the product. Brands that can identify this in real time can trigger chatbots to navigate their products and drive conversions.
2. Make shoppers feel welcome when they return to your site
When shoppers are ready to make the most of their money, they will spend more time researching when purchasing items, especially expensive ones. According to Google, 78% of his consumers already spend more time researching brands and products online than they do in stores. To maintain interest throughout the customer journey, brands can create welcome banners that pop up when someone returns to your website. are more relevant to you, which can instantly increase your chances of engagement and retention.
3. Highlight reviews from shoppers who are unlikely to buy
Social proof is powerful. Consumers expect an average of 112 reviews per product, but younger shoppers expect more reviews than older shoppers. Emphasizing product reviews that show more brands and products for shoppers who are less likely to buy increases your chances of conversion. Brands can build site modules that highlight positive product reviews and satisfied customers.
4. Reduce stress by not asking privacy-conscious shoppers for personal information
Data privacy is a growing concern for 86% of consumers, according to a KPMG survey. In addition to being transparent about their privacy policies and terms of service, brands can take the additional step of not requiring privacy-conscious shoppers to share their personal information. Especially towards the end of the buying journey. This includes asking us to create an account or to share more information than necessary to fulfill an order. By removing this friction, buyers are less likely to abandon their customer journey and can focus on completing the purchase.
5. Optimize promotional tactics to target shoppers who are more likely to buy and more likely to abandon
Shoppers are leaning toward ways to save money. This increases the amount of time you spend looking for deals and offers when shopping online. This is what his 94% of consumers are already doing. With the right discounts and promotions, such as free shipping and easy returns, brands can not only attract shoppers, but also lower abandonment rates and drive conversions. Additionally, offering valuable and relevant higher discounts to shoppers who are more likely to purchase and are more likely to abandon will be more cost-effective than running large-scale promotions. There is a possibility.
Related Article: How Are Brands Improving the Ecommerce Experience?
Combining deep customer understanding with the right strategy
Identifying hesitant shoppers relies on brands’ ability to harness the right data and use it to craft strategies specific to each individual customer journey.
In today’s tight market and more conscious consumer spending, understanding changing shopper behavior and being able to act in real time is an advantage. We can help brands in their efforts to not only manage a downturn, but also stay agile and thrive during times of uncertainty.
