30-second summary:
- Many ecommerce stores struggle to boost conversions because 75% of people abandon the cart never to return.
- Speeding up your ecommerce conversions seems hard, but it isn’t. Using scarcity, urgency, and exclusivity to influence your potential customers into buying can significantly improve your conversions.
- Let’s have a look at five quick and lesser-known ways to speed up ecommerce conversions.
The retail ecommerce revenues are predicted to grow to $4.88 trillion[1] in 2021. But many ecommerce stores struggle to boost conversions because 75% of people[2] abandon the cart never to return.
Fortunately, there are techniques to reduce cart abandonment and increase conversion rates. Let’s have a look at five quick and lesser-known ways to speed up ecommerce conversions.
1. Understand and fill the need gap – Scarcity, urgency, and exclusivity
Understanding scarcity, urgency, and exclusivity can be one of the best ways to influence your potential customers to make a purchase.
While the three terms are related to one another, the way they are implemented is different.
In scarcity, you inform customers that there are a limited number of items of a certain product left in the stock. And that you’re not sure when the product will be available next.
In urgency, you simply add a timer that says “order within the time limit to avail the offer”. Once the deadline is over, the customer won’t get additional benefits, such as a discount or free shipping.
Here are four ways to work around scarcity and urgency
- Let customers know that the product is exclusive and is manufactured on small batches so they might miss a unique item by not buying it right away.
- Highlight that the offer ends in a few hours/days.
- Let shoppers know how much time is