In pre-pandemic days, window shopping consisted of walking by storefronts with no intention of buying. Now, a new generation of window shoppers have emerged as U.S. e-commerce sales totaled a record-shattering $469.2 billion in 2021: shoppers adding items to their online shopping carts and abandoning them.
This trend of the internet equivalent of window shopping means three out of four shopping carts are abandoned. And merchants are stepping up to leverage an opportunity to attract new customers and transform window shoppers into lifelong customers.
So what are winning brands doing to shape the future of e-commerce? Read on for 5 ways to increase e-commerce revenue, from offering alternative payment methods to enabling fraud detention and offering promo codes.
1. Join a shopper network
For a more frictionless experience, shopper networks like the Bolt network give people the power to create an account once, then use it for purchases across multiple stores. As a retailer on a shopper network, you'll gain access to tens of millions of customers who can check out on your site with one click, even if they've never been there before.
2. Use trust symbols to reassure customers
Another challenge is building trust with new customers. Stores can use trust symbols that convince buyers not to worry. These can take a few different forms:
- Testimonials. Add case studies and testimonials that provide proof of the product's quality and effectiveness. Trustpilot found that 66% of customers are more likely to buy a product if they see social proof.
- Reviews and ratings. Solicit shopper reviews on notable platforms, objective media coverage, or reviews from existing well-known customers can help strengthen your credibility.
- Verified badges. Display symbols from big companies that shoppers already trust. 76% of customers are more likely to make purchases on an e-commerce site with a safe checkout badge like Mastercard or Visa, or if they see their checkout is powered by a network they trust, such as Bolt.
- Alternate payment methods. Offer APMs like Affirm, Afterpay, Klarna, and PayPal, well-known brands that give shoppers more options, leading to a faster checkout. APMs also include services that make "buy now, pay later" (BNPL) an option.
3. Prioritize mobile ease of use
Mobile devices account for 72% of all e-commerce sales worldwide. Prioritizing your mobile experience is key to ensuring conversion. Mobile-optimized websites, dedicated shopping apps, and increasingly, social media platforms are among the many options for optimizing your store for mobile. Well-designed product flow can increase mobile completion rates double that of the industry average.
One of the fastest, and least resource-intensive options is joining a shopper network that automatically integrates one-click checkout. Shoppers won't have to type their information on a small screen every time, which can increase mobile completion rates double that of the industry average.
4. Pay attention to your analytics
You can maximize conversion by closely analyzing how shoppers interact with your website and store. Studying analytics allows you to understand your customers' checkout journey.
First, dig into where shoppers are ending their journey without a purchase. From there, you can make adjustments accordingly. For example, if there's a high drop-off rate between adding to their cart and finishing the conversion, improving the checkout process could be the key to unlocking more purchases.
A common question you can answer with analytics is: What forms of payment are most popular on my site? Maybe you're finding that your customers convert at a faster rate when you offer APMs. You may want to consider adding more ways for shoppers to pay.
5. Ensure a fast checkout process
The traditional checkout process involves multiple tedious steps: input personal information, shipping information, shipping preferences, billing information, add coupon codes, account registration, and purchase confirmation.
The more steps you add to the customer journey, the more likely shoppers will abandon the checkout. And every second matters. In fact, increasing website speed by one-tenth of a second can lead to an 8.4% increase in conversion rates for retail sites.
One effective way to speed up your checkout is by turning on Bolt One Click Checkout with your existing shopping cart, which leads to a 52% faster checkout than on average. Join today to instantly connect with a network of trusted merchants and more than 10 million shoppers.