How understanding customer psychology can help you to increase conversions.
In Part I of this post, I examined the evolution of e-commerce and how advances in technology have changed the way customers interact with online stores. The situation for online retailers can certainly be interpreted as bleak; the short attention span of today’s consumers gives you one brief opportunity to engage and persuade. However, I’m here today with good news: the situation is not as dire as one might think, and there are things that can be done to improve your chances of making a sale.
What are the Problems?
As I covered in last week’s post, technological and economic developments have caused problems for online retailers, particularly those operating small- or medium-sized businesses.
More Options than Ever Before
With the rise of economic globalization and expanded options for reliable international shipping, online stores are now competing with vendors from every corner of the world.
If you’re selling iPhone cases, your most fierce competition could be from another company in your home country or from a country that you’ve never even heard of. This competition poses two challenges: getting your product seen in the first place and making a lasting impression when compared with other companies. Forward-thinking e-retailers need to take every step to put their product in front of potential customers.
Shorter Attention Spans
With so many options, it’s no surprise that the average consumer has a difficult time focusing on any one advertisement. Online shoppers are adept at bypassing advertisements and go to great lengths to pare down the onslaught of commercial messages. Adblock Plus, the most popular ad blocker in use today, has more than 50 million active users according to a September 2015 Venture Beat article.
Any advertisement has a certain window of opportunity in which to make an impression on the consumer, and as time goes by that window gets smaller and smaller. An online advertisement must be creative, informative, and impactful to make the most out of that brief opportunity.
What are the Solutions?
There’s more competition than ever and less opportunity than ever to make an impression on consumers. Mission impossible? Not so fast. There is hope for online retailers with thoughtful, diligent marketing.
Innovation is More Important than Ever
Of course, creativity and innovation have long been the hallmarks of successful companies. However, these business traits become more and more important as technological growth can outpace our ability to keep up. The e-commerce sites that are making a splash in 2016 are those that take stay ahead of the game and take advantage of new developments in marketing, social media, and technological tools.
Forward-thinking online retailers must devote time and resources towards innovation, whether in the form of a team member dedicated to social media strategy or an investment in new marketing technologies. An example of this innovation can be found in retailers that make effective use of hashtags on Twitter and Instagram. ZeroUV, an online sunglass retailer, incorporates consumer photos and tweets on their website with specific company hashtags. This type of customer engagement increases the brand’s overall image, stimulating word-of-mouth sales and other positive consequences.
Take Opportunities to Re-Engage with Customers
With just a couple seconds to make an impact on visitors, even the best advertisements and marketing messages will fail to impress a majority of consumers. According to a number of industry surveys, most online retailers convert only 1-2% of visitors.
However, a recently developed technology offers online retailers with a second opportunity to communicate with visitors who are leaving a site or otherwise disengaged. Exit Intent technology re-engages visitors with a targeted message that presents new information or reframes an existing marketing message. When employed on an e-commerce site, the technology tracks the visitor’s cursor movements and presents the new message when the cursor hovers over the address bar or back button.
Popular Exit Intent campaigns introduce a new discount or offer, or suggest popular items that may entice the customer to re-engage and make a purchase. In some instances with small- or medium-sized businesses, Exit Intent technology has increased conversion rates by up to 15%.
MaxTraffic and Magento
For Magento retailers, a popular Exit Intent option is that offered by MaxTraffic. With an intuitive platform for customization and an affordable subscription schedule, MaxTraffic is an efficient choice for small e-commerce businesses.
MaxTraffic’s team of developers and customer success managers invest in each customer to help craft successful campaigns. A/B testing and powerful analytics help you to hone your messages to be as effective as possible.
Interested in taking Exit Intent technology for a spin? MaxTraffic can be implemented for 14-days on a free trial basis with no credit card required. If other success stories are any indication, two weeks are all it takes for you to see the value in this new technology.
Christopher Walsh is a writer for MaxTraffic (www.maxtraffic.com), a leading tech startup focused on Exit Intent technology.