August 7, 2017
If eCommerce is a game, you score by turning visitors into buyers. But, making customers buy is easily said than done. Ecommerce stores suffer as much as 67 percent cart abandonments, the average conversion rate is below 20 percent or odds, that is in case of successful stores, and 41 percent shoppers abandon cars for a variety of reasons.
All this makes eCommerce selling a task next to Mission Impossible.
At the end of the day we are trying to sell to humans, and humans are all prone to psychological hacks which can be triggered to encourage them make them buy more.
Human Psychology Hacks that Boost eCommerce Purchases
Free Stuff for Lead Generation
Free samples, free trials, buy one-get one free. The average human mind gets excited seeing these word. Even in a MIT paper written by Duke professor Dan Ariely found that majority of 398 students prefer taking a free chocolate than one which is sold at a great discount.
The same goes true with ecommerce stores. Although ecommerce stores cannot give something directly, like a chocolate like we said before, they can always give an offer, a promo code or a discount coupon that customers can use for instant gratification.
Similarly, free samples can also go a long way in convincing customers to buy something rather ask them to buy it at an initial discount offer.
Visuals That Speak for Themselves
Humans are basically visual beings. We interpret imagery and visuals far easily than text in written form. That is why product images with multiple views and alternate sides help sell 58 perent more. It is also worth noting that at least 16 percent of customers log into an online store only for window shopping. There is no real intention of buying. The intent to buy can be created only by the repetitive display of display ads.
While online shopping, customers do not have the facility to have an up close view of the product until it is delivered to their homes. The only option is to go with the images that the store puts up as of the product. The more original and detailed the images are, the better the conversion rate would be.
Cross Selling and Upselling
The dilemma of choice confuses all of us. Is this the best? Is something better than this? Will I get a better deal if I buy something more with this?
All online shoppers experience the same dilemma since they are bombarded with choices ranging from global brands to local alternatives.
As a result, some even skip out from buying anything since they are unable to make a choice. The solution? Upsell or cross-selling.
In upselling, you sell a better product, probably an upgrade or an additional product as a bundle for a little extra amount. This translates into higher sales volumes.
Cross-selling, on the other hand, is selling a higher priced alternative. The customer may want to buy the alternative for a variety of reason like choice, discount, offer, etc. either way, tapping into the emotional dilemma of the customer and providing them with definite ways ends up earning for the company.
The human mind worries when there is the slightest hint that something may not be available anymore. Same goes with shopping.
Customers want the latest fashion and gadget before it runs out of stock, or it becomes obsolete. This insecure feeling of customers can be used as a bait to make them buy. Online retailers are known to create scarcity of products to persuade customers to buy immediately.
There are two types of scarcity that ecommerce store owners can play with to maximize their sales.
Quantity-Based (eg: only 2 pieces left)
In both the cases, the scarcity creates an impulse in the customer to make an immediate buy or lose out on the offer totally. The same impulse can force them to make a buy.
Customer Reviews and Bestselling Ranks
Customer reviews and best-selling ranks are two things that customers look for before making a decision about buying or not buying a product. According to BrightLocal, at least 80 percent of online customers believe online reviews as much as reviews from their near and dear.
Similarly, best-selling ranks help a customer to make a quick judgement about buying or not buying a product. Indicating such ranks based on sales volumes or by customer reviews is a good way to make visitors into buyers.
Assurance & Security
There is one thing that is common between man and animals and is survival instincts. We always want to protect ourselves first. In the modern age, it has transformed into the habit to protect what is most precious to us, that is hard earned money.
So, security for online shopping is one of the psychological factors that can turn or off an individual.
Then, how can an individual use it to his or her favor? For an eCommerce store, or for the matter, any website that collects payments from customers must have an SSL certificate installed. SSL certificates will encrypt the information that exchanges between the user and the store server thus ensuring data privacy.
Moreover, SSL certificates provide security seals, symbols which assure customers that their purchases are all protected. This in turn lets them breathe a sigh of relief and shop with peace.
Thus, we reach the final stage of how to convince and convert visitors into buyers. In eCommerce, it is all about convincing customers that making the purchase is the best for them. The above mentioned psychological triggers help does that.
Read more tips on how to boost your ecommerce site to attract customers at TechCo
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