A large proportion of businesses today spend a great deal of time trying to win new customers.
Large amounts of money will be ploughed into getting expert sales people to chase leads and advising existing customers to make word of mouth praise.
In our technologically advancing world, determined business owners also throw hefty amounts of investment into online marketing which include search engine optimisation and pay per click adverts to attract new business.
A common missed opportunity by these business owners is targeting the people that have already visited their site, considered a purchase but left before completing the sale.
It is estimated that up to a quarter of online buyers will take time in filling all required details, filling up their basket with items from the website only to then not complete the transaction. This is known by some specialists as the ‘Leaky Bucket’ syndrome.
A key advantage of online business is that it is so easy to track, record and analyse consumer behaviour. In this instance a good analogy is that of a pyramid. The base of the pyramid is someone merely visiting your website and the tip of the pyramid is a positive online purchase. The trick is formulating the different stages up this pyramid where potential customers are dropping off and then focusing on solutions to ensure they carry out the sale.
A website should be constantly evolving in response to customer needs, web developments and internet advances.
Measuring the data available is Key: Watch, Assess and React.
A good example of successful ecommerce is how the issue of Security is presented within the site.
A good design will reassure your potential customer every step of the way that their online purchase is completely safe and therefore the transaction will run smoothly as possible.
A simple feature, such as one Microsoft offer, where the address bar turns green when you get to the checkout to symbolise a secure transaction, is very powerful.
Factors such as an unexpected delivery charge when you have reached the checkout is an example where you have got a potential customer to the top of the ‘pyramid’ ready to pay, then lost them.
Removing all potential shocks to the customer in the final stages of payment is crucial.
A vital long term strategy for all online business is to focus on the customer and then react to their needs.