More than half of online shopping carts are abandoned before the completion of the purchase cycle of an e-commerce business. This translates to lost sales and uncommitted shoppers who were convinced not to go ahead with the purchase. It is essential that e-commerce businesses identify these leaks in the purchase funnel before they make a devastating impact on the business.
Identify the Leaks in Your Current Funnel
Leaks in your purchase funnel can be costly. Not only do they drain your sales and compromise your user experience, but they can also drastically slow your growth. Leaks in your current funnel need to be fixed right away. Some methods to identify them include flowcharts of both the shopping process and the company response procedure. Analytics can also be used to see where you are losing your leads at each shopping stage. It is important to determine the cause of these leaks and learn how to stop them from occurring.
Optimize Your Purchase Funnel
Once you identify the leaks in your current funnel, you can take steps to optimize your purchase funnel and improve your overall sales. These steps usually include optimizing your shopping cart, developing a mobile app, and making the shopping experience more interactive. Pay extra attention when designing your store and streamlining your online checkout process. Customers are highly likely to abandon their carts if completing the transaction lags, takes too many steps, or is confusing in any way.
Apply the 5 S’s of Efficiency and Profitability
While you evaluate your site’s organization, you may find additional ways to improve its efficiency and profitability. The 5S methodology is a workplace tool to implement improvements and help you optimize your purchase funnel so that you can get more sales. This methodology originated from five Japanese words: Seiri, Seiton, Seiso, Seiketsu, and Shisuke. Translated, the 5 S’s of efficiency and profitability are: Sort, Set in Order, Shine, Standardize and Sustain.
If you are trying to streamline your website’s customer experience or improve its performance, the 5S methodology is an efficient solution. By seiri (sort), you are getting rid of anything on your website that is not necessary. By seiton (set in order), you are organizing a place for everything. By seiso (shine), you are cleaning everything up. By seiketsu (standardize), you are incorporating your new improvements into your regular process. By shisuke (sustain), you are setting procedures to ensure your new changes are being implemented.
Abandoned shopping carts can keep you from optimizing your sales, and they can indicate gaps where your purchase funnel needs some work. By identifying the current leaks in your funnel, taking steps to optimize your process and then making sure that your new improvements are implemented, you can make continuous advances toward your long-term business goals.
PollCart gives undecided shoppers another chance to complete a sale before leaving, which encourages social commerce and drives sales. Start using Pollcart today to optimize your purchase funnel!