As online store owners, you most likely advertise on Google and Facebook. As your budget is limited you must be looking for different ways to grow your online sales without increasing ad spending.
Luckily, we have a very efficient and accurate way to increase e-commerce revenue by approximately 21% without the need to increase any extra spending. We do so by saving canceled and failed transactions!
How to increase online sales?
Studies made by research teams analyzing a large amount of Ecom websites show the following:
- Online transaction failed, statistics – 14%
- Online transaction canceled, statistics – 7%
These numbers should be cross-referenced with other studies done about the percentage of users who add products to their cart and actually complete a transaction, with average statistics of 1 out of 5 who complete purchases (20%).
We can’t do much about users that did not fill in their personal details in the checkout process, but we can definitely do much to save the canceled and faild transactions.
To save failed and canceled orders we need to understand why they occur in the first place,
most common reasons why online transactions fail:
Let’s see why and if can be saved,
- Invalid or expired credit card information. This is the most common reason for a failed transaction.
Can be saved – re-enter card info and charge again.
- Insufficient funds. If the customer’s credit card limit has been reached or they don’t have enough funds in their account, the transaction will fail.
Can be saved – divide purchase into statements.
- Fraudulent activity. If the merchant’s payment processor suspects fraudulent activity, the transaction may be declined.
Can be saved – you may complete transactions by phone.
- Technical problems. Sometimes, technical problems can cause a transaction to fail. This could be due to a problem with the merchant’s website or payment processor.
Can be saved – collect credit card info and charge manually in-store!
most common reasons why online transactions are canceled:
Let’s see why and if can be saved,
- The customer changes their mind. Sometimes, customers simply change their minds about making a purchase after they have started the checkout process.
Can be saved – nothing a good phone call can’t fix!
- The customer experiences technical problems. If the customer encounters technical problems while trying to checkout, they may cancel the transaction.
Can be saved – you can contact the customer and assure him that all is ok.
- The customer is not satisfied with the terms of the sale. If the customer is not happy with the price, shipping terms, or other terms of the sale, they may cancel the transaction.
Can be saved – a small coupon, a small addon, or a pep talk can do the difference.
But how do you do that in real life?
To be able to increase sales online with this technique you must be informed about these issues in real-time. there is a very short timeframe when the user can be contacted to complete his purchase and when that window shuts, it’s almost impossible to save any field or lost deals!
So what you need is a tool to notify you in real-time of any canceled or failed transactions, we have your back and have exactly what you need to do so. our mobile app for woocommerce store owners does the following:
- Sends you a notification of failed orders
- Sends you a notification of canceled orders
- Allows you to contact the buyer with a click of a button:
All you need to do – is make sure to check out every order notification you get from WEmanage app and if it’s a canceled or failed order, contact the buyer immediately and make sure they get the response they expect to complete their purchase.
You will be amazed! website sales rocket! and customer satisfaction brings the same users back again and again and an online client base is what is differentiating a successful e-commerce store from all the failures out there!
OH – AND ITS FREE 🙂