Credit cards at the ready! This year Cyber Monday is coming back round again tomorrow (December 1st, 2014).
Last year, Cyber Monday sales reached a record high at $2.29 billion, 16% increase from the year before. (Source: USA Today) Online marketplaces such as eBay and Amazon have been regularly experiencing impressive sales numbers on Cyber Monday for the past number of years. Big retailers such as Wal-Mart tend to have the biggest online sales on Cyber Monday. There really is no surprise with these high online sales figures. Given the choice, most shoppers would rather avoid the chaos and hustle of holiday shopping in stores and opt to get the same deals in the comfort of their own homes.
If you are an E-commerce business owner, a few tips below could help you increase your conversion rates for Cyber Monday and the rest of this holiday season.
Simplify your check-out process
Do not put off customers with unnecessary lengthy check-out process. At this stage, these customers are ones with serious intent to purchase and the check-out process should be as smooth, quick, and easy as possible. Take a tip from Amazon with 1-Click Ordering. 1-Click allows you to skip the shopping cart and place orders automatically.
Eliminate signup to checkout
The highest shopping cart abandonment occurs when customers are asked to signup in order to checkout. Signing up lengthens the check-out process. Follow the lead of eBay and give customers an option to just type in an email address to check out as a guest without having to signup. There will be plenty of opportunities for you to follow up via email address after the check-out process.
Countdown the deals
Create a sense of urgency with your deals to give a little nudge to customers to make a swift purchase. You can count down the remaining stocks of your deals or the number of days left on the deals. Take a look at Priceline example below and use the countdown tactic for a chance to increase your conversion rates.
Use testimonials to your advantage
Customers value fellow customers' views and opinions. Testimonials from fellow customers help support the purchase of a product. As Zappos brilliantly demonstrates below, add an easy navigation access to testimonial page from the item details.
Speed is the key
Last and definitely not least, do not get hindered by slow page loading time and spoil customers' shopping experiences. Loading time is a major factor in page abandonment. According to a study by KISSmetrics, one second delay in page response time can lead to a 7% decrease in conversions. More drastically, if an e-commerce is making $100,000 per day, then one second page delay could potentially cost you $2.5 million in lost sales each year. Keep your website's speed in check and be sure it is fast enough to handle the traffic spikes during this holiday season.
Happy Cyber Monday!
May Mandy Han