Liv & Co. Trendy Newborn Baby Bodysuits, Toddler T-Shirts + Accessories Handmade in the USA
  • Home
  • SHOP
  • Liv & Co. Photography
  • Blog
  • Contact Us
  • Size Charts
  • About Us
  • Reviews
  • Wholesale Information
  • Policies
  • Home
  • SHOP
  • Liv & Co. Photography
  • Blog
  • Contact Us
  • Size Charts
  • About Us
  • Reviews
  • Wholesale Information
  • Policies

Why Your Abandoned Carts Aren't Converting To Sales

11/13/2019

1 Comment

 
Picture
"Why aren't my abandoned cart emails converting to sales?" So, this question popped up a few days ago in a small business boss group I'm in and I felt compelled to write about it.
Let's first address WHY people are adding products to their cart.

I know for myself, I like to "window shop". I like to go to websites, look at all the pretty things, add them to my cart {you know, just in case... for later} and I jump ship, because A.) I don't currently have the funds to purchase, B.) Don't NEED what I'm shopping for at the moment, or C.) I'm going to wait for a sale or discount (which is why having an email list is so important, so people can subscribe to your sales, etc. Read more about that HERE).

You see, someone like me greatly appreciates those abandoned cart emails, so don't feel discouraged. I love when I get a little reminder that pops up because, if we're being honest, I window shop A LOT -- on several different sites. Aside from leaving 1,000 tabs open on my phone or computer, those emails are the only thing connecting me back to what I wanted to purchase {at a later date}. It's not so important to look at the number of sales missed that are tracked by abandoned cart emails, because people WILL come back when they are ready to make that purchase and it might not be by clicking the abandoned cart email, but that email may have reminded them, if that makes sense.
AWeber Smart Designer
How exactly do we get a higher conversion rate on abandoned carts?

The secret is simple. You raise the prices on your product and offer a more enticing incentive to come back, like a higher percentage discount or dollar amount off per sale.

"But I can't raise my prices, I will out price my product and no one will buy." 

WRONG.

This is the biggest misconception among small business owners. They are always so afraid to take this leap, but want to know where the sweet spot is. Well, this is it. This is the sweet spot.

This is the difference between a business owner and a crafter. All too often I see small business owners with the crafter mentality. We all know what that is... They slash their prices in an attempt to undercut the competition, but end up underpricing themselves so badly they end up out of business in 5 years or less because they didn't understand how to "business".... or how to "math", for that matter.

If you are making money with your craft, you are a business, therefore, a business owner, and you have to start thinking like one. If you are a handmade small business, you have even more of a reason to have higher prices being that you don't just buy and resell -- you actually make your own products. You have a lot more time invested than typical retailers.

Not only is raising your prices going to raise your abandoned cart conversion rate, but it's going to increase your sales overall because now you have the flexibility to offer sales more frequently. What do buyers like? Buyers like a deal, even if they just think they are getting a deal, and we are all guilty of it.

"I don't like playing mind games with my customers." Umm, OK. You do you, Rhonda, but this IS what works. It isn't a mind game, it is strategy based on extensive research and human habits. Your buyer wants what you're selling, but they want to think they received a deal, so you give it to them.

Imagine going into your favorite brick and mortar store. I don't know if you do this, but I definitely do. I find something I love, check the price tag, walk around with it in my cart, then go put it back at the very end because my kids need the things more than I do, BUT -- if that product is on sale -- you've got me, and the higher the sale, the more likely I'm going to buy, because "What if these mauve sequin PINK Victoria's Secret joggers aren't here tomorrow in my size?" or "What if this sale ends tomorrow?". The sense of urgency has been created. Your virtual abandoned cart is no different. 

In addition to raising your prices, sweet spot #2 is: Create a sense of urgency.

Your abandoned cart email should contain 2 things: an enticing discount {25% or higher} and a sense of urgency, like, "Complete your purchase now and use code 'XYZ' for a limited time, while supplies last!" OR make an expiration for your code. Make sense?

A rule of thumb for retailers is to price products 4x or higher than the original price they purchased wholesale for. They bank off the few that pay full price during their initial release, have a 25% off sale a few weeks later, where they will still make a great profit, then at the end of season, they'll hold a 50% off sale, where they will still make double the money that they spent, so why in the world should your small business not be doing the same?
Did this blog post help you? Did you raise your prices and offer higher discounts to more effectively convert sales? I want to hear about what works for you in the comments below!
Trigger emails based on clicks
Love what you see in this blog post? Subscribe to our emails to make sure you never miss a post HERE.

​If you need assistance opening your Etsy shop, designing an amazing logo, sale graphics, tips on running a small business and much more, find Liv & Co. Consulting on Facebook HERE. 

Full disclosure: We blog about an array of topics from recipes and our favorite products to small business advice and tutorials. We may receive a small commission from links in our posts to keep this blog running, however, we do not represent any companies or products that we do not absolutely love and stand by 110% because that's not how we roll. The  opinions expressed are our own. Our blog is for informational purposes only and any information found on this site is not substitute for professional advice.
​
​Visit  Liv & Co. to shop our baby, toddler and mama apparel and accessories and The Matriarchy Matters for our collection of apparel and accessories that celebrates women.

Follow on social media:
Liv & Co. Facebook
Liv & Co. Instagram
Liv & Co. Pinterest
Liv & Co. Twitter
​The Matriarchy Matters Instagram

​Subscribe to our YouTube Channel HERE.
1 Comment
https://vidmate.onl/ link
8/17/2022 06:57:54 am

hanks for sharing the article, and more importantly, your personal experience mindfully using our emotions as data about our inner state and knowing when it’s better to de-escalate by taking a time out are great tools. Appreciate you reading and sharing your story since I can certainly relate and I think others can to

Reply



Leave a Reply.

    Try AWeber free for 30 days! - AWeber Communications

    Shop Kendall + Kylie available exclusively at Walmart.com

    Categories

    All
    4th Of July
    All About Babies
    Baby Essentials
    Baby Fashion
    Baby Food Recipes
    Baby Shower Gift Guides
    Beauty
    Birthday Fun
    Children's OOTW
    Christmas
    Crafting
    Easter Recipes + Crafts
    Father's Day
    Fitness
    For The Home
    Gift Guides
    Halloween
    Healthy Living
    Inspirational Quotes And Sayings
    Labor Day
    Memorial Day
    Mom Life
    Motherhood
    Mother's Day
    New Year Newsletters
    Parenting
    Product Reviews
    Recipes
    Small Business Blog Posts
    Small Business Saturday Picks
    Travel
    Valentine's Day
    Womanhood
    Work And Play Across The USA

    RSS Feed

    Author

    Proud Mom of 3 beautiful children.  Creator, designer, & owner of Liv & Co. 

    Picture
    Join our email list for the latest blog post updates, Liv & Co. + Blue November Sales and more. Subscribe below. (We won't spam you.)

    Archives

    October 2020
    April 2020
    March 2020
    January 2020
    November 2019
    October 2019
    August 2019
    July 2019
    April 2019
    March 2019
    February 2019
    January 2019
    October 2018
    September 2018
    August 2018
    June 2018
    May 2018
    April 2018
    February 2018
    January 2018
    November 2017
    September 2017
    July 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    October 2016
    May 2016
    April 2016
    March 2016
    January 2016
    September 2015
    June 2015
    May 2015
    February 2015
    December 2014



    Picture
    Advertise your small business here!  Just $10 for 2 weeks!  Click HERE to checkout!

    Picture
    Are you a Midwest maker? If you own a small business in Illinois, Indiana, Kansas, Michigan, Minnesota, Missouri, Ohio, Nebraska, North Dakota, South Dakota or Wisconsin, join us over at Made In The Midwest on Facebook.

​​
Picture
Picture
Picture
All photo's, designs, & content of this website © Liv & Co.™ 2014-2023. 
Proudly powered by Weebly
  • Home
  • SHOP
  • Liv & Co. Photography
  • Blog
  • Contact Us
  • Size Charts
  • About Us
  • Reviews
  • Wholesale Information
  • Policies