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The eCommerce industry is an accumulation of benefits and losses. It depends on you what aspect you are choosing for your business. To become a successful eCommerce business entrepreneur, knowing about every little factor is essential. One of the significant aspects is cart abandonment. When an online customer visits a marketplace and adds the products to their cart but disappears without making the final checkout process, it creates the situation of cart abandonment.

To increase your sales as well as your revenue, it is crucial to monitor the reasons behind cart abandonment. According to a recent survey, eCommerce businesses lose over 65% of sales because of cart abandonment. It drastically affects your brand’s credibility and reputation at various levels. However, if you find out the significant reasons behind this, you will be able to minimize this percentage effectively. In this particular blog, we have mentioned some of the reasons that lead to the abandonment of carts. It can help you in providing checkout confidence to your potential customers.

Reasons Behind Cart Abandonment in Online Business

Before taking essential steps toward minimizing the cart abandonment rate, it is imperative to know the reasons behind it. Your time and effort can vanish if a customer abandons the cart without completing the checkout process. Here we are mentioning some of the specific reasons that may clear the air and make you understand why it happens most of the time.

Unexpected Additional Charges

One of the most common reasons behind cart abandonment is additional charges that get added at the time of final checkout. At this time, customers may change their shopping decisions and abandon the cart immediately. During the checkout process, along with the product’s actual price, marketplaces also add the shipping, delivery, and other charges. It highly affects the product’s actual price and makes the customer rethink before making the purchase. It immensely affects the customers’ satisfaction level if their charges are hidden.

The ultimate solution is to provide every detail of each charge that is to be added to the products. In this way, they can completely understand the charges they will pay, which may help minimize the cart abandonment rate.

Compulsory Account Creation

A new customer can not make a purchase without an authenticated profile on prominent eCommerce platforms such as Amazon, Flipkart, Myntra, etc. Sometimes customers don’t want to spend their time on such a process, which is also a reason behind the increasing cart abandonment rate. To deal with this situation, marketplaces should never force the customer to create an account, and instead, they should provide guest checkout options. As a brand, you must keep this in mind if you plan to create your own online shopping portal.

In terms of collecting customers’ personal information, such as their contact number, email address, and delivery address, ask these questions after they make a purchase. Every upcoming eCommerce brand is establishing its business with this tactic. To resolve this problem, you can also sell your products on websites that provide the option of guest checkout as well.

Limited Payment Options

A customer may abandon the shopping cart if they don’t find a suitable payment method. Although we live in a digitalized world, many still only understand the language of cash. Hence there must be an option for a cash-on-delivery. Most customers prefer to pay the amount at the time of order delivery. So along with the credit, debit, UPI, and wallet payment options, there must also be the option of COD. You need to understand the fact that customers don’t develop trust quickly if they do not hear about you. This can be the reason why they abandon the cart in case of the unavailability of cash on the delivery option.

Poor Stock Management

Suppose a customer adds a product to their cart, but the item gets out of stock during the final checkout process; what do you think it leads towards? Of course, it increases the cart abandonment rate. Thus, poor stock management can also be the reason for this devastating situation.
So you need always to keep an eye on your stock to decrease the cart abandonment rate in the future.

Now the question is, how is it possible to watchdog your stock 24×7? Well, at this point, you need to take the help of a robust stock analysis software such as etraKY BS. It provides you with real-time notifications along with a stock analysis report. In this way, you will be able to get clarity on your stock and never miss a chance to dissatisfy your customers. This software alerts you whenever a product gets out of stock and gets back in stock.

Not Maintaining the Price Hygiene

It can be another reason for the increasing cart abandonment rate in the eCommerce industry. You must know that based on recent research, it has been found that approximately 75% of customers compare the price of the product on various eCommerce sites before taking the final checkout step. Customers never want to pay extra for a product if they find it at a lower price somewhere else.

In this scenario, sellers or brands need to monitor the prices of their competitors. But this task may consume a lot of time or may potentially take up your whole day. A more sensible solution is acquiring price tracking software such as etraKY BS. It can also help you track the historical data to understand your customers’ changing preferences. So, by maintaining the price hygiene across the channels, you can somehow minimize the cart abandonment rate.

Conclusion

Now, you must have got an idea about the various reasons for the cart abandonment. You may follow the above-mentioned solution to provide checkout confidence to your customers. You may also focus on other vital elements that can help reduce the cart abandonment rate, such as inaccurate return policy, complicated checkout process, delayed shipping and delivery options, payment insecurity, lack of customer support, etc. However, you can effectively diminish these issues by implementing best practices for a hassle-free checkout process. Some significant issues such as maintaining the price hygiene and stock unavailability can get resolved with the help of powerful brand analytics software such as etraKY BS.

The eCommerce marketplaces in India are becoming highly competitive and it is quite difficult to beat the competition and make a prominent presence. Mind the words, it is difficult, not impossible to be there, so you still have the chance to be proactive and just do what needs to be done. Recall your thoughts, why you have chosen this business, and what were your plans before entering this industry. Obviously, you must have a vision and expectations from your online business. So, if it is not performing as per your expectations then surely you need to check where you are lacking and what you should do to attain that.

See, the massive eCommerce industry is growing every day and has provided the opportunity for millions of sellers and brands to earn their bread and butter. The only thing you need to do is present your products in such a way that it can increase your conversion rate. There are several elements that can help you in increasing your sales on eCommerce marketplaces. Along with that, there are a few brand-centric analytics tools such as etraKY BS, that can help you with it. In this particular blog, we have mentioned some of the effective tips that can help you in becoming a top-notch brand or seller on various platforms. So You can follow these tips and keep generating sales on a daily basis.

Five Beneficial Tips to Increase Your Sales on Marketplaces

Increasing sales significantly on marketplaces is a quite constant eCommerce objective but the competition can get tough with each passing day. When customers have millions of product options just a click away, it can become quite difficult to differentiate your brand and stand out from the concourse. To resolve your problems here we have gathered a few tips that can help your eCommerce brand stand out from the crowd. Following beneficial tips can help in presenting your products in a more appealing way to reach out to your ideal customers. It can make it easier for your customers to buy your products in a continuous manner.

Customer Satisfaction Should be Your Priority

Whether it is an online or offline business, providing customer satisfaction should be your priority. To build a long-term profitable brand you need to ensure that your products are able to meet the satisfaction level of every customer. You should not compromise on the quality if you are trying to increase your sales on several eCommerce marketplaces. A good quality product will not be enough to satisfy your customers, it requires a lot more. Delivery speed, product price, and engagements are a few essential factors that matter equally. That is why, as an eCommerce brand, you need to safeguard all these factors as well.

Enhance the Listing Quality of Your Products

In terms of increasing your sales on eCommerce platforms, it also matters how well you have listed your products. The quality of your product listing should be phenomenal. Product listing includes a hero image, description, keywords, and the title of the product. To enhance the listing quality of your products you can take the advantage of listing quality analytics software such as etraKY BS.

It notifies you whether you have added a good quality image of your product or not. The description of your products is impressive or not if you have added relevant keywords with it. The title of your products is impressive or not. For any eCommerce brand, it is important to enhance their product listing quality in the process of bringing their products to the top of the buy button.

Always keep an Eye on Your Stocks

To increase your online sales abruptly you need to sell more products and to sell more products you can manage your stocks efficiently. In this regard, stock availability monitoring software can help you. With the help of such software, you will be able to keep track of your stocks and can prevent the situation of out-of-stock.

Thus as a brand, you must have a broad idea about how many products are there in your stock and how many you need to refill. Stock out not only affects your overall sales but your market reputation and customer satisfaction as well. Hence, it should be rectified as soon as possible.

Consider the Importance of Customers’ Feedback

For an eCommerce brand, it is important what your customers are saying about your product. Essential feedback from customers also plays a vital role in terms of increasing your online sales. Before making a purchase potential customers prefer to know others’ perspectives or experiences of buying your product. Most of them consider product feedback as personal recommendations.

If they find that there is some positive feedback on your product, it can convince them to buy your product in the first place. That is why it is imperative to take the feedback seriously. Evaluating customers’ reviews can rectify the issues related to your product and make a solid comeback.

Make Your Packaging Attractive

You must be aware of the fact that “first impression is the last impression”, well it works in the eCommerce industry as well. It is one of the vital components of eComm business and brands to focus more on the packaging of their products. Along with a good quality product and quality-based packaging also matters. Whenever a customer receives an order, the first thing they notice is the package.

So you must ensure a good quality packaging of products significantly for delicate and fragile products. Several marketplaces have already given guidelines to sellers about how to do the packaging of their products in different categories. It is important to avoid damage in transit. To make a good impression on your customers you can even add a Thank You card along with the order.

Maintain a Dynamic Pricing on Marketplaces

In regard to selling your products online and increasing your sales, as a brand you need to offer diversified pricing schemes and policies to your potential customers. You need to apply dynamic prices to your products listed on various eCommerce platforms. You need to understand that if you are selling your products for example at Rs 150 and your competitor is selling the same product for just Rs 120, then it is quite obvious that customers will buy from your competitors.

However, the quality of the product does matter but eventually, customers want to buy a cost-effective product. In this regard, a price tracking software such as etraKY BS can help you.

Conclusion

Thus, in such a way above-mentioned tips can help you constantly in increasing your sales on various marketplaces. Along with it, you should always create a sense of urgency to sell your products thoroughly. It refers to the tactics mentioning several statements such as “only two is left”, “selling fast”, and, “More customers are looking for this product”.

It dominates the shopping decisions of customers and forces them to buy your product. Apart from that, you can use paid promotions to promote your brand and upsurge sales. A brand-centric analytics tool can also help you immensely in terms of following some of the above tips to increase your sales on multiple channels.

Your brand’s success story depends on various factors, such as sales volume, brand credibility, customer base, and product visibility. You can not establish a successful brand and generate revenue if you lack these essential factors. To increase your revenue, you need to have an analytical view. Thorough analytics is essential to know how your brand performs on various platforms. It includes having a complete analysis of your product, such as description, title, images, availability, reviews, and search results.

Brand success relies on various factors, requiring a sturdy analysis of each aspect. You must thoroughly analyze your products’ content, availability, and reviews. All these can help you provide a dynamic shopping experience to your customers. In order to power up your Brand, here we are introducing SCRAP to you. There is massive competition between sellers and brands to attract the same audience to their products. That is why we have brought this new business strategy called SCRAP for the immense success of your online brand. In this special edition, we have provided comprehensive information on SCRAP and how it can benefit your brand. So, let’s dig in and find out how it works.

An Elaborate Description of SCRAP

You must have curiosity about what SCRAP is; some of you may have imagined if it has a connection with the recyclable materials. Well, hold on to your thoughts; it is a brand new, tested strategy to make your brand get actionable insights to bridge the gaps and corrections. SCRAP stands for Search, Content, Ratings & Reviews, and Availability. Implementing it in your brand growth strategy can undoubtedly help you in enhancing your credibility and visibility and ultimately push you towards generating expected revenue. Here we will describe every aspect of SCRAP for a better understanding.

Search

Search is another crucial aspect of an eCommerce brand. It refers to whether your products appear in the search bar of the websites or not. There are three different aspects of search results: generic search, branded search, and category 1st-page search. Generic search refers to most general queries, such as if someone is searching just for dog foods, coffee, shoes, etc., without any specific brand name. Customers execute generic searches when they are in the initial phase of buying a specific product. A branded search is based on keywords that include the name, feature, and other vital information of your product and brand as well.

Category first-page search is that your product must appear in the specific category of its first page on every eCommerce website. For example, if you are selling lipstick and customers are searching for lipsticks, your product must appear on the first page of that category. Now the real question is how it can get done? Well, there is one, and the only way for this, and that is keywords. You must add relevant top-ranked keywords with your products to make them appear in the search results. Mind it; a customer won’t be able to purchase your product if it is not visible in the search results. To see the ranking of your products on search pages, etraKY BS provides you with a complete report. It can let you know what the present ranking of your product is on various eCommerce sites.

Content

The content specifies the product description and product title with the presence of relevant keywords. While listing your products on various eCommerce sites, you must apply an elaborative but crisp product description. You must add your brand name, size, nature, and configuration of the products. Along with it, you should mention the attractive features of specific products in bullet points. Now, if we talk about the product title, it should contain the relevant keywords according to its nature.

For example, if you are selling refrigerators online, you must add some of its specific features in the title and the keywords. Remember, content is the key that can make your business stand out in this highly competitive market. Your products must contain high-resolution images as well. It can help customers to have a close interaction with your product. Thus, underestimating the importance of content can impact visibility and lower overall sales. However, as a marketplace seller analytics tool, etraKY BS can guide you in implementing great content for your brand.

Reviews & Ratings

The primary reason why reviews and ratings are crucial for a successful brand story is that they can eventually lead to increased sales by offering customers vital information about the product they are considering purchasing. These days customers are more likely to make a decision on their purchase based on reviews and ratings by others. Customers share their introductory remarks about the product they have purchased. Positive and negative reviews have enormous power that dominates the decision-making process of potential customers. For example, no one will buy a product with less than three-star or numerous negative reviews.

So it is essential to keep a check on every review and rating of your product received on various channels. More reviews, especially the positive ones, can help increase sales volume. etraKY BS provides innovative tracking solutions for reviews & ratings. We provide you channel-wise reviews & ratings under one single panel. You don’t need to visit every eCommerce platform to gather the reviews individually. Having the facility of managing reviews under one panel can help you in replying to your customers in no time. On the other hand, you will also be able to eradicate the several issues with your products if you find any negative reviews. This aspect is essential because it helps other customers buy your products and adds more value to your brand.

Availability

Product availability is a crucial factor in the eCommerce business. It is extremely important that listed products are available in your stock at every location. Your customers can be disappointed if they find that the desired products are unavailable for delivery. In such a scenario, you lose numerous potential and regular customers. They can move to your competitors to buy similar products. As there is no closing time for eCommerce stores, customers always want to have access to buy their products at any hour. That is why product availability is essential to avoid missing out on a single customer.

Operating in an eCommerce environment, the unavailability of products can be a considerable loss for you as a brand. It can get worse with the expansion of your business or with the increasing demands. eCommerce platforms have moved to a hyper-local fulfillment model. Thus it is crucial for you to get actionable insights at various cities and pin codes level. To minimize this hustle, etraKY BS is here to help you out. We send you a real-time report from multiple channels mentioning the availability and unavailability of every product in each category.

Price

In creating an incredible brand story, your products must appear with various pricing policies. To baffle your competitors, you need to apply a compelling pricing strategy. Customers always want to buy a good quality product at a lower price. Your product price should always be less than your competitor’s price. Maintaining price hygiene across multiple channels is crucial for your online business. Apart from this, you may experience that some of your sellers are selling your products at a lower price than the authorized ones.

In lack of surveillance on various platforms, sellers may practice price breaching. This activity can drastically affect the pricing policy of your brand. Thus, keeping an eye on every seller selling your products online is crucial. As a marketplace seller analytics tool etraKY BS provides you the 24×7 surveillance feature that can assure you have complete control over the seller operating system from multiple eCommerce platforms.

Conclusion

Therefore, now you must understand what SCRAP is and how it can increase your brand’s channel-wise credibility, visibility, and revenue. This unique strategy can help you with the development of your online presence. To implement the SCRAP successfully, you need to get along with etraKY BS. As a creator of this ideal strategy, we know how you should implement it to your brand on various eCommerce platforms. Our robust software can help you with every aspect of SCRAP effectively. So what are you waiting for? The time has come to develop a successful brand story.