The holiday shopping season is upon us again, which often means a surge in online cart abandonment, with countless potential purchases left incomplete. While this issue plagues retailers year-round, its impact during peak season can significantly affect profitability. Addressing abandoned carts becomes crucial for retailers aiming to maximize their holiday sales
New research by Syndigo shows the rate of abandoned e-commerce sales is on the rise. The State of Product Content 2024 survey found 50% of consumers abandoned a purchase because they couldn't find sufficient product information to make a confident buying decision (up nearly eight percent year over year).
With holiday deals looming large, and every retailer competing for shoppers' wallets, consumers need to be empowered with comprehensive product information to make the most informed buying decisions that, in turn, will improve check-out performance rates. There are also the challenges of keeping the products customers want in stock and offering competitive pricing.
Dashing through the doubts
We've all had second thoughts about an item in our digital cart. Maybe you liked the product in red at first, but wanted to see it in blue before you clicked "purchase." Or perhaps you're usually a size medium in your favorite brand's clothing, but you want to double-check the fit guide just to make sure they haven't changed their sizing.
These second thoughts can spell doom for a sale. Providing a comprehensive content experience is important for building customer trust before they add an item to their cart, but it can be just as important in the final moments before purchase.
Start now to make sure your product pages are as detailed as possible. You'll want multiple pictures of each product in every color and style, extensive sizing charts, and a full list of ingredients/materials used in its manufacturing.
Does your site support a variety of enhanced content types, from videos and 360-degree views to options for customers to "try" clothes via an uploaded image of themselves? By giving customers all the information they need to make the best decisions, they're more likely to complete their purchase. In fact, The State of Product Content 2024 report found enhanced content can improve conversion rates by 39%, and four in 10 respondents shared that 360-degree views, in particular, would make them more open to a purchase.
One final thought: Not all content syndication networks are created equal. Make sure your network offers the broadest possible access for brands and manufacturers to easily upload their product information to your site. This ensures you'll receive their latest product data and images in real-time so that the materials used to make that reindeer sweater, or the nutrition facts for your customers' Christmas casseroles, remain up to date across all your digital channels.
Avoid the out-of-stock Grinch
There's one surefire way to both lose a sale and damage the customer's trust in your brand: an out-of-stock error after the customer has already put an item in their cart. Items move fast during holiday sales. If customers discover a product has sold out after they've already spent time in your checkout — time they could've spent on another site also having a sale — calling their reaction "frustrated" might be an understatement.
If your inventory management solution is out of sync with your e-commerce platform, it's time to upgrade to a solution that offers real-time availability insights. A master data management platform that can integrate with out-of-stock reports can help drive alerts on sold-out items quickly, to trigger replenishment. That way, customers don't waste their time purchasing phantom inventory or get upset when they don't receive the product because it was out of stock.
Additionally, consider a more customer-friendly out-of-stock policy. Many shoppers make last-minute purchases that they hope will arrive by or on Christmas Day, so clearly disclose if the product can meet that deadline. If not, consider offering an incentive to save the sale. A transparent out-of-stock policy will help avoid negative experiences and keep customers coming back for more throughout the year.
Deck the halls with real-time discounts
Shoppers know that a better price may be just a few clicks away on another retailer's site. Your goal is to eliminate price-related hesitation, ensuring customers complete their purchase without second-guessing their decision.
If you have a product information management solution, check to see if you can tap into a competitor report with real-time information on competitor deals, ratings, and discounts. This information can change rapidly between early November and Christmas. By monitoring these competitor offerings, you can assess and refine your positioning to remain competitive without diverting additional resources.
Looking to be more proactive about holiday pricing? You can beat your competitors to better discounts by leveraging promotions reports. These data-driven insights can help you understand which types of deals, discounts, and limited-time offers will help you optimize promotional plans so you can have a strategy in place weeks before the rush.
Master holiday sales from cart to checkout
When it comes to e-commerce, simplicity is a best practice. You want an easy-to-navigate user experience, with clean, clearly visible buttons and as few touch points as possible between "add to cart" and "purchase." However, you also need to be prepared for the unexpected roadblocks that can stop a sale and give customers a reason to stay on your site even if they navigate away from the cart.
That's where deeper visibility into product data can help you win the holiday season. By keeping track of inventory levels and competitor pricing, diving into your promotions history to offer strategic discounts, and ensuring your product pages offer engaging content, you'll give customers fewer reasons to question their purchase and more reasons to click "purchase."