Improving conversion rates and minimizing shopping cart abandonment starts with knowing where customers are coming from and whether they’re able to actually do business with you. PYMNTS spoke with Trevor Black, Solutions Architect at BlueSnap, who shared the top 10 ways that retailers can maximize their revenue opportunities on a global scale. Here’s what he had to say:
It is no secret that online shoppers are on the rise, however eCommerce sites may not have gotten the memo, as conversion rates continue to be subpar. What advice would you give to retailers looking to substantially improve conversation rates and stop shopping cart abandonment?
TB: It seems like a lot of online retailers really don’t know who their customers are. It’s important to identify where the customers are coming from, and make certain, if you’re selling globally, that you present the right languages, currencies, and payment methods. Many retailers consider Visa and MasterCard to be the world’s payment options, but that’s not really the case.
According to BlueSnap, branded check out has a 30 percent higher conversation rate than generic checkout. To what do you attribute this fact?
TB: Shopping on line is really about your brand – a lot of people spend a lot of time upfront on their websites and product pages promoting their brand, but when it comes time to actually checking out, they often send the shopper into some generic shopping process that’s not optimized for the consumer and doesn’t carry in the merchant’s brand. We think that merchants should customize the entire shopping experience, making sure their brand is just as present in the checkout process and customized emails sent after the fact as it is in the merchandise presentment. Generic processes decrease sales rates.
You have recently completed a guide that helps companies maximize cross border commerce revenue in 10 steps. What feedback has the guide received so far? What tangible benefits can organizations expect after applying the 10 recommended steps?
TB: We’ve received very good feedback on the guide. We do this with all of the merchants when they sign up with BlueSnap, and we take a consultative approach when working with them – it’s not just a cookie cutter situation. Some merchants are good at understanding what leads to drops in conversions, and others are in the dark. The more in the dark they are, the more we can take advantage of these steps to increase their sales. It wouldn’t be unreasonable to see a merchant increase their sales – even doubling them – by offering the right languages, currencies, and payment options if they are not doing so today and have a fair amount of traffic outside of the U.S. For others, even offering subscriptions and coupons are some of the things we can do in addition to items listed in the 10-step guide. (Hint, Step #8: How to maximize recurring revenue)
Most mobile payment systems still have limited ability to offer couponing or require too many steps to check out and lack flexible payment models. What should merchants do to overcome this gap?
TB: We think that mobile checkout has to be optimized to reduce the number of clicks and amount of information that the customer needs to supply in order to place an order. So, that’s why we at Bluesnap have spent so much time developing tools for merchants to use to streamline the checkout process. For instance, we’ve built a pretty robust coupon system that merchants can take advantage of as part of our BuyNow page, or on the mobile checkout page, or even via an API.
For more on ways merchants can boost cross-border sales, BlueSnap has released a new white paper, “Top 10 Smart Steps to Maximize Revenue.” Download the complete report by clicking the button below.
Solutions Architect at BlueSnap
Trevor Black is no stranger to e-commerce. He built an e-commerce company in 1995 which he sold to Digital River in 2003. He worked for Digital River for 8 years moving from a Director to a Group VP. As a commerce consultant to businesses large and small he grasps the business needs while being able to delve into the technical details to make it happen. At present, he helps BlueSnap merchants find the right solution.