Regardless of industry or device, it’s evident that people like to window shop. According to research from Baymard Institute, 70% of online shopping carts are abandoned. E-commerce stores lose $18 billion in sales revenue annually due to sales abandonment.
This doesn’t just happen in online sales, either. If a face-to-face customer experience isn’t frictionless or friendly, odds are, you’ll lose business.
That said, studies have shown that easy, convenient experiences encourage a much lower sales abandonment rate. Business leaders are realizing the significant relationship between a strong CX and their sales. According to recent studies, 45.9 percent of business leaders said that improving their CX was their top priority for the next five years.
Learn five ways a positive CX influences your sales.
1. A streamlined CX keeps the customer focused
No one likes a long, confusing checkout process. And in a world where customers can probably go to any other competitor to get what they’re looking for, you can’t afford not to have a checkout process that’s organized, clean, quick and efficient. However, a positive CX doesn’t just begin at checkout. It’s the entire experience, from having a smooth website to answering your customers’ questions quickly.
To support a positive CX, businesses need to offer consumers multiple ways of communicating with the brand by achieving a solid omnichannel strategy.
2. Mapping out the steps can encourage customers to stick with the process
Consumers want to know exactly where they are in the checkout journey. How long will it take and what’s needed from them? Laying out the steps for them can streamline the process and help guide them along the journey so they don’t feel like they’re in limbo.
3. Convenience is king and will empower customers to stay
According to Foundever proprietary research, 76% say convenience is the biggest benefit of online retail, and this is evident in sales versus abandonment rates for brands. It’s clear that brands with a convenient checkout experience have higher sales than ones that have longer and murkier experiences.
Consumers tend to enjoy self-service experiences. 23% of consumers would rather use self-service than engage in a live CX channel), and this trend is growing.
4. Transparency can earn trust
It’s easy to understand why consumers get overwhelmed and decide to leave a checkout process when the final price or shipping timeline is nowhere near what was previously communicated. Studies show that 87% say shipping and delivery directly impact their decision to shop with the retailer again.
Transparency plays a significant role in CX, and it’s commonly viewed as the measuring stick of a positive, helpful experience that consumers are motivated to return to.
5. Speed and efficiency are critical
Based on the high-paced rhythm of the digital age, it’s not surprising that, according to Foundever proprietary studies, 59% of consumers believe speed is what makes online retail better. The biggest pain point of checking out: it can be tedious and time-consuming. To ensure a quick process, your website should be up to date and load quickly. Additionally, businesses should offer multiple checkout options (for example, a guest checkout instead of having to make an account) and different payment options.
Key takeaways
- Implement a strong omnichannel strategy that can guide consumers and answer questions.
- Use analytics to learn at what point in the experience your customers are abandoning the cart so you can analyze inefficiencies.
- Prioritize looking into self-service CX processes.
- Offer ways to cater to consumer needs, such as providing different checkout and payment options.
- Be transparent in your communication about how long the process will take, shipping timelines and payment. Use chatbots to assist in answering questions.
- Remember that a positive CX doesn’t just begin at checkout — it involves communication and efficiency from the very beginning of the journey.
- Lean on experts to help you navigate how to deliver a strong CX.
Learn how Foundever can help you improve your CX and your conversion rate on our website or contact us!