E-Commerce: 5 Strategies to Drive Revenue over the Holidays

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Simplify the Checkout Process

In the e-commerce sphere, there are a variety of reasons that customers abandon their shopping carts. One of the top reasons is dealing with a frustrating checkout experience. Harris Interactive found that 47 percent of customers gave up on their purchase because the checkout process took too long, while 12 percent noted it was just too confusing. That may not seem like much, but when there are hundreds of millions of customers who shop online, that could mean millions in potential lost revenue.

A small change you can make to simplify your customer experience is to make it easy for customers to modify their carts — such as removing an item or changing the quantity — without leaving the checkout page. Another is to ensure that special discounts and coupon codes can be redeemed within the existing journey, whether through one-time use coupon codes or a verification process. Forcing customers to leave checkout to go to their email or sign up for a loyalty program to get a discount will only decrease your chances of an actual sale.

With retail sales continuing to gain traction throughout the year, there's little doubt that the holidays (November and December) will be a major revenue driver for U.S. retailers. According to eMarketer's holiday sales preview forecast, total U.S. retail sales will increase 3.3 percent over the same period last year to $884.50 billion, while e-commerce sales will jump to $94.71 billion, representing 10.7 percent of total holiday retail sales — the largest portion ever.

With this historic shift towards e-commerce, it's going to be more important than ever that retailers have the right pieces in place to successfully capture that online traffic and drive conversions. Especially for retailers with both brick-and-mortar locations and online shopping destinations, creating the right omnichannel experience will be key. Aberdeen Group Inc. claims that companies with the strongest omnichannel customer engagement strategies retain an average of 89 percent of their customers, as compared to 33 percent for companies with weak omnichannel strategies.

In this slideshow, SheerID has outlined small changes that retailers can make now to generate both conversions and revenue in the two biggest shopping months of the year.

 

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