Every single year, business owners spend billions of dollars trying to entice people to visit their website and make a purchase.
For some website owners, any traffic is good traffic. However, for those running online stores, the end goal is to get consumers to make a purchase. —Or even better, multiple purchases!
As such, cart abandonment is one of the biggest problems facing online sellers. Getting consumers to cross the line on finalizing a purchase has become both easier and harder over time!
It’s easier from the perspective that there is greater exposure to impulse buyers who make quick purchases, so long as the inbound funnel is strong.
But because of this, it is harder to stand out from the competition, with vendors from all over the world competing against each other on search engine results.
What this means for your business…is it is essential that every visitor to your website is encouraged to make a purchase.
Despite this, a study from Episerver found that most transactions don’t happen during an initial visit to a website.
According to their report, 92% of consumers visit a brand’s website for the first time to do something other than make a purchase.
This could include putting items in their cart but then moving on to other websites and never finishing the purchase.
Why does cart abandonment occur?
In the world of online shopping, we know that potential customers will abandon their shopping carts for various reasons.
We have all been there and there are numerous reasons why we don’t finish a purchase, with some common reasons including:
- Our online shopping journey is side-tracked by something or someone;
- We could prefer to window shop and only finalize an extremely attractive purchase;
- We could be put off by the price of delivery, which is regularly the case for international delivery.
These scenarios of cart abandonment, and many like them are heavily influenced by price sensitivity and potential concerns about a product’s price.
With it being possible for online visitors to move from different ecommerce platforms in under a minute if the price they see doesn’t match what they envisage. The most electronic marketplaces have become extremely competitive.
From the buyer’s perspective, one of the worst things about online shopping is that you can never be sure that you got the best deal.
All too often, you will find a better deal on an item after purchasing it, creating a sense of buyer’s remorse.
A common method websites use is to offer coupon codes, reducing the displayed price, to encourage that final conversion.
However, these aren’t always sufficient!
Small incentives are useful for giving buyers on the fence an extra push. However, bargain hunters frequently wait for a bigger incentive to buy.
This is where price drop alerts enter the scene!
What are price drop alerts?
Price drop alerts are quite simply a notification for potential purchasers to highlight relevant discounts made on specific items of interest.
For shoppers who have an interest in a product but are hoping for a price reduction before finalizing a purchase, price drop alerts help the visitor subscribe to alerts about the price drop of a product.
This tool is increasingly useful when products are subject to dynamic pricing. Facing ever-fluctuating prices as a reflection of changing market conditions.
If prices vary weekly or even daily, price drop alerts can help you perfectly time when to buy a product you had your eye on.
You can do this with the peace of mind that you won’t see it at a lower price the next time you visit.
Why use price drop alerts?
On top of the reasons above, there are a number of tangible benefits provided by price drop alerts, which any online store owner should be aware of!
Online Web Visitor Re-engagement
Customers are more likely to re-engage when they receive a notification advising them of a price drop. This alert will lead them back to your website. It allows you to increase user engagement and collect more data for your own analytics.
Customer re-engagement helps you to bring back potential leads and convert them to customers. It is possible to customize your message to their interests because you already know what it is they have interests.
Customer re-engagement and an increase of 5% in customer retention have produced profit gains between 25% to 95%.
Boost Revenue
A study conducted by BlueCore found that abandonment emails have the highest average conversion rate (2.63%). In addition, the click-to-conversion rate (21.78%) of any triggered message type.
Conversions mean money. And customers are more likely to purchase if they s fascinated enough by your offer to visit your website. This guides visitors through the sales funnel, increasing revenue for your company.
Increase website visitors
Visitors who receive a price reduction alert from your store have been waiting for it. As a result, when they do receive a message, they’ll be eager to visit your online store.
This boosts the number of visitors to your site as well as the number of conversions.
For impulsive web browsers, price drop alerts are the ideal reminder!
If you have ever spent a significant period of time online shopping, you will likely have put items into a basket, not made the purchase, and then proceeded to forget about it the next day.
By giving notifications when the price of a basketed item is discounted it will motivate these buyers to return and finalize the transaction at a reduced cost. Leaving both vendor and purchaser happy.
Expand your Email Marketing List
A price-drop email program can help you grow your email marketing list. Plus, it grows brand recognition and develops a loyal customer base.
You should use dynamic pop-ups or targeted banners to get the most out of this data capture technique. This is for additional incentives to encourage shoppers to sign up for your emails. With email marketing having
How do Price Drop Alerts work?
Price drop emails will be sent when the product price goes down, being more active when dynamic pricing occurs.
The price drop alerts advise customers of coupons and special offers for their favorite products that are not part of a formal sale.
These triggered notifications let every online visitor interested in a product know that the price has just gone down.
The way in which these price drop alerts work is identical to other triggered notifications.
If you have opted into email marketing, the browsers in your consumers’ computers record and keep their browsing data. The price reduction alert will automatically be sent to customers when you activate it in your ecommerce system.
Details of the item (including photographs) are included in the email to increase the urgency of the promotion. (This is possible by using a template once you set up the program.)
To reduce your risk, you do not need to configure anything manually. Moreover, the emails use your organization’s own ESP, allowing you complete control of the creative component of the message.
The browser can be notified of a price change in one of two ways.
- Create an alert to inform them about it daily or on a weekly schedule as a standalone email.
- By incorporating it in bulk emails such as newsletters and cart abandonment emails.
Prisync works to take advantage of this program by analyzing competitor prices and stock availability. Also, it helps you to trigger price drop alerts on products that are high in demand.
Instead of using an email message to talk about a larger discount in many categories, you may focus on bettering your profit margins. It is very easy to utilize limited-time price cuts for individual products or inside niche areas, such as clearing out your warehouse of excess inventory.
Price Drop Alerts: The Future
Price drop alerts are undoubtedly a brilliant tool for any online platform vendor to take advantage of.
98% of customers on most ecommerce websites simply come, explore, and leave the site without buying items. Unlikely, there is no method to let you know whether or not they might return to purchase in the future.
Adding product price alerting to your site now lets you collect all of your visitors’ future purchase intent. Which helps you go backward in time and bring past visitors to the present when a product’s price changes.
Taking this one step further. Run effective Competitor Price Tracking and intuitively change your prices based on the information gathered. This way, you can develop a strategy and customize your sales funnel process to kickstart that revenue growth you have been searching for!
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