Every time customer adds something to his cart doesn't mean he will buy at that same time. Customers have various intentions for adding a product to the cart, and purchasing is just one of those. Many Ecommerce sites have a high cart abandonment rate, but very few know how to convert abandoned carts into sales. This guide focuses on tips that help online store owners and merchants boost sales using the wishlist feature.
But why should you consider focusing on Wishlist feature for generating sales?
More than half of the customers who have added a product to the cart will never buy it, and this thing is very depressing for the people like online store owners. So if you want to reduce this Cart abandonment rate, the Wishlist feature will come to your rescue. This feature will help you to convert the product added to the cart into purchases. In this article, we will start with the basics, and we will try to cover most of the aspects of how Wishlist can boost your sales.
First thing first, What is the Wishlist?
The wishlist feature enables customers to create a list of products they like but not yet decide whether to buy it. Maybe they are not yet ready to buy, but they might buy or receive it as a gift from others in the future. It allows customers to maintain a separate list of products about which they are not very sure. Otherwise, they would have to use add to cart option even if they are not yet ready to buy. Also, it enhances the customer experience by making it more convenient to buy from your website and encourages other people to follow this same practice.
But there’s another feature, Save for later, What is it?
Basically, both are the same feature, but you don't need to login to save for later and in case of Wishlist, you need to login to your account. Moreover, you can add quantities as far as save for later is concerned. But Wishlist is just a list without quantities. So if you are willing to buy any product and you want to maintain a list to simplify your life, just go for the wishlist feature.
Here we go, 10 tips that can save your business using wishlist feature
Wishlist is an amazing feature which enables consumers to save the product to buy it later. When a consumer has not decided to buy the product, but still wants to add to the cart just because he likes it or maybe he wants to buy it after a few days, add to wishlist feature comes very handy.
- Add to Wishlist option or save to later in your online store/ website. Remember, do not add both features, it will complicate your customers' decision-making process and eventually get confused. So better add any one feature, which one to choose, you can analyse it considering your audience choice. Try A/B test for choosing which feature to add.
- You can even use the information collected from the email marketing strategy when you are about to launch or restock the product. That customer who have added the product to the cart or in the Wishlist, notify them and let them know this product is back in stock or super sale is coming soon. Such people will be genuinely interested in buying it, and the response rate will be very positive. Your sales could skyrocket using this strategy due to the customer centric approach.
- Test utilizing the data on the list of things to get for remarketing. Analyze results dependent on factors like time slipped by since the thing was saved and proximity to the sale of different products. Contact The Good for additional thoughts.
- Your user interface must be customer friendly, such that they will always be able to keep track of the Wishlist and then they can move their product directly to the cart without any hassle. Make sure the process is super simple
- Don't restrict your customers, allow them to share their Wishlist with their friends and family. Give them option to share the Wishlist on social media so others people could see it and if they want they can also buy gifts. This strategy can bring a lot of new customers to you.
- Use Wishlist as a tool to know more about your customers and potential customers. Understand the psychology behind adding the product to the Wishlist. Analyze the steps they will probably take after creating the Wishlist to offer better options to your customers.
- Try not to utilize the list of things to get as a wrap for weak product information pages. Accurately designed, the item page is a fundamental piece of your way to deals. No one ought to neglect to purchase since they need more data or need to go somewhere else for research.
- Monitor and analyze the Wishlist of your audience, understand their choice and demand. Then you can use this information to push specific products in that particular target audience.
- Don't settle or get satisfied once you get a positive response; keep updating and optimizing the wishlist option, there is always room for improvement. Few tweaks here and there and you could get better results. So keep Wishlist in your test and research list.
- Wishlist is an amazing opportunity to determine the trend across various segments. You can use this information to up sell or down-sell product to a specific segment.