Just take a look at what a recent Namogoo study discovered. During the BFCM four-day stretch, an average ecommerce website sees:
- 133.7% increase in website traffic
- 459.3% growth in the number of conversions
- 139.4% boost in conversion rates
You have to admit, those numbers are too high to ignore. How can you ensure that your store makes a healthy profit during the Thanksgiving week this year? That’s what we’re here for.
We’re going to discuss the following:
- What’s the average conversion rate during the BFCM weekend
- Why you need to work on lowering your cart abandonment rate
- What can you do to increase your Black Friday conversions
Here’s what you need to know first…
The Average BFCM Conversion Rate
During the BFCM weekend, you have a chance to earn a lot of money. How much? Almost a third of your yearly profits. It’s not unusual for an online store to generate more than 30% of its annual sales during that period.
The key is being ready for it.
Next, we need to explain what exactly we mean by “improving your conversion rate.” In ecommerce, the conversion rate can refer to many things, including:
- Percentage of people adding a product to their cart
- Percentage of leads signing up for your email
- Percentage of people adding a product to their wishlist
Basically, a conversion rate can be assigned to any Key Performance Indicator your business finds crucial for success. In this article, a conversion will refer to a sale.
With some exceptions, your conversion rate probably stays static over the course of a year. However, if you play your cards right, it will spike on Black Friday.
The Average Order Value is 8% higher during the Black Friday week, compared to the rest of the year. That’s why focusing all of your efforts on CRO in the months leading up to BFCM weekend is crucial in 2020.
Why You Need to Decrease BFCM Cart Abandonment
Sure, increasing your marketing budget, raising brand awareness, and running paid promotions will bring more traffic to your website, but you need to do more than that.
Last year US consumers spent over $1 trillion. While this year the number will be lower due to unplanned circumstances, Black Friday spending isn’t going to suffer.
Online spending during the holiday is only bound to increase. People will surely come to your website. Your main mission is to make the most out of every transaction.
In order to do that, you need to lower your cart abandonment rates significantly. Although the average cart abandonment rate during BFCM varies from country to country, the number hovers around 70% in most places.
If you manage to lower it, you’ll increase your sales. Here’s what to keep in mind:
- Boosting CTR on social media ads will give you a small revenue increase
- Getting more product page views won’t have a bigger effect on sales
- Even a 3% decrease in the cart abandonment rate can have a huge effect
Simply put, by lowering cart abandonment rates on BFCM ecommerce businesses have a chance to get the most out of their sales.
10 Ways to Increase BFCM Conversion Rates
The consumers are itching to buy so the money is there waiting to be made. The only question leading up to Thanksgiving week is: are you prepared for it?
A few quick tweaks to your business operation will ensure that you remain ahead of your competitors. Here are 10 things you can do to increase your conversion rate this BFCM.
1. Highlight Your Product Return Policy
Since online shoppers can’t get in physical contact with the products they’re buying, return rates are much higher. More than 30% of all products sold online get returned to the retailer at some point. While less than 9% of products get returned in brick-and-mortar stores.
That means, your customers want to know whether they can return their products easily or not.
You need to earn their trust by being as transparent about your policies as possible. Talk about your return/refund policy as in detail as you talk about products. Also, make sure that your returns are free and that your refunds are easy to claim.
Keep in mind: free returns are one of the biggest motivators for shopping online.
2. Provide Customers With Real-Time Support
One of the biggest reasons why more traditionally-oriented shoppers prefer to shop in physical stores is because of the help they can get. When a merchant is there to assist them with their choice or problem, they can get done with their purchase more quickly.
You can’t risk missing a crucial question from one of your visitors. During the Black Friday/Cyber Monday weekend, consumers spend more money than during any other holiday.
That’s why you should use Gorgias live chat to talk to enable your customers to contact you at any time. What’s more, Gorgias and its 30+ integrations allow you to have a 360-degree-view of your customer. With Gorgias, you’ll know everything you need to know about your customers.
3. Have Answers Prepared In Advance
More than 70% of consumers expect to get help in 5 minutes or less. If they have to wait longer, most of them will leave the website immediately. If you’re dealing with a sudden surge of visitors, you won’t be able to answer every inquiry in an instant.
You need to find a way to keep these customers from leaving your website.
The best way to do this is to have automated answers prepared ahead of time. You can achieve this by analyzing previous customer inquiries, checking Google for Black Friday-related questions, and referring customers to your FAQ section for basic questions.
4. Use Personalized Messages Appropriately
Consumers are more inclined to shop on BFCM weekend than they are at any other time of the year. They’re looking for specific products, rather than aimlessly browsing, looking at random items. You should take this opportunity to recommend specific products, just for them.
You can give them personalized recommendations, in Tinder-like style. If they don’t like the product recommendations, the customers will be able to click/swipe the picture and look at another one. This will give them an opportunity to act quickly when they see something they like.
5. Have Staff on Deck at Busiest Business Hours
Your personalized messages and live chat won’t mean anything if you don’t have enough customer support agents active during busy hours.
Black Friday discounts can be confusing at times. Your customers will want to talk to someone if something’s not completely clear. That’s why you need to have enough agents on deck.
Gorgias can help you make sure you have enough agents when they’re needed the most. You can predict when your website will be the busiest by using a new stat: Busiest Time of the Week.
The feature allows you to collect and analyze relevant information and use it to determine when your website is the busiest. You’ll know how to create a perfect schedule for your agents.
6. Make Your Checkout Process Easy
While you might not be aware of it, your checkout process might be the thing that’s hindering you from lowering cart abandonment rates.
More than a quarter of customers is ready to leave a full shopping cart if they think the checkout process is too complicated and takes too many steps to finish.
For that reason, you should try to limit questions to basic customer information like name, email, and delivery address. You don’t need to know a ton of needless things about your visitors.
If you’re using BigCommerce to power your store, you already have an optimized checkout page. But you can customize further with the BigCommerce Checkout SDK.
7. Let Customers Checkout as Guests
Speaking of needlessly complicated checkouts, another thing you should avoid doing is making every visitor take a few minutes to create an account. During a BFCM sale, every second count. First-time visitors don’t want to waste time creating another account on another website.
Differentiate yourself from the rest of the pack.
Let the visitors finish their purchase as guests. This will speed up the checkout process significantly as well as increase customer satisfaction. A good number of BFCM customers will return later down the line to create an account.
8. Accept Multiple Payment Options
There’s nothing that will run a customer away from your website then not having their preferred payment method. You can’t really offer a single payment method and hope that every single person that lands on your website use it. That’s just not realistic.
In addition to accepting multiple credit cards, your store should feature all of the popular payment gateways: PayPal, Stripe, Amazon Pay, Google Pay, and Apple Pay. You should also analyze what payment gateways your target demographic uses and add some if needed.
9. Let Visitors Know Your Store is Safe
Online safety is still a huge discussion among online shoppers. You want your visitors to feel safe at all times. So you want to enhance your credibility at every step. This can be done in a number of ways:
- Make sure that you have SSL installed at your checkout
- Place images of all of the payment options in the shopping cart
- Display badges so your customers know you’re using website security
Just a reminder: if you’re not using something like GeoTrust or McAfee, don’t display any badges. You’ll get penalized by Google for it.
10. Use a Countdown to Create Urgency
If you tell one of your friends that there’s a store offering a 50% discount in the next two hours, they will probably go and visit it right away, correct? That’s because most people are afraid of missing out on something. That’s what people call the “loss aversion.”
You can use a countdown clock to trigger this feeling in your customers.
A countdown clock should be an essential item in your Black Friday toolbox.
9 out of 10 customers spend most of their shopping time looking for the lowest price. By placing a countdown timer on your website, you can ensure that they don’t spend too much time comparing prices, overthinking the entire situation.
Work Now and Watch Conversion Increase Later!
We mentioned earlier that consumers now want to get their holiday shopping over earlier than ever. Around 40% of shoppers in the United States are planning to start their holiday shopping in September, October, or November. 20% have started before September.
You have to be prepared to attend to these customers at all times. Collecting customer information, making data-based tweaks, and creating a seamless customer journey should all be on your priority list this year. To achieve all of this you need the right tools.
Gorgias help desk will allow you to get to know your customers, learn about their shopping habits, and attend to them in a timely manner. Sign up for Gorgias today and get a 15-day trial.