This is an old post that somehow got deleted. So I am reposting-
Without a doubt this is the most interesting brainteaser in all of e-commerce land: 1/3rd of all online shoppers leave their shopping carts. People abandon for a number of reasons:
1. Lack of trust. This can be remedied with assurances (‘guaranteed returns’, ‘secure transactions’, ‘privacy protection’ etc).
2. Using shopping cart as a temporary storage device.
This ‘unknown’ segment is an area where marketers can improve conversion. Here is one theoretical idea-
Let’s assume a specific SKU is listed at $33.00. Run a split A/B test where visitors to version A see the $33.00 price and others see $34.00. For version A add-to-cart is a standard interface. For version B when someone adds to cart the item is listed as $33.00 on cart page. Being fully aware the item cost a buck more in the previous page the shopper will become insanely excited and assume the e-commerce system made an error. They will now focus on checking-out ASAP. Incentive has shifted to maximizing this unexpected saving. Run test to see which version generates higher conversions.
I know what you’re thinking- “this is a bait and switch tactic”. It’s not; it’s no different from offering a $1 off coupon. We just don’t promote the discount; the way Starbucks doesn’t advertise they own Seattle’s Best Coffee.
Why do I think know this will work?
Value is a convoluted concept and we humans struggle assigning a $ amount to a product. However, comparison is a cut and dry strategy. If an identical item is priced at $14 and $13, buy the $13 option. Back to our example- when someone sees a price and adds it to cart what they are saying is “this price is acceptable”, there is a certain level of intent. When the next page (cart page) has that same item $1 cheaper suddenly perceived value goes up because the shopper is comparing this price with the price on the previous page.
Like this idea?
This is just one of many examples (some obvious, and some not-so-obvious) of how we use buyer psychology to take visitors to your site from “I’m interested” to “That’s it, I’m pulling the trigger”. We use established principles of behavioral economics to influence. Marketers try and get results by dialing up the marketing volume. We show you how to zig when everyone is zagging.