Customer Service Gripes Revealed In New Survey

Published on: 28 November 2020 Last Updated on: 12 September 2024

Are you an eCommerce business looking to address the problem of abandoned carts on your platform?
Do you know how you can ensure that more people close the sales and move cart items into final purchases?
Have you tried using some strategies like offering coupons and discounts to sweeten the deal?

According to a new and very important study made by Feefo, it has been found that there are more than 79% of customers abandoning their carts and not closing purchases on e-commerce platforms. The question, which many eCommerce-based companies are asking is- how can I change this?

In this article, we speak to leading digital marketing specialists and ask them about the various strategies, which can be used to ensure that the items are moved from the cart into the final purchase.

Why Consumers leave Items in the Cart According to the Feefo Study?

The survey is very important to read and understand if you want to improve the sales and revenue generation for your e-commerce business.

According to Feefo, most consumers leave items in the cart because of one specific reason- High Prices! In most cases, the prices displayed on the product pages are exclusive of additional costs like taxes, shipping charges, and in some very weird cases, packaging!

According to the study, it is time for eCommerce businesses to start becoming honest and transparent in showcasing prices to the consumers on the product page itself. This may remove the entire magnet strategy of-

lower pricing,
moving to the cart
seeing the higher pricing
however emotional investments and time
ending up with the purchase

Ecommerce businesses need to realize that digital audiences have started to move beyond just baits and value transparency on digital platforms.

The study pointed out specifically to High Shipping Costs as the primary impediment to abandoned carts. Taxes too are something, which most of us take into consideration. However, additional shipping expenditures are still not acceptable to the vast majority.

How the World’s Best Ecommerce Sites Handle the Abandoned Carts Issue?

According to business experts at the best-performing sites, the need of the hour is to help customers at this stage with a small incentive. In other words, customers are already through 80% of the things a business needs to close a sale. At the cart stage, what you need is a small push, which can be offered by brands to the customers.

Not only will this result in the final sales happening, but it will also boost the image of the brand in the eyes of the customer in a positive fashion.

Some of the best businesses go for the following strategies-

Using promotional codes for both new and existing customers.
Taking away the Shipping Charges for customers and showing the discounted price.
Creating personalized packaging and offering incentives to buy.
Having multiple shipping vendors on the business and comparing prices.
Rewarding the customer in other ways (social media shout outs).

Why Building Positive Business Relationships matter for Ecommerce Businesses?

Building a positive brand and making the customer feel special is critical for the success of your e-commerce business. This means that e-commerce businesses need to invest in their communication. In-app messages, email newsletters, WhatsApp communications, etc. are good ways to ensure that you are always having an open channel of communication.

By valuing your existing customers, you will be able to win repeat purchases for your business. Your existing customers can also spread a positive word about your brand to their family and friends, leading to more sales and revenues.

However, taking care of the costs is the number one thing, eCommerce businesses should look to address at all costs. If eCommerce businesses are able to bring their operational costs down, they will be able to further incentivize sales.

You can view the Full Study and Report of the excellent Feefo Study below:

Source: www.feefo.com

How do consumers think and behave across the purchase journey? [Infographic]

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Financial Planning For Contractors: Ensuring Project Viability

Financial planning is an essential aspect of any business, and for contractors, it's no different. In the construction industry, project viability relies heavily on careful financial management. This article will explore the principles of effective financial planning for contractors and how using a bid bond can demonstrate financial stability and attract clients. The Importance Of Financial Planning For Construction Companies The construction industry is highly competitive, and its dynamics and the economic scenario are changing continuously. Therefore, it is important to have a plan in place when it comes to navigating regulations, compliances, and even finances. This section mainly discusses the importance of financial planning for the construction companies. 1. Navigating The Landscape Of The Construction Industry As mentioned above, the construction industry is rapidly changing. Every now and then, you have new rules, guidelines, compliances, and changes in technology. It is an important aspect of the entire industry. A personalized plan can help you pinpoint these changes and be prepared to face the challenges in the future. 2. Managing The Flow Of Cash Cash flow management is another critical aspect of any business. The construction business is no exception. The irregular scheme of payments and also the out-of-plan expenditure can, indeed, disrupt the flow of cash. A personalized flow of finance in the construction industry can help you maintain quite a healthy cash flow. It helps manage the sudden need for finance and fix issues. 3. Long-Term Sustainability A well-planned financial plan offers a roadmap for the long-term sustainability of the construction companies. They assist companies in setting attainable goals and targets. If you do not have a solid base of finances, you won’t be able to plan ahead in the future. One of the biggest challenges that business organizations face today is the long-term sustainability. As a business, you could only attain it if you have a steady supply of finances. 4. Managing The Risks The construction industry is quite risky. There are financial liabilities, safety, legal and other issues. A personalized financial plan helps create the strategies. They help reduce the chances of financial setbacks and also the circumstances hitherto not experienced. 5. Reducing The Cost Of Borrowing You all know that the construction industry is quite fund-intensive. You need to have a large sum of money. Under the circumstances, borrowing is the biggest way to handle it. But they have their interest associated with it, which is quite hefty at times. They may affect your budget and the prices of the products. Therefore, you must have the planning and a strong pedestal in place. But there is no alternative to a strong planning. 6. Increased Profitability The be-all and end-all of business is earning profits. Managing the expenditure is quite a challenge; therefore, you must be highly prepared with a plan in mind. A well-crafted plan of finances considers the revenue streams of the company assets and the expenses. A business owner uses their plan to make the wisest of choices. They help boost the profits and then cut the costs. 7. Attracting The Investors When you woo the investors for your projects, they look at some of the important things before investing. One of the core elements in good financial planning. If they understand that your finances are well managed and your organization is well in shape, it can drive them to invest in your vision. Therefore, you must invest in professionally prepared finance to ensure steady growth and stability in the long run. The Core Aspects Of Financial Planning For The Contractors In this section, we discuss some of the core aspects of financial planning that can help you stay ahead in this competitive landscape. As a stakeholder in the construction sector, you must have the planning in place. Budgeting The cornerstone of any financial plan is a well-structured budget. It’s essential to account for all expenses, including materials, labor, equipment, and overhead costs. By creating a detailed budget, you’ll be better equipped to estimate project costs accurately. Cash Flow Management Cash flow is the lifeblood of your contracting business. Timely invoicing and efficient collection of payments are critical. Moreover, having a cash reserve for unexpected expenses or delays is a wise strategy. Using Bid Bonds To Show Financial Stability One effective way to demonstrate financial stability to potential clients is by using bid bonds. A bid bond is a form of guarantee that you, as a contractor, provide to the project owner. It is a promise that if you're awarded the project, you will enter into a contract and provide performance and payment bonds as required. It assures project owners that you have the financial capacity to complete the project. By including these bonds in your bids, you signal to clients that you are financially stable and capable of fulfilling the contract. This can set you apart from competitors and instill confidence in project owners. Financial Planning For Contractors Emergency Fund As mentioned earlier, cash flow can be unpredictable. Having an emergency fund that covers at least three to six months' worth of expenses can provide a safety net during lean times or unexpected setbacks. Diversify Your Client Base Relying on a single client or type of project can be risky. Diversifying your client base and the types of projects you take on can help stabilize your income and reduce vulnerability to market fluctuations. Regularly Review And Adjust Your Financial Plan Financial planning is not a one-and-done task. It's essential to review and adjust your plan regularly, especially as your business grows and evolves. Insurance Coverage Consider various insurance options to protect your business against unforeseen events. Liability insurance, workers' compensation, and equipment insurance are just a few examples of coverage that can safeguard your financial stability. Invest Wisely Make informed investment choices for any surplus funds you may have. Consult with a financial advisor to develop an investment strategy that aligns with your long-term financial goals. Conclusion In conclusion, financial planning is a critical component of a contractor's success. It ensures project viability, stability, and, ultimately, the growth of your business. Remember to create a comprehensive budget, manage your cash flow efficiently, and explore various financial strategies to secure your financial future as a contractor. By following these principles, you can build a strong foundation for your contracting business and thrive in the competitive construction industry. Read Also: Construction Safety – What You Didn’t Know! All You Must Know About Construction Business Management Software Construction Safeguards: What Are The Top 3 Leading Risks For Machine-Related Amputation?

From Concept To Commerce: A Deep Dive Into The Ownership Of Shopify

The app developers placed special emphasis on creating a system that would motivate new sop-owners to open an online store for e-commerce. As a result, PHP programming knowledge is not necessary. One of the few systems that operates in a modular fashion is Shopify. The customer selects a pre-programmed layout and can add product images and content, as well as make additional changes. Shopify appeared to be gaining traction because of how simple it is to use, particularly for smaller enterprises. So, who owns Shopify? Let's find out. Who Owns Shopify? The headquarters of Shopify Inc., a multinational e-commerce company based in Canada, are in Ottawa, Ontario. The IT expert Tobias Lütke, who co-founded Shopify with Daniel Weinand and Scott Lake, is the company's founder. Their love of snowboarding led them to establish "Snowdevil," an online store, in 2004. But as a result, they realized that they couldn't advance rapidly because there wasn't a suitable software solution. The three of them decided to work together to construct their e-commerce platform. Other businesses wanted a piece of the new shop system because Snowdevils presented such a polished image. The three partners officially dubbed the e-commerce platform "Shopify" in 2006. When smartphones first started to gain popularity, Shopify wanted to be ahead of the curve and keep up with the latest innovations. In 2010, Shopify developed an application for the App Store in this manner. Shop owners can view insights and updates about their stores from this app. Shop owners can now check and prevent potential errors by having constant access to their shop. The owners of Shopify demonstrated to the world in 2010 that there are easy fixes available. There was a contest to see who could create the best online store and use Shopify most effectively. The Shopify Foundation offered the winners a mentoring program to help launch businesses. When it comes to answering the question of who owns Shopify, a whole new world opens up. The idea behind empowering shop owners to have an online shop with ease changed the world of business forever. Success Of Shopify Shopify's growth has been exponential over time. If you search on Google "who owns Shopify," you will find out how big the company is. This is how initiatives like Shopify Plus, which addressed big businesses for the first time, changed the game. As a result, there was heavy criticism of Shopify for the Shopify Payments. There will be additional costs if you do not use PayPal or Klarna payment options. However, it's crucial to keep in mind that Shopify provides excellent customer service. In 2019, the e-commerce platform was among the first to set up a live chat feature so that store owners could get free assistance and recommendations. Payments On Shopify You can use the built-in Shopify Payments feature or link your own payment processor to Shopify. Shopify charges a transaction fee for each online sale, which can range from 0.5% to 2% of the total charge if you use your own payment processor. If you use Shopify Payments, you are exempt from this fee. The flat-rate payment processing rates that Shopify Payments offers are based on your subscription plan. Using Shopify's retail store POS system and mobile POS app, in-person sales are also supported by Shopify Payments. You can use Shopify's integrated shipping label printing on any plan if you ship orders. With USPS, UPS, DHL, and other carriers, you'll get competitively low rates; additionally, your discounts get bigger with higher-tier plans. Every time you process an order and print a shipping label, shipping costs add up. When charges exceed a certain threshold based on your average shipping volume, your card will have to pay these expenses. On the other hand, there will be shipping costs for your monthly Shopify bill if you only ship a small number of orders each month. Pros Overall user-friendliness: Novices in rank can quickly deploy a stunning Shopify store, numerous sales channels, and order processing workflows in the morning, ready for sales by the afternoon. Competitive monthly fees: Entry-level plans have low monthly fees, while higher-tier plans have competitive rates. Safe technology: All technical details are taken care of by Shopify's fully managed platform. Smooth retail and mobile in-person sales: You can sell in person anywhere with fully integrated mobile and retail store point-of-sale features. Integrated product sourcing: Utilize Shopify's integrated dropship and wholesale networks to stock your store with little to no initial outlay of funds. Integrated email marketing: With just one click, you can increase sales with the help of automated email marketing and abandoned cart alerts. Limitless growth potential: Shopify hosts some of the largest brands on the internet and is equipped to handle both rapid and steady expansion. Cost: If money is tight, there are free or incredibly inexpensive alternatives to Shopify that you can use. Transaction fees: Every credit or debit card sale you make will result in a transaction fee if you choose not to use Shopify Payments. Cons The limitations of Shopify themes include their basic design, which makes it difficult to add advanced features and functionality without specialized coding. Reduced options for search engine optimization (SEO): When it comes to SEO, Shopify online stores are less advanced than WordPress platforms. Easy-to-use blog tools: In comparison to WordPress, Squarespace, and Wix, Shopify's blogging features are fairly limited. Other Costs The point-of-sale (POS) feature of Shopify facilitates in-person sales for mobile pop-up shops, services, market selling, and even multiple retail locations. Online sales, inventory, customer information, and business reporting are all seamlessly connected to POS-based sales. Every Shopify plan comes with free POS Lite, or for an additional monthly charge, you can add full retail checkout functionality: High-end Shopify Themes Although Shopify offers nine free store themes to its merchants, many sellers choose to use the premium themes that come with more customization options, specialty designs, and additional features. Over 100 premium themes are available in Shopify's theme store. Wrapping Up It's almost impossible to find an e-commerce platform that matches Shopify's level of simplicity and smooth integration with sales channels. Shopify's many selling opportunities and essential business management tools outweigh its few shortcomings. It includes basic SEO tools, limited store customization options, and simplistic blogging features. There is just no platform that compares to Shopify in terms of ease of use, sales volume, room for expansion, and cost for both new businesses and seasoned retailers. If you have thoughts to share or questions to ask about who owns Shopify, please leave a comment below. We would love to hear from you! Learn More About: Walmart 101: What Is Walmart Neighborhood Market? Magento vs. Shopify: Which Is Best For Your E-commerce Store? Operating Hours: What Time Does Walmart Customer Service Close And Open?

Different US Business Sectors To Consider Investing In

If you're looking to invest in US businesses, it's essential to consider the different sectors that make up the economy. Each industry has unique strengths and opportunities, from agriculture to manufacturing to healthcare and technology. It is a good idea to go for the less common sectors as there is much less competition within the market, leading to increased profits and higher returns, especially if you find a market with a large audience. This post will look closely at a few top business sectors to consider investing in. If you're looking to buy a business in the US, here are some sectors to consider. 1. Laundromats The laundry industry is estimated to be a $2.68 billion market in the US, making it an attractive option for investors. Investing in a laundromat with low start-up costs and high returns can be a great way to turn your money into passive income. If you want to buy a laundromat, here is a guide to help you. 2. Food Trucks Food trucks have become increasingly popular over the past few years, and the market is estimated to be over $4 billion. With low overhead costs, food trucks are relatively easy to operate and can generate high returns for those who invest in them. To get started, all you need to do is get the necessary permits, spend around $1,000 on a truck, and get ready to get rolling. 3. Online Tutoring With the increasing use of technology and the availability of online education, online tutoring has become a lucrative business venture in the US, especially for English speakers. The market for online tutoring services is expected to reach nearly $21 billion annually by 2030, and the demand for English teachers is growing. This growth makes it an attractive option for investors looking to capitalize on the growing demand for virtual tutoring. 4. Home Renovation Services The surging popularity of home improvement services indicates that opting for a home repair franchise can be a wise decision. Investing in a home services franchise presents an enticing opportunity, considering the increasing number of individuals who prefer upgrading their current residences rather than purchasing a new house. By 2028 the current market of over $300 billion will increase and is expected to continue rising. By venturing into this industry, you position yourself to attract a substantial clientele eagerly seeking your exceptional services for many years to come. 5. Senior Care Services With the aging population in the US, senior care services are becoming increasingly popular and profitable in many areas of the country. The senior care industry is estimated to be worth around $61.1 billion in the US and is expected to continue to expand as the population of seniors grows. Investing in senior care services is an excellent way to generate long-term income, but the start-up costs are high, with an average care home costing $160 per square foot. 6. Life Coaching Life coaching has become a popular business venture in the US and is estimated to be worth around $2 billion. Investing in a life coaching business can be a great way to capitalize on the increasing demand for personal development advice and services and the rising trend of people seeking professional help when it comes to achieving their goals. Conclusion Investing in US businesses can be a great way to generate returns, but it's essential to consider the different sectors that make up the economy. From laundromats and food trucks to online tutoring and senior care services, there are many opportunities within various business sectors for investors looking to reap the rewards. In this post, we discussed some of the top niche business sectors you should consider investing in if you're considering buying a business in the US. With careful research into each industry, you may find an investment yielding high returns and passive income over time. Strapline: If you're looking to invest in US businesses, it can be a good idea to go for less common sectors as there is much less competition within the market. This concept can lead to increased profits and higher returns, especially if you find a market with a large audience. Read Also: Corporate Hackathon: Benefits To The Employees Your Business Needs Marketing To Survive – Here’s Why

Customer Service Gripes Revealed In New Survey

Why Consumers leave Items in the Cart According to the Feefo Study?

How the World’s Best Ecommerce Sites Handle the Abandoned Carts Issue?

Some of the best businesses go for the following strategies-

Why Building Positive Business Relationships matter for Ecommerce Businesses?

Why In-Company Training Results in Better Employees

Top 10 Zoho Alternatives in 2020 For Your Business To Adopt

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Related

Financial Planning For Contractors: Ensuring Project Viability

From Concept To Commerce: A Deep Dive Into The Ownership Of Shopify

Different US Business Sectors To Consider Investing In

Customer Service Gripes Revealed In New Survey

Why Consumers leave Items in the Cart According to the Feefo Study?

How the World’s Best Ecommerce Sites Handle the Abandoned Carts Issue?

Some of the best businesses go for the following strategies-

Why Building Positive Business Relationships matter for Ecommerce Businesses?

Share this Article

Why In-Company Training Results in Better Employees

Top 10 Zoho Alternatives in 2020 For Your Business To Adopt

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related