How To Increase Online Sales: Using Trust Seals In Marketing And Customer Acquisition Strategy
If you’re an online seller, there’s a goldmine right under your house. One way you can increase online sales is to decrease shopping cart abandonment rate. According to PayPal 88% of visitors abandoned their shopping cart last year. Each of these carts was worth $109, or in a macro level, they add up to about $4 Trillion worldwide.
In the infographic we designed to illustrate our point, we list several methods that will let you improve trust of your clients based on numerous studies gathered from various industry resources. Earning shoppers’ trust finding the right ways to increase online sales is not guesswork; rather, it’s replete with statistical truths (such as using trust seals) that can be turned into a successful customer acquisition strategy that will increase sellers’ chances of sales conversion.
CHECK THE INFOGRAPHIC BELOW FOR MORE INSIGHTS ON TRUST ISSUES IN ONLINE SALES:
Imagine if online shoppers can reduce the cart abandonment rate by just 10%: that’s $400 Billion! But let’s not imagine it, BI Intelligence, the research arm of Business Insider, said that as much as 63% of abandoned carts can be recovered with the right tactics. Sending an email three hours after a shopper abandons a cart can help, according to Listrak. But overall, it boils down to how much your visitors trust your site.
Consider these facts if you’re a seller:
- Do you have at least 10 positive reviews across your digital presence? One study says 85% of shoppers read up to 10 reviews before they trust a business.
- If you can’t get a 5 or 4 star-rating, at least strive to get 3 stars. That’s because there’s a deep chasm between 2 and 3 stars; apparently, customers draw the line at 3 stars when trusting a business.
- Shoppers go for perceived security rather than actual technical encryption. In a survey by Baymard.com, an independent web usability consultancy, three popular trust seals outscored SSL seals by more than 50% except for Norton, which, ironically, scored the highest rating. It’s likely a brand trust that makes shoppers feel safe.
Now for U.S. sellers, shopping cart abandonment has an evil cousin: competition abroad. PayPal said local shops lost $40.6 Billion last year to overseas sites. You’d think China is the top culprit, but you’ll be surprised where real competition is coming from.
We also included a glaring fact that online sites with shabby customer service should take heed: 56% of shoppers will tell other people about their bad experience with a business. That’s more than half of your shoppers becoming a serious liability.
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Raw data that we used: