Are you running an online or offline business? If you are, then the chances are that you have encountered some lost sales. It’s no secret that losing a customer can be costly. It has been estimated that the average company loses around $250 to $450 per customer who defects. So what can you do to win back your lost sales? Check out our guide below for tips and strategies to help you recapture your lost customers and improve your bottom line.
Recover Abandoned Carts
If you are running an ecommerce business, the chances are that you have experienced abandoned carts. Studies show that the average online shopping cart abandonment rate is around 69%. That means that for every 100 visitors to your site, nearly 70 of them will leave without making a purchase. While there are many reasons why shoppers abandon their carts, one of the most common is that they are not ready to make a purchase.
However, it would be best if you didn’t accept cart abandonment as inevitable. You can do several things to recover abandoned carts and win back lost sales. You can implement shopping cart recovery by sending abandoned cart SMS or emails. These are automated messages that are triggered when a shopper abandons their cart. They will contain information about the items left in the cart and a call to action to encourage customers to complete their purchase.
Enable an Easy Payment Process
Another reason why customers may abandon their carts is that the payment process is too complicated or time-consuming. If you want to win back lost sales, it’s essential to ensure that your payment process is as easy and streamlined as possible.
You should offer various payment options and make sure that your checkout page is user-friendly. It would be best to consider implementing a one-click payment option for returning customers. This will make it easier for them to purchase and decrease the likelihood of abandoned carts. For instance, Amazon’s one-click payment option has helped them increase sales and reduce cart abandonment.
Incentivize Customers to Make a Purchase
One way to encourage customers to complete their purchases is to offer incentives. This could be in the form of discounts, free shipping, or coupons. You could also provide loyalty points or rewards for making a purchase. For example, many online retailers offer free shipping for orders over a certain amount. This is an incentive for customers to spend more to save on shipping costs.
You could also offer a discount for customers who complete their purchase within a certain time frame. For instance, you could offer a 15% discount for customers who complete their purchase within the next 24 hours. This is a great way to encourage customers to make a purchase and can help you win back lost sales.
Offer Excellent Customer Service
Another best way to win back lost sales is to offer excellent customer service. If a customer has a bad experience with your company, they are less likely to do business again. On the other hand, if you offer excellent customer service, you can turn a negative experience into a positive one.
Make sure that your customer service team is knowledgeable and helpful. They should be able to resolve any issues that customers are having. You should also make sure that your customer service team is easily accessible. This could include having a toll-free number or a live chat option.
Send Reminders
With so many businesses around selling the same thing, it’s not uncommon for customers to forget about a purchase they made with you. If this happens, it’s essential to send them a reminder.
You can set up automated reminders triggered when a customer doesn’t complete their purchase. For instance, you could send an email reminder after 24 hours or a text message reminder after 48 hours. These reminders can help you win back lost sales and keep your customers happy. Ensure that you do not do it too frequently, as it might be nagging.
Try Subscription Models
Another way to win back lost sales is to try a subscription model. This could include offering a discount for customers who sign up for a monthly or yearly subscription. For instance, you could offer a 20% discount for customers who sign up for an annual subscription.
This is a great way to encourage customers to make a purchase and can help you win back lost sales. However, it is essential to ensure that your subscription model is flexible and easy to cancel. This will ensure that customers are happy with your service and are less likely to cancel their subscriptions.
There are several ways to win back lost sales. It’s essential to make sure that your payment process is easy and streamlined, offer incentives for customers to make a purchase, and provide excellent customer service. It would be best if you also considered sending reminders and trying a subscription model. By following these tips, you can increase your chances of winning back lost sales and keeping your customers happy.
