One e-Commerce Hack That Will Increase Your Sales

Key Takeaways

wouldn't you love it if there was a simple hack that would help you grow your e-commerce sales today hey everyone i'm neil patel and today i'm going to break down one e-commerce hack that will increase your sales no matter how good your product is or how great your marketing is if shoppers can't afford your product sales are gonna tank today i'm gonna share with you an e-commerce hack that has the potential to unlock increased sales it doesn't require any technical knowledge and not only can attract more customers but it can also help you retain them as clients for a much longer period now before we dive in today's video is sponsored by paypal according to grandview research the value of the global ecommerce market size exceeded 10 trillion dollars in usd in 2020 and is forecasted to become 27.15 trillion usd by 2027 so if you have an e-commerce shop and your business hasn't been growing more aggressively in the last two years you need to level up your game and i'm gonna help you do that beyond just acquiring more traffic or getting in front of more potential buyers one thing that you can do is work on improving your conversion rates when you have an ecommerce shop there are only so many levers that you can pull in order to increase your conversions the things that you can typically do are improve your conversions by doing cro recovering abandoned cards by having great email marketing strategy offering limited time discounts offering free shipping having competitive pricing or even using live chat or doing things like improving your checkout flow process or attracting great product reviews and even optimizing for mobile experience while these things are great and they do make a big difference if your ideal buyers can't afford your product you're going to struggle to just get a handful of conversions just so you have idea according to a study by oberlo on average only 1.94 of ecommerce website visits convert into a purchase and 69.57 of shopping carts are abandoned that's a lot of people abandoning those cards today i want to show you a payment method that you can offer to buyers pay in four with paypal paym4 allows your customers to split large purchases into four payments interest-free and with no late fees it's a great way for your customers to increase financial flexibility and access credit without paying interest late fees or applying for a credit card one of the biggest advantage of paying for is that you'll be paid up front while your customers can pay later offering this payment method won't have any additional cost to you if you're already using paypal so you're not really taking any additional risk the industry is growing fast with 37.7 of us consumers choosing the option as of july 2020. here are some tips for you when implementing pay infor in your ecommerce store paying for is super easy to integrate and to activate if you're already using paypal for your business you already have access to paying for and there's no extra steps for merchants to integrate make sure that customers can see this payment method is available so that way they know add the logo or approved messaging next your add to cart button display this payment option on the product page include paying for approved messaging on your checkout encourage your customers to complete purchases by testing different placements of this messaging try out exit intent pop-ups that are triggered when customers are leaving the checkout telling them about this payment option keep an eye out on the same strategic metrics that will tell you how well paying for is working for you and that's your overall conversion rates your total sales your car abandonment rates your average order value your customer lifetime value if you're worried about technical implementation of pay and form messaging on your website you can add the dynamic pay later messaging to your site with a single integration offered by paypal this dynamic messaging will display more relevant pay later offer to your customers these metrics should be affected when you compare customers who use paying 4 against people who bought using other payment methods a recent survey by c plus r research revealed that 51 of consumers say that they use buy now pay later services during the pandemic in the united states this is especially relevant if you're targeting millennials and generation z customers according to online study commissioned by paypal 28 of consumers ages 18 to 39 are more likely to shop at a merchant again if they offer buy now pay later option if you're not offering paying for you're missing out on a huge opportunity brands like walmart sunglasses huh um anthropology abercrombie urban outfitters pelton casper and even warby parker are using buy now pay later options research conducted by forrester and commissioned by paypal in november 2020 shows that among b2c merchants they interviewed 21 of their organization's online sales come from a buy now pay later solution now if you have any questions about paying for leave a comment below and i'll make sure i answer and help you out thanks for watching this video try it out your conversion should go up