Category: Recommendations

Article Contributed by Brad Martin

Getting a customer over the purchasing finish line after they’ve seen your paid advertising, viewed your detailed product descriptions, and accepted finely tuned pricing is essential. Not only is getting the customer to make a purchase the actual point of everything else an eCommerce business is doing, but improvements in shopping cart conversion rates are essentially ‘found money’ for businesses because the relative costs of improving conversion rates are typically insignificant relative to the increases in revenue these improvements can yield. Unfortunately, historically, plugging leaks in a business’ sales funnel, and in particular the shopping cart, typically aren’t areas of focus for most businesses.

As a consequence of its ability to dramatically impact the bottom line and its relative obscure position in online marketing, there are a number of recent startups and technologies attempting to address shopping cart conversion rates. In this article we’ll highlight some recent innovative shopping cart checkout technologies that have the potential to significantly improve eCommerce customer conversion rates.

Sell Your Products Across the Web via Shoppable

Online shopping has begun to transition to something a lot more like window shopping in the retail world. For example, potential customers frequently peruse their friends’ social media accounts and see interesting purchases. If these potential customers were given the opportunity, some of these virtual window shoppers would make the purchase, unfortunately, the friction of having to identify the retailer of the product and then having to navigate to that retailers website is sufficient to eliminate most of these potential sales.

Shoppable is attempting to eliminate this friction. Shoppable is a universal checkout that works on third-party websites. By registering your company and the products it sells with Shoppable, virtual window shoppers that stumble across an image of your product elsewhere on the web will be able to purchase the product on that third-party website via the Shoppable shopping cart. In essence, Shoppable extends your company’s sales funnel and shopping cart well beyond your website, to anywhere where your products have been shared around the web. This reduces customer friction by first not forcing customers to navigate over to your website, find the item and purchase it, but also by providing an easy means to identify the product and provide an option to make the purchase.

Detailed Downtime Data via Ghost Inspector

Basic website downtime analysis isn’t a new technology, companies like Pingdom have been letting eCommerce webmasters know whether their website is down for over a decade. As eCommerce websites have become more complex and the shopping experience customized by the demographic and previous shopping history of an individual customer, however, a general “the site is up” notification is insufficient for most eCommerce sites to know that the full sales funnel is functioning as expected. In comes Ghost Inspector.

This relatively new tool gives online businesses the ability to test the full experience of a hypothetical customer from the moment they land on the website completely through the checkout process. That means testing whether the customer is receiving the correct messaging on the landing page, whether the product demonstration videos are loading correctly, whether the shopping cart is adding items properly, recommending additional up-sells as it’s supposed to, calculating taxes and totals, etc. The webmaster is able to run test ‘customer experiences’ for a variety of different hypothetical customers through a variety of different sales paths, and run these tests as often as every few minutes. Thus, the webmaster knows exactly what is broken, precisely when it’s broken.

360 Degree Product Images via Ortery

One of the primary reasons some customers cite preferring a retail shopping experience over an eCommerce one is the ability to fully inspect the item prior to purchasing. Unlike the very tactile experience of holding a product in your hand, most eCommerce websites offer just one or two 2-D photos of the product.

Companies that want to bridge the gap and scoop up these additional customer conversions would be wise to check out a 360 degree product image platform like Ortery. A simple rotating ‘lazy susan’ surrounded with a translucent wrap that shows as negative space on videos, this is a very cheap way to create professional quality 360 degree product display videos and increase conversion rates.

Instant Customer Financing without Credit Score Check via ZestMoney

If you sell big ticket items, your shopping cart abandonment rate is likely to be significantly higher than the average eCommerce store in part because customers either have sticker shock upon checkout, or because their credit card declines due to insufficient balance. As a high risk credit card processor our most recent internal survey indicated that roughly 8% of large ticket attempted purchases were declined by the customer’s credit card issuer due to customer insufficient funds. Thus, providing an alternative ability for these customers to pay is an opportunity on the scale of somewhere between an 8-25% increase in sales for businesses selling large ticket items.

There are a number of startups attempting to provide instant customer financing for big ticket items, but one new company that is doing so without running customer’s credit checks nor requiring a customer to own a credit card is ZestMoney. Offered as an alternative payment option on checkout, ZestMoney not only allows customers to instantly finance purchases on a business’ checkout page, but also provides the ability for customers without a credit or debit card to make purchases on a small business’ eCommerce platform.

No More Typing Credit Card Numbers via Apple Pay for Websites

Beginning in October 2016, approximately 200,000 eCommerce websites will begin accepting Apple Pay for online purchases. That means that customers who are shopping via an iPhone, iPad, or the Safari desktop browser will be able to click the ‘Pay with Apple Pay’ button during checkout, and complete the purchase via a fingerprint authentication on their phone, or Apple Watch.

The benefits to eCommerce businesses are that customers will not have to enter their credit card information when making a purchase, which should have a dramatically positive impact on mobile shopping conversion rates in particular.

Conclusion

Improving shopping cart conversion rates is a relatively straightforward way for businesses to boost their bottom line and profitability because it takes advantage of existing clientele for whom the business has already incurred the full cost of client acquisition. The new and exciting startups and technologies that are highlighted in this article attempt to address shopping cart conversion rates and hold the potential, if properly utilized, to both improve the customer experience and ensure significantly better returns for eCommerce businesses.

About the Author

Brad Martin is with Soar Payments, a high risk merchant services company that offers payment solutions to a wide variety of eCommerce businesses. You can learn more about Soar Payments by visiting the company’s Facebook page.

Article Contributed by Daniel S. Williams

The following are some low (or no) cost tools that can help you grow and manage your startup. As a newly-minted startup, money is tight. Yet there are numerous resources out there that can help your business without the exorbitant costs.

1. MailChimp – Whether you are considering MailChimp or a competitor such as ConstantContact (both are highly dependable services), this tool of email automation and subscriber list management has numerous applications. In the ‘Under $20 / Month’ category, MailChimp offers integration capabilities, while also retaining a fairly robust analytics tracking for opened messages and conversion rates. For a few bucks a month more, the option to view signups’ social media profile links is available and can serve as a great method to help verify and engage with your users. It is also an opportunity to establish customized lists and obtain email feedback by groups, etc.

2. Google Analytics – For those perhaps unfamiliar with the world of analytics, there is one tool that is a must—Google Analytics. By setting up integration and tracking on your venture’s site, the ability to see break-downs of user demographics, conversions, and traffic referral sources is vital to understanding your users and knowing the optimized targeting plan. And what’s more? This is a free service that is quick and simple to set up with your website. While the data and metrics can become more complex depending on reports desired, the ability to display summary reports and see visually trends over time adds a wealth of value even for the novice site analytics goers.

3. HubSpot – HubSpot offers many free materials on their website relating to marketing, acquisition strategies, and social optimization and SEO tips. While HubSpot offers paid CRM solutions for growing companies, as a startup the likely source of value comes from HubSpot’s insightful blog posts on marketing strategies and what you can do to increase engagement. While some tips are not as viable for startups to implement immediately, some basic lessons such as creating a relevant, content-centric company blog and ensuring keywords are setup properly with your site for SEO can go a long way and require zero expense! I also recommend completing their Inbound Certification through HubSpot Academy (a free course) that will give a deeper understanding of engagement, retention, and delighting techniques for users, as I found it to be a valuable source of learning.

Daniel S. Williams is a cum laude Advanced-Standing graduate from the Carroll School of Management of Boston College, holding a B.S. degree in Management, concentrated in Finance. He is actively involved with Boston SaaS startup Xperii as the Head of Business Development. He is also HubSpot Inbound Certified as well Google Analytics and AdWords Certified, writing on topics of small business, retail, and the world of startups.

With Small Business Saturday coming up, Signs.com is giving away 10,000 custom grand opening banners through the end of 2015. Free shipping. No purchase necessary.

Small business owners can get their free grand opening banner by going to www.signs.com/grand-opening-giveaway/ and clicking “Get Started” or by clicking to customize one of the grand opening templates on the page. The banner and its shipping will be free at checkout. More details of the giveaway can be found at the link above.

While vans were once viewed as being everything that is wrong with the world, the public perception of these iconic vehicles has changed considerably over the last two decades. In fact, the RAC have reported that the uptake of vans is now two and a half times greater than it was during the same period last year, with a total of one in 10 vehicles now either large or light commercial vans. The small business market continues to drive the demand for vans, while the diversification of available vehicle designs has helped the sector to thrive considerably.

What Vans offer the best Storage Options and Highest Load Volumes? 

While there is a growing demand for vans of all scopes and sizes, it is those with the largest capacity that are the most popular. This is because these vehicles also serve as viable, mobile storage units, which is ideal for small business-owners looking to reduce their overheads. Here are the three vans with the largest load volume: – 

The Renault Master Box Van 

The king of load volume, the Renault Master Box Van offers 22m3 of space and is an updated version of a classic, old-fashioned model. It features a squared-sided box rather than a panel layout, which allows for additional loading space above the cab and extends the cargo allowance considerably. Perfect for removals and storing large items, it can be a Godsend for small firms with minimal resources.

The Vauxhall Movano 

On a similar note, the Vauxhall Movano features a similar design style and the classic Luton shape. It also incorporates considerable load space that extends above the cab, while the floor layout has been optimised to store large, small and medium-sized options. This vehicle has a total load volume of 21.7m3, meaning that while it is slightly smaller than the Renault Master Box van it is still ideal for heavy duty usage.

The Nissan Cabstar 

In terms of contemporary options, the Nissan Cabstar has evolved the Luton design style for modern demands. Featuring a flatbed design on the back, it combines the best elements of a van and a track and can be customised to suit a range of specific tradesmen needs. It is a one-of-a-kind van in the current market, meaning that it is the subject of huge demand and available at competitive prices through outlets such as AA Cars. Its total load capacity is an impressive 19m3, and this is even more appealing given the compact nature of the van and the its capacity to host racking, shelves and pallets. Given the compact nature of the van and its capacity to host racking, shelves and pallets.

Article Contributed by Marleen Clover

Once you have all of your affairs in order, it’s time to rent your first business office. If you’ve never done this before, it can be difficult to know where to start. Signing the contracts and moving in is not an exceptionally easy process (and neither is breaking a lease), so you want to make sure you get the right office the first time. You may be surprised at some of the things you should consider when selecting your office, and what options are most likely to work out the best for you.

1 – Finding the Right Location

Your location should strongly depend on what you do. If your business involves customers or clients regularly coming in and out, you need to select an office in an area with high visibility. If it’s difficult for customers to find you, that will knock you down on their list of priorities. Your location also has to be convenient for your employees, so selecting an office that’s too far outside of a populated area won’t do. Try seeing what’s available in locations that will work for you on a site like Gumtree.

2 – The Right Amount of Space

If you’re expecting to hire a certain amount of employees, getting an office that’s only big enough to fit everyone is something you’ll soon regret. As a small business, you’re likely hoping to grow. If you don’t have any room to accommodate that growth, things are going to get cramped pretty quickly. Calculate what your space requirement would likely be, and add fifty percent to that number. This will allow your business to grow by a third within the space you’ve selected.

3 – Lease Length

Your lease is the best way to sink your feet into the ground. If you think that you’ll be more likely to rent larger building in a different location to accommodate growth, your ideal lease will be a reflection of that time table. Do you think that, in five years, you’ll want to move on to something bigger and better? You’ll want a lease that will allow you to continue with your long term plan.

If you see your business growing gradually, or you feel as though you’ll want to rent a second building in a different location to accommodate growth, a lease as long as ten years could work out in your favor. Longer leases generally come with a reduction in rent, which will allow you to put that money aside for investing in the future of your business.

If you’re entering a building as a fresh startup, go for the shortest lease term possible. The reality is that you don’t know how long you’ll be around. If you sink in the first year, you’ll still be responsible for the consequences of breaking a lease. You don’t want to cut any more losses than absolutely necessary.

4 – Call in a Pro

Leases, by nature, are complicated and intimidating. You’ll likely need a professional to decipher the legalese. At the end of the day, landlords are businesspeople too, and they have their own interests to protect. If you’re not sure what you’re doing, it can be at your expense. Calling in a lawyer to review everything that’s contained within your lease can help you determine whether or not the lease is reasonable, and she can also coach you on how to renegotiate the things that aren’t working.

About the Author

Marleen Clover is part of the team at Timeo.co.uk. She believes that great company culture leads to success. She’s interested in building brand awareness and digital media.