How do you go from $100M to bankrupt? That’s the question Nasty Gal, once a darling in fashion e-commerce, had to deal with. It’s amazing to think that what started as an eBay store could balloon into a retail powerhouse.
But they made a key mistake that’s haunting them now that their founding CEO has stepped away and their business has spiraled.
The rags-to-riches story that captured the hearts of millennials and inspired on-the-fencers to leap into entrepreneurship now serves as a major reality check.
Did you know that 69 percent of online shopping carts are abandoned? A Baymard Institute study found that every 3 customers that complete their transaction, it’s likely that you missed seven more that almost converted.
Imagine having someone make their way to your online store, took the time to peruse your offerings and carefully placed items in the cart. So why didn’t they make it all the way through checkout? They’re riiiiiight there!
I don’t want you to leave money on the table. So how do you take an abandoned cart and transform it into a sale?
Online businesses use email to build awareness, convert leads and encourage referrals. Across industries, simply having a consistent newsletter is a great start to a profitable email marketing strategy.
But most e-commerce entrepreneurs struggle with one question: what do I say? What interesting topics can your business share that will get potential customers to open up emails and engage?
At this point, you’re no longer dealing with cold traffic but people who have opted-in to receive more information about what you do. Marrying email marketing and content marketing is a winning formula for showing interested subscribers the value you provide (without having to do a hard sell).
Not only are you angling for position against other companies but you’re also competing with real life distractions: phone calls, emails, family issues, work deadlines, and the list can go on and on.
So for the busy person that lands on your site, you want to make a concrete connection. The best way to do that is to make a sale, to use a compelling web experience that drives them right to the shopping cart immediately.
But with average conversion rates in online retail hovering around 2%, you can guess that this type of experience doesn’t happen 98% of the time.
You’ve heard it before: the money is in the list.
But for that list to be profitable, there has to be people on it, qualified leads that are ready to purchase.
Before you can make the most of email marketing, you have to actually attract visitors to sign up for your email list. The most important thing you can do with the traffic that you get is to create a communication channel.
Queue the pop up box.
I’ve written about the importance of pop-up boxes for e-commerce stores before and my experience has only supported the stats: every online business should have one—you just have to advertise it correctly.