Inventory management tactics to reduce cart abandonment issues

If you know in detail as to what is inventory management , you would agree that it directly relates to cart abandonment or sale.

There are many factors of your site/online store that influences customer’s purchase decisions and sellers are seen to be taking complete advantages of technology to ensure their customers get the best experience and complete their purchases, happily.

You may have come across a number of articles discussing on ways to improve checkout page performance. Be it your product pricing, content information, call-to-action button, or, even the entire page layout- mostly all major elements have been covered. Yet, many are still experiencing an increased shopping cart abandonment rates!

Are you one of them? Then you should continue reading this blog.

Product management, the least discussed tactic for a successful checkout page

Among the many elements on the checkout page, the way you manage your products is one such factor to reduce cart abandonment rates for your eCommerce stores.

Confused?

Inventory management software is surely helping sellers to ensure smooth supply chain cycle, however, not many know about its benefits of creating an impact in checkout page too.

Let me tell you how?

I- Product information in real-time

Multi-channel shopping has become an emerging trend among online shoppers who can easily make purchases of products from their own favourite social media platforms.

How can it trigger customer’s purchase action?

Most of the online sellers have their business accounts on social media sites like Facebook, Pinterest.

Offering you products on popular social media platform can help you improve sales opportunities. However, clicking the link and finding different product information on your product landing page can create a bad impression in customer’s mind, which in turn, will immediately withdraw their purchase decisions and never return to your site.

What you can do?

Having an access to your product information in real-time, will allow gain quick insights of all your products and ensure content is identical for same products across all your selling platforms.

II- Centralized access for all your products

Offering combo deals is helping many sellers to increase order value and revenue for their selling business.

How can it trigger customer’s purchase action?

Like many other sellers, even you may perform product bundling strategy; however, not being able to access information about your products ins and outs can directly hamper performance.

Attracted to your combo product deal, many online shoppers will get encouraged to add them to their shopping cart. However, if any of the products in your combo offers shows “no product availability,” will immediately force them to abandon their purchase order.

What you can do?

Having access to all your products from one place will ensure your products quantity is up-to-date, while you can immediately make changes or discontinue the product bundling offer for the ones that are out of stock.

III- Safety-lock ability

Many online shoppers use the “Add to Wish List” for making purchases in future. This could be due to many reasons, for example, gifting products on special occasions.

How can it trigger customer’s purchase action?

Allowing online shoppers an opportunity to “Save” products for their future purchases, is a good strategy for any seller.

However, not being able to ensure stock availability for customer’s saved purchases will immediately encourage them to discard their confirmed purchases from your store.

What you can do?

Understanding the demand for your products and tracking customer’s behaviour on your site can help you create a safety-lock for your product offerings, or, set stock availability alert, ensuring your customers can successfully make purchases for their saved products.

IV- Quick access to multiple products

Sellers get an added advantage of increasing revenue for their selling business when dealing with multiple products.

How can it trigger customer’s purchase action?

Despite all your innovative methods and content information on your product landing page, your customers may still discontinue their purchases due to any reason. It can be personal too!

What you can do?

Adopting a product category management system can allow you perform “one-last-chance” strategy by automatically displaying relevant products which can encourage them to make a purchase, even if, they have decided to discontinue their primary order.

V- Organized inventory management

Selling products include multiple variables like size and color. However, not ensuring clear transparency of  such details on your product detail page can impact customer’s purchase decisions.

How can it trigger customer’s purchase action?

Your customers may come across situations where they have liked your product, but just because they could not find the variable to fit their needs, will immediately jump to one of your competitor’s site.

What you can do?

Ensuring transparency for all your products and their variables from one place will ensure you offer accurate products details and allow customers make purchases as per their requirements.

Wrapping Up

Stop leaving money on the table!

Apart from experimenting with content and other elements on your product detail page, considering the above can surely reduce the risks of losing customers who have already interacted with your online shopping site.

Savio Fernandes

Savio Fernandes

Savio Fernandes is a writer who influences. Writing for over three years at Orderhive, he is currently focused in offering eCommerce and retail solutions for start-ups and medium business owners.

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