The Importance of Wish Lists and Favorites
Having the option to save items in a shopping cart for later or create a favorite list may seem like a small thing, but it has huge implications for your business. Websites that have this option have a distinct advantage over other online businesses. This is why we at Logicblock knew it was a vital element to include with our eCommerce solution.
But why is it such a big deal? Can you get away without having the wish list or favorite option with your online store? Do you really lose that many potential sales if you don’t have it? To answer that, let’s take a look at some surprising numbers.
What’s 67%, you ask? That’s the amount of online shopping carts that are abandoned, at least according to the Baynard Institute, a web research company. They compiled data from stores all over the Internet and figured out that over 67% on average of shopping carts have items left in them.
Just imagine that in a brick & mortar store: you would scarcely be able to move around with all the shopping carts filled with items left in the middle of the aisles. It would look like something out of a disaster movie. This is what’s happening with your store right now.
It isn’t the case with all of them, but many of those shopping carts were abandoned because something came up in the shoppers’ lives. They got an email, or they wanted to price compare, or some other banal life event happened. It’s just the wait it goes. And if your store doesn’t offer them the chance to save these items for later, they will forget about your store altogether.
Lists & Favorites
Simply by giving customers the chance to “remember” items reminds them to come back to your shop. If you’ve ever favorite something on a site like eBay, you know they occasionally will email you to remind you the item is for sale and what the price is. It’s just a simple way to say “hey, we exist, come on back.”
The customer might not even buy the items they saved. For example, if they saved a bunch of office supplies in a list to buy, they might not be interested in them when they come back. However, the list reminded them of your store, so they poked around some more and found some fun stuff they’d rather buy instead.
Plus, lists and favorites are great ways to encourage other people in their lives to buy stuff for them. Wedding gifts, for instance, or birthday ideas are great fodder for lists and favorites. Instead of playing guessing games they just send the list along and show their friends and family.
Now you’ve potentially expanded your customer base to their whole inner circle, simply by having this option. If you didn’t have lists and favorites, all those people would have been dispersed to other websites. Now they’re all fans of yours with minimal effort from you. What’s better than that?