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How you might be losing many online sales

You might be losing many online sales because you are making the checkout experience too time-consuming or too difficult for your customers.

A new survey of 5,000 consumers by digital commerce company Forter finds that:

• When retailers rely on one-time passwords (OTP), CAPTCHAs and order reviews to enhance security, they deter good customers and leave money on the table.

• Forcing customers to create an account can cause 3 to 5% of consumers to drop off.

• Requiring consumers to validate their email addresses or phone numbers can cause an average drop-off rate of 4% to 7%.

Seamless experience is critical

In the race to win the next generation of shoppers, ensuring the legitimate ones have a friction-free experience is critical, Forter says.

Forter estimates that for every $1 that retailers lose to fraud, they forfeit $30 by declining legitimate customers.

The report finds what it calls “alarming” rates of false declines of customers’ would-be purchases, cart abandonment, and trust issues heading into the holiday shopping season.

It finds, too, that customers are willing to spend a whopping 46% more with retailers they trust.

‘Trust Premium’

Three-quarters of those who responded to the survey reported having a negative online shopping experience in the past three months.

Forter, calls it the “Trust Premium.”

“The Trust Premium represents potentially millions of dollars in revenue uplift for retailers,” says Michael Reitblat, chief executive officer and co-found of New York-based Forter. “Retailers that lean into and invest in customer experience—from account creation to authentication to checkout—are best positioned to turn a profit over the Black Friday and Cyber Monday weekend.

Young shoppers face most friction

The poll finds that younger shoppers face the most friction with online shopping. They are up to four times more likely to be falsely declined at checkout compared with older shoppers.

A lack of data and insight ultimately leads to false declines instead of an opportunity to secure the customers’ lifetime value.

Essential in building trust

The survey found that a seamless checkout experience is one of the most essential pieces of building trust and completing a transaction.

“Our report reveals the brands that win the next generation of shoppers will provide fast, frictionless and fraud-free shopping experiences—and establish mutual trust with their consumers,” Reitblat says. “Friction in the purchasing process no doubt persists, but it doesn’t have to go unabated.

“Balancing the importance of fraud prevention without impacting customer experience will be the next major test for retailers during the upcoming holiday shopping season.”

You can read the full 2023 Trust Premium Report here.

Learn how to sell online

Book pinpoints essential skills

In an age of telesales and digital selling, this award-winning business book pinpoints the ten skills essential to high-efficiency, high-success sales performance based on the author’s TeleSmart 10 System for Power Selling.
Bestselling author and TeleSmart Communications president Josiane Feigon equips salespeople with the powerful tools they need to open stronger, build trust faster, handle objections better, and close more sales when dealing with customers they can’t see face-to-face.
In Smart Selling on the Phone and Online, you’ll learn how to:
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The world of selling keeps changing, and sales professionals are on the front line of innovation to keep profits flowing. Combining an accessible text with clear graphics and step-by-step processes, Smart Selling on the Phone and Online will help any rep master the world of sales 2.0 and become a true sales warrior.

Create and sell digital products

WANT TO LEARN HOW to create digital products on your home laptop or computer and sell them for profit?
Digital product creation is one of the best ways to generate a fast online income.
Not only are they easy to make and simple to sell, but they also offer a number of big advantages over physical products:
  • 100% profit, with the only cost the time taken to create them
  • Can be sold all over the world 24/7 even while you're asleep in bed
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Paul Teague has been making digital products for over a decade and has several 6-figure launches to his name. He's sold thousands of online training products and e-books in that time and is passionate about the power of online sales as one of the best ways to do business in the 21st Century.
He's now condensed a decade of experience into one book.
Topics covered in How To Create & Sell Digital Products include:
- Why Create & Sell Digital Products?
- Digital Formats & Types of Product
- Essential Tools For Digital Product Creation
- Digital Product Creations Tips & Techniques
- Product Delivery Tools
- Going It Alone With Product Delivery
- Digital Sales Platforms
- Taking Payments Directly
- Promotional Strategies To Boost Digital Product Sales
- Product Support Options
- Digital Product Creation Next Steps
- How to re-purpose existing content for profit
If you want to know how to create digital products which sell using only free and low-cost tools, you need to start reading How To Create & Sell Digital Products today.