How to handle the situation of out of Stock products for Ecommerce Store?
An ‘out-of-stock’ message on an online store is a major turn off for the customers. It also opens ways to decline in sales of the online store owing to cart abandonment. Numerous surveys have suggested that around 25% online buyers abandon their cart due to the out-of-stock issues they face. In reality the numbers are quite high as many online stores notify if a product is out-of-stock even before adding it in the cart, which compels the customer to leave the site then itself.
The out-of-stock (OSS) issue leads to a serious cause of thinking as the customers’ dissatisfaction might lead them to have a negative impression about the online store and they might switch on to a different online store or a different brand. Apart from losing the customer’s loyalty, the sale of the particular product hits a low due to the same.
A research has revealed that out-of-stock notification should be clear enough for the customer as a confused buyer will lose his tendency to buy. Offering other attractive deals will hold on to their interest reducing the risk of loss of sale.
The online stores can use these following ways to retain their customers.
Alternate Product Recommendation:
Alternate product suggestions must be given to the customer matching with their needs. This move will make them explore more products available in the same category, leading to an increase in sale by certain percentage.
Online retailers can lure the customers by providing an additional discount coupon if the suggested products are slightly on the higher range than the one chosen earlier. Discounts are always an attractive measure to grab the attention of the customers towards a particular item.
It would be a good move to notify the customers that their wanted product is in stock and it can be availed by them. This will help in increasing the chances of gaining the customer loyalty and building up a relation with them. Online retailers can request the customers to provide their e-mail ids to get further information about the product. A research suggests that such efforts put in by retailers are always appreciated by the customers.
In store Options:
Multichannel retailers can benefit by guiding the customers to visit the nearest shop and purchase their wanted product. Some additional offers can be added to please the customers and to not lose the sale.
Out-of-stock issues can have a positive impact on the business as well as on the customer if managed accordingly and it is also a great opportunity to obtain e-mails of the prospective customers for further business needs.
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