69% Of Customers Are Leaving You At The Most Important Time
Online business is booming. Everywhere you look around the world there are businesses ranging from small startups, to huge corporations, to single parents selling home-made items out of their garage, and they’re all moving their sales channels online.
If you are in one of those businesses, this infographic should terrify you. The Baymard Institute found that 69% of customers were abandoning their online shopping carts instead of purchasing the product or service, leaving at the most critical moment for a business in the customer journey – the moment where they actually fork over their cold hard cash.
Businesses Need Money, And Customers Have Money
It seems simple, doesn’t it? Customers pay you money for a product or service, and you use that money to operate your business and (hopefully) turn a profit. The more customers you have, the more money they pay you. The best businesses in the world finds ways to serve millions of people and make billions of dollars in return.
Customers can be business to business (B2B), or business to customer (B2C), or any other type you could think of, but the point is that so many businesses forget about that crucial element – where the money comes from – that lifeblood of any business endeavour. And the key that unlocks that door is Customer Experience, and more specifically Lean CX, but I can’t tell you about that just yet.
This Knowledge Can Make You A Disruptor
So how can this knowledge help you, then?
We know that 69% of customers abandon their online shopping carts, but what can you do with that?
They say “Knowledge is power”, but let’s be honest – you and I already know that knowledge alone is not enough. Having knowledge is definitely a start though – after all, most people you know or work with don’t know this information and in the land of the blind, the one eyed person is king.
No, knowing this is not enough, unless you have a repeatable framework – a lens to look through – that can give you the right action to take. That framework is the Lean CX Score.
The Lean CX Score is a set of six repeatable steps – six questions you can ask that apply to any business endeavour, any product or service and any task your team provides. Step two of the Lean CX Score just happens to be a little thing called “One Step Flow”.
One Step Flow – The Key To Reducing 69% Online Shopping Cart Abandonment
When you have this framework – this repeatable framework you can apply to anything – then suddenly the Baymard Institute research becomes clear. Suddenly you are a genius, instead of another disrupted company.
One Step Flow asks us “Can I get what I want in One Step?”
That means no logging in, no filling out details, no getting your credit cards, no forgetting your password, no checking your balance, and no additional steps that would cause a customer to abandon. Can you think of someone else who created a one-step customer experience?
Amazon.
Their online checkout features a little thing called “One Click Buy”, where a customer is already logged in, usually via an app, and only has to click the buy button and the rest is taken care of. No address details, no payments details, it’s already done.
Now – knowing that 69% of customers abandon their online shopping cart, Amazon effectively got rid of their shopping cart by using the Lean CX Score step of “One Step Flow”. What could that mean for their sales? Is it possible they could increase by 10%? Maybe 30%? What about the full 69%, as word of mouth gets around that they are easy to buy from, and costs are lowered because their process is so streamlined?
Amazon’s stock price has certainly seen some benefit of increased profit over the years (in other words, their stock price is going up, up and up).
Can You Imagine The Possibilities?
With the right step by step, repeatable framework, you can do the same thing as Amazon and completely disrupt the industry that you’re in. Part of disrupting your industry is the secret of One Step Flow, but there are five other steps in the Lean CX Score.
Imagine what you could do with all six? Maybe it’s about time you got the book.
Get "The Lean CX Score" now, and start creating disruptors in your industry that completely annihilate your competition. Oh and good news! You'll be improving the speed, morale and engagement of your teams at the same time. Get the Lean CX Score now.