How To Use Rewards To Capitalize On “I Want To Buy Moments”
It’s a moment you have to win…
We’re talking about the “I Want To Buy Moment” in which a prospect becomes a customer by adding one of your offerings to their cart and completing the checkout process. These are pivotal moments that can determine whether your ecommerce store is growing or dying.
But guess what…
“I Want To Buy Moments” don’t happen solely by accident.
And they’re not flukes that are beyond your control.
You can actually inspire “I Want To Buy Moments” to grow sales.
Even better, you can do so in a way that turns that initial “I Want To Buy” moment into the first of many repeat purchases necessary to run a high performing ecommerce business.
But before we give concrete steps you can use on your site to engineer and capitalize on “I Want To Buy Moments” with your customers…
You need to understand how to gently accomplish the following…
Nudging The Impulse
Let’s narrow our focus a bit…
When we think about arousing “I Want To Buy Moments” who are we actually targeting- an analytical shopper who isn’t seduced by discounts or coupons and who diligently researches competing products before making an informed purchase?
Of course not…
We’re targeting impulse buyers who are more likely to pull the purchase trigger when given the right incentive at just the right time.
Offering rewards to capitalize on impulse buyers is an effective way to accelerate sales.
However, be careful not to perceive impulse buyers as homogenous or one-size-fits-all shoppers you can target without differentiation. Impulse buyers, according to research, generally fit within four categories:
Understanding the different types of impulse buys can position you to better nudge impulse shoppers to actually make a purchase or engage in behavior you desire.
How do you use this information in conjunction with rewards?
The fourth impulse buy category- planned impulse buying– might best be nudged with a personalized email offering an incentive to purchase something a consumer has browsed in the past. The the first three categories are the kind you can use in combination with rewards opportunities that are woven throughout your site to nudge impulse purchases:
- Introducing shoppers to incentives
- Reminding shoppers of an incentive
- Suggesting specific incentives to shoppers
Armed with all you need to know about impulse buys, here are three ways to use rewards to capitalize on “I Want To Buy Moments” .
Technique #1: Flash Sales Laced With Rewards
Flash sales can pull several purchasing triggers at once…
Besides offering a deep discount, flash sales that are offered for a limited time only or that are accompanied by a countdown clock also leverage the power of urgency to convert shoppers into customers.
NOTE: This technique can work well for pure impulse and suggested impulse purchases.
Flash sales are often enough to spur impulse buys in and of themselves but consider how much more effective they can be when you significantly increase the value proposition by not only offering a deep discount but simultaneously allowing customers to earn rewards points when they participate in the flash sale.
This is exactly what Apple did recently when it launched an 8-hour flash sale that also offered customers the equivalent of $5 in rewards points that may be used in its iTunes store:
Want to get even more creative?
Surprise customers and keep your loyalty program dynamic by holding flash sales that reward purchases with double points:
Technique #2: Spotlight Product Page Rewards Reminders
Your loyalty program, if you want it to succeed, can’t exist in a vacuum…
Instead, it must be woven throughout your site so people are aware that they can earn points when determining whether to purchase a particular product. Specifically, improve your value proposition by reminding shoppers of the rewards they can earn while they’re shopping on your product pages.
NOTE: This technique can work well for reminder impulse buying.
This is exactly what Ben’s Cycles does to provide shoppers the nudge they might need to to add specific products to their carts and checkout. Notice how the company clearly illustrates the rewards points customers can earn on a product page:
To further drive home the point that your loyalty program must be woven throughout, examine the way Ben’s Cycles also reminds shoppers about the rewards they can earn well beyond product pages. The company uses rewards points reminders in the customer’s cart to reduce abandoned cart rates and lift conversions:
Note how the company does the math for customers at the bottom of the page and spotlights the total number of rewards points a customer can earn by purchasing everything in their cart.
Technique #3: Leverage The Power Of Referrals With Prominent Site Placements
Your secret conversion rate weapon…
The one trusted by 84% of consumers– is a referral from a friend.
Turning your existing customers into a field army of ardent promoters and sales people is possible when you use your site’s real estate wisely and suggest throughout that customers can earn rewards for referring their friends.
NOTE: This technique can work well for pure impulse, reminder impulse, and suggested impulse purchases.
In fact, brands like U.K. spirits merchant Premier Estates have at times used its most prime real estate- it’s home page above the fold– to suggest shoppers refer their friends to receive rewards:
Similarly, suggesting that shoppers make referrals is so important to outdoor subscription box merchant Cairn, which uses Swell Rewards to power its incentive marketing, that Cairn includes a “Refer A Friend” page on its home page’s bottom navigation.
Notice that when a shopper clicks on the page a pop out box appears that clearly illustrates the points he or she can earn by sharing the referral code provided:
Give Them Another Reason To Buy
We’ve all had them…
But “I Want To Buy Moments” are especially crucial for ecommerce merchants since the vast majority of visitors will leave your site without making a purchase. Convert more of these impulse shoppers by offering incentives the following three ways:
- Lace your flash sales with opportunities for customers to earn rewards
- Clearly illustrate the rewards customers can earn on product pages and even during the checkout
- Leverage the power of referrals by placing them in prominent positions on your site such as the home page or including them as tabs in your navigation menus
Offering discounts to impulse shoppers is a sure fire way to drive loyalty program engagement and sales.
Remember, if you’re already a Swell Rewards premium customer you can immediately begin capitalizing on those “I Want To Buy Moments.”
If you’re not yet a Swell Rewards customer, change that today by getting a custom Swell rewards demo here.