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As a consumer, we would like to think that the majority of the purchases we make are made through logical reasoning and rational decision making. However, recent studies by Harvard University have shown that 95% of the shopping choices customers make originate from our subconscious mind; favouring emotional response over statistical thinking.
With brands placing a substantial amount of their budget and focus on marketing, should retailers consider targeting the subconscious brain to increase online sales performance?
Figures are key.
The Anchoring effect proposes a quick and easy solution to subconsciously influencing the price your customers are willing to pay. This theory states that by placing your highest priced items at the beginning of search results these act as an anchor for comparison, positioning cheaper products as a more acceptable price alternative and of better value to your consumers. Displaying your prices in descending order allows your consumers to enjoy a straightforward shopping experience without activating the logical side of their brain.
Kelkoo Group has 20 years’ experience in ecommerce, digital advertising and consumer analytics. We can support your entire campaign, from set up through to tracking sales and conversion data to help you get the results your online store needs to succeed.
Retailers should also harness the power of numbers to increase ecommerce conversions through statistics, sales figures and star ratings, providing a point of reference for unsure shoppers. Including product countdowns is another way figures can be used to sway your customer behaviour. Setting up a dynamic text element linked to the sales of your products will activate the idea that we want something more if we can’t have it, nudging your consumers into making faster purchase decisions through the ‘fear of missing out.’
When it comes to pricing, don’t ignore how the human brain works.
For retailers looking to improve their reach in e-commerce shopping, another significant factor to success is keeping your prices simple; try and avoid prices with 7 or more syllables such as £37.84. Reducing the number of syllables minimizes the cognitive stress placed on the brain and subconsciously your customers will start to feel more comfortable making the purchase. Our brain is set to focus on the first digits we read, so £39.99 seems much closer to £39 rather that £40 in the eyes of our audience, despite the rational side of our brain telling us it’s only a penny difference. In addition, displaying the previous price of discounted or sale items will emphasize the products value for money – turning clicks into conversions
Never overlook the power of simplicity.
When it comes to consumer experience online, the simplicity and usability of your site is a big factor in changing clicks to conversions. Neuroscience research has identified that when our brain achieves a goal it produces positive emotions, while factors or information that detracts from a customer’s item of choice are interpreted as a negative. Remove clutter on your site, by assessing your call to action buttons, ensuring that customers can add items to their basket in one swift click opposed to clicking through multiple description and product pages. Call to action buttons should be prominent on screen; using subtle visual cues and positioning to encourage your visitors through the purchase funnel. Additionally, removing any exit points from checkout pages also works well for encouraging consumers to go through with the sale without changing their mind.
The subconscious mind is 30,000 times more powerful that the conscious.
Designing an e-commerce sight working with the brain in mind is a crucial point for selling success. We hate uncertainty so creating a user experience that seamlessly guides consumers through the site will ensure a positive shopping experience all around. So, with all this in mind it poses a question to online marketers and e-commerce sites, how do we make the best possible buying experience for our customers?