How Coupons Can Convert More Wishlists Into Actual Sales in Your Online Store
Increased store profitability is the main motivation behind every action you make in your online store.
Your online store’s goal is to survive and strive in the digital landscape and to achieve the success and growth you’re aiming for in your digital adventure.
So how does applying coupons on wishlists align with this goal? Does it help you move forward and achieve this goal or does it make you fall a few steps behind?
Let’s figure out…
What are Wishlists?
Before we start discussing the worthiness of applying coupons on wishlists, we need to understand what are wishlists in the first place.
Wishlists are customer-curated lists of products customers would love to buy but are not ready to buy just yet. So customers add them to the list waiting for the right moment to come so they can buy it, whether it’s a store-wide sale, or buying season, or whatever moment they are waiting for.
From the definition, you can see that there’s a high buying potential for the items added to the wishlist, and that’s your chance as a store owner that you want to seize.
Why Abandoned Wishlists are a Lost Opportunity?
Beyond lost sales, an abandoned wishlist represents a broken marketing funnel. You have spent the money to acquire the customer, and the customer has spent time and showed interest in your store, but eventually, he preferred going to a competitor.
You don’t only lose the present sales opportunity but you also lose the future sales opportunities, as you failed to convert the customer the first time so it would be harder to convert him 2nd and 3rd times too.
What do you also lose? You lose data about the customer and his preferences, yes wishlist data are incredibly valuable, but sales data hold more and more value, by losing this data you lose the chance to launch personalized marketing campaigns for your customers and lower your chances of converting visitors into customers.
Failing to convert wishlists into sales is an indicator that there’s something wrong in your store and that it requires more investigation because the lost opportunity is huge.
Why are Wishlists Abandoned?
There are many reasons why wishlists are abandoned, customers may simply forget or get distracted when shopping through your store, so they totally forget what they’re doing and start doing something else like watching the TV or talking to their spouse or anything else, that’s completely random and you probably can’t control it.
Maybe they aren’t serious buyers and they’re just browsing your store and randomly adding stuff they like to the wishlist without serious intent of buying.
Maybe they’re price comparing with other stores, so your pricing strategy must be intact if you want to attract this segment to buy from you.
Unexpected costs may be one reason why you’re failing to convert wishlists into sales, unexpected shipping costs, taxes, or any hidden charge may turn away customers from completing their purchase.
Budget constraints could be another reason, as your customers use wishlists as a tool for planning their future purchases when they have the purchasing power to buy the items in the wishlist.
Lack of urgency, and the “we can do it later” mentality are some big reasons why customers might not buy wishlist items, maybe if items are running out of stock or if there’s a limited-time offer they’re incentivized to buy now rather than later.
How Coupons Can Convert More Wishlists Into Actual Sales in Your Online Store
Coupons can help in many ways converting wishlist items into sales, one way is to send exclusive discounts via email to users who have added items to their wishlist but haven’t made a purchase.
Displaying a countdown timer in the wishlist with a coupon or a limited-time offer will add a sense of urgency to the buying process which will push users to buy those items.
Offer discounts based on the total value of items in the wishlist. For example, “Get 15% off when you spend $100 or more.” this encourages customers to add more items to their wishlist to reach the discount threshold.
If users have added items to their wishlist but abandoned their cart, send them reminder emails with special discounts to incentivize them to complete the purchase.
Tailor your coupon offers based on the customer’s preferences, purchase history, or the types of items in their wishlist. This personalization can create a more compelling offer that resonates with individual customers.
Running flash sales on wishlist items and notifying users about them through emails could increase your wishlist conversions.
Integrating your wishlist promotions with a loyalty program and rewarding customers for making purchases from their wishlist by offering points or exclusive access to special discounts would increase the percentage of wishlists converted into customers.
All of these are ideas that can help convert more wishlist items into sales and conversions that will help increase your store’s profitability by simply adjusting some tweaks to your store.
How to Add A Wishlist to Your WooCommerce Store?
You can purchase the plugin from here or follow these steps:
- Login to WordPress Admin Dashboard
- Go to Plugins -> Add New
- Search for “wishlist for woocommerce”
- Install the Plugin by WPFactory
- Activate the Plugin
- Go to WooCommerce Settings
- Go to the Wishlist Tab
- Here you can customize the plugin and use the different features of the plugin to create a wishlist for your store and monitor how your customers are using it.
How to Apply Coupons to Your Store?
You can purchase the plugin from here or follow these steps:
- Login to WordPress Admin Dashboard
- Go to Plugins -> Add New
- Search for “Coupon & Discount”
- Install the Plugin by WPFactory
- Activate the Plugin
- Go to WooCommerce Settings
- Go to the Coupon & Discount Tab
- Here you can customize the plugin and use the different features of the plugin to create a Coupon for your store and monitor how your customers are using it.
- Here you can customize the plugin and use the different features of the plugin to create a Coupon for your store and monitor how your customers are using it.
Summary:
Wishlists are a significant step in the buying journey of your store, if users aren’t converting then there must be trouble causing you to lose a significant amount of revenue from your store.
If used properly, coupons can be an amazing tool to reduce wishlist abandonment rates and convert more wishlists into sales for your online store.