What are Wishlists and Why You Need One for Your Store?

In case you’re wondering ‘why the abandonment rate in my store is so high’ one, very likely, answer to this question is that you don’t have a wishlist in your store.

What is a Wishlist?

When you’re browsing the internet you’re not always in the buying mood, you’re not always ready to buy, maybe you’re just checking stuff out or aimlessly surfing your favorite online store.

And when you’re in that mood you see some products that seem interesting and that you might like, you check them out, you read some reviews, and maybe even you add them to your cart, but you’re not in the buying mood so you won’t buy.

And that’s a lost sale.

A wishlist acts as a middle step between totally leaving the website and forgetting about the products you liked and between actually purchasing those items.

It’s for those who are in the grey area, and many of us are actually in this area.

A wishlist allows you to add the items you liked to a ‘list’ so you can get back to it once you’re ready.

Wishlists significantly improve conversion rates and they’re not just for cart abandonment, it has many different uses and benefits that improve your overall store’s performance and profitability and they’re crucial tools for your store’s success.

When A Wishlist is Used?

Wishlists are used in the planning stage of many events, it’s an essential part of the shopping experience of many customers.

If you’re in the bad habit of buying everything you see online, a wishlist can be a great tool to help you control impulse buying. By adding products you like to the wishlist and then calmly filtering out the redundant stuff and keeping the good ones you can control your impulse buying habit.

It can be used for gift giving, by sharing your wishlist with your friends and family you’re making buying gifts way more easier for them.

Home renovation and travel planning would benefit a lot from wishlists by adding the products they want into the wishlist and buying them all at once or maybe even waiting for a discount on their wishlist to buy them at a lower price.

Many people would benefit from a wishlist as it’s a very useful tool that helps customers in their shopping journey.

How Does A Wishlist Benefit Online Stores in Conversions?

Increased Customer Engagement

Wishlists add more functionality to your store, add more options, and we love options.

Instead of the default “add to cart or leave” options that we offer to our online customers an add to wishlist button would be an appreciated third option.

It would allow users to engage with our online store with different functionality that is more convenient to them, which will ultimately benefit your store.

Reduced Cart Abandonment

As explained earlier, when we’re surfing the web we’re not always in the buying mood, so instead of letting your customers leave and forget about products they’ve liked, you can use the wishlist to reduce the cart abandonment on your store significantly.

Reminder for Future Purchases

When customers get back to your store they can remember what they’ve saved in their wishlist so they pick up from where they left off, reminding them of the products they’ve wishlisted and possibly nudging them to make a purchase.

Personalized Marketing Opportunities

By analyzing wishlist data, online stores can gain insights into customer preferences and interests. This information can be used to personalize marketing efforts, such as sending targeted promotions or product recommendations based on the items in a customer’s wishlist.

There are many benefits to a wishlist beyond the items listed here, a wishlist is an essential element in a modern-day e-commerce store and your store can’t be missing using one.

How to Use Wishlists in Your WooCommerce Store with WPFactory?

With WPFactory’s user-friendly plugin using wishlists for WooCommerce has never been easier.

Once installed into your WooCommerce store you’ll have FREE access to a ton of features that will make building, controlling, and analyzing the performance of wishlists never easier.

Head to WooCommerce > Settings > Wishlist tab.

Make sure the ‘Enable the plugin Wishlist for WooCommerce.’ is ticked.

Start customizing how you want your wishlist to look and function and where you want it to appear. The free version allows for many customization options so make sure to check all the tabs and customize the plugin for your needs.

Once users have started interacting with the wishlist you will be able to gain insights into user preferences and launch personalized marketing campaigns based on customers’ preferences on their wishlist increasing your online revenue from your online store.

Summary:

Wishlists became an essential tool for e-commerce stores for their many benefits for users and store owners, They reduce cart abandonment, increase customer engagement and customer loyalty, and boost store profitability.

WPFactory’s Wishlist plugin is one of the best wishlist plugins you will find for WooCommerce as it offers a ton of features for free and exceeds customer expectations. 

Make sure to download the plugin if you’re a WooCommerce store owner and give it a try, soon you will become addicted to it.