It wouldn’t be wrong to say that the pandemic situation has affected the e-commerce market very positively. Millions of people are coming to buy stuff online every day, and that number is increasing with every passing minute.
Millions of people launched their eCommerce stores to make money by meeting the rising demand for products. Some of them succeeded and some are still struggling to give their store an authentic feature to attract customers.
Now, although WooCommerce has tons of plugins and add-ons to boost your store but this new concept has taken eCommerce to a next level.
Bargaining in WooCommerce
Imagine if you could bargain the price of a product while shopping online? Wouldn’t that be cool! The option to allow customers to bargain on product price has taken ecommerce to a next level. Now, you can allow your customers to buy a product on the best price that you can offer.
Giving customers the option to bargain is giving them a real-world shopping experience online. With each successful bargaining attempt, customers will get that feeling of winning, and they will keep on buying to test their luck.
Here are some metrics that are positively affected by allowing the option to bargain on WooCommerce.
Even though the average conversion rate reaches from 1 to 2% in an eCommerce store, this rate dramatically increases when you allow the bargaining option to your store. Since, it’s a new feature, it makes the visitors curious and hence converts them into actual customers.
When a visitor lands on a product page after being redirected from any social media platform, you need to get him hooked in the first 2 seconds. As the bargaining option is a new feature that your visitor has never seen before, he will try to explore it, which will increase the chances of him purchasing the product.
Shopping Cart Abandonment rate
What makes any user leave without ever reaching to the checkout page of the site? There can be a number of reasons for that. One of the most common reasons is the budget exceeding issue. The user keeps adding products but then leaves the cart because the total increases by 10 or 20 bucks.
With the bargaining option, the user won’t have to worry about this kind of minor difference as he’ll be able to bargain the prices of products. The shopping cart abandonment rate decreases by about 20% by adding bargaining options to the store.
Average Order Value
How much a customer is spending once he comes to your store is highly affected when you allow bargaining on product prices.
Imagine that a user comes to buy a t-shirt from your store but he gets a better price through bargaining. Now, when he gets to buy a product in less price he will automatically want to buy more and get more discount.
In short, bargaining is directly proportional to discount which is directly proportional to customer spending more money.
It’s a well-known fact that returning customers spend more time browsing around the store than new customers. High retention rate of a store represents that not only your product is good but the user experience of your store is also great.
Allowing customers to bargain on product price will increase the retention rate a lot. There are a number of reasons for that:
- Increase in spending limit (due to greater discounts)
- Getting that feeling of wining every time customer gets a product on his desired price.
- Desire to explore the feature more
With bargaining option, a customer will always want to try his luck on the next product and that will increase the retention rate of our store.
Average page view time
Normally a customer stays for about 10 to 15 seconds on a product page if he’s going to buy it. Because that’s how much time it takes to check around product images and checking variations etc.
But with the bargaining option on your product page, that time can easily last from 25 to 50 seconds. After spending first 15 seconds on variations and browsing images, customer will get to reach the bargaining option.
He will get three chances to enter a best price on which admin is willing to sell his product. This process will easily last for 40 seconds or even more than a minute for those who play more carefully.
And this will directly increase the average page view time of our ecommerce store.
With millions of ecommerce stores being launched every month, customers have lots of options to choose from. It’s a great thing for buyers but not so good for sellers since the competition is getting fiercer every single day. To capture the market, you need to offer something that other stores don’t have.
By allowing customers to bargain on a product price, you’re giving them something unique and authentic. Something that will not only refine their shopping experience but will also make them fall in love with ecommerce itself. The sense of winning that a buyer gets when he makes a purchase on his desired price, will make him come for more again and again.