Every online retailer wants to increase profits. However, many stores usually go about it in the expected ways. Retailers typically either increase the number of products in their store, raise product prices, or the smart ones focus on improving conversion rates. But many online retailers aren’t capitalizing on what is often thought of as a side effect of success: out of stock products.
An out of stock product doesn’t have to spell the temporary end of good times. Instead this is an opportunity to build relationships with shoppers in order to drive future purchases. Asking shoppers to join a back order email list when their desired product is out of stock is a dead simple way of building a long term relationship. With shoppers subscribed to this list, stores gain an opportunity to build loyal repeat customers before and after their out of stock product is finally made available.
The landing page of an out of stock product is another golden opportunity to increase profits. Every online retailer should be using this space to promote similar products or products that are typically bought together. The goal is to encourage shoppers to purchase something, even if their original product isn’t available. Additional incentives such as discounted alternative products and coupon codes also help move the needle.
Attracting shoppers to an online store typically takes lots of marketing cost and effort. In order to help ensure that every marketing dollar contributes to increasing profits, online stores must think outside the box to win.