The Psychology of Online Buying – How to go from wish list to basket

Understanding why customers add an item to their basket or abandon it can be a game changer for your business. Here is some fascinating psychology of online buying and how to use this understanding to your advantage: 

1.        The Power of Urgency 

The human brain is wired to avoid missing out on opportunities. We all suffer from FOMO. 

Try this: monitor your products for an increase in "wish list" numbers. Search for TakeAlot promotions that the product category might qualify for. Consumers with the product in their wish list will then receive a notification about the promotion and its duration prompting action. 

2.        The Anchoring Effect 

The consumer’s brain latches onto the first price it sees. 

Try this: When creating your product category, make a real effort to find the highest retail price that competitors are selling the specific product for. If your product is listed for lower than this retail price, it will automatically show a discount, making the customer feel like they are getting a good deal. Be careful not to overstate the retail price and keep proof of that retail price, TakeAlot can disable products if you are found to be manipulative.  

3.        Social Proof 

Seeing others enjoy a product makes us want it too. Reviews, testimonials, and user-generated content provide powerful reassurance. 

 Try this: You cannot post reviews of your own products, but you can post an instructional video of your product. Ensure this video showcases enjoyment of your product. 

4.        Reduce Mental Load 

Too many choices can lead to decision paralysis, while fewer, more curated options often result in higher sales. 

 Try this: Consolidate variations of a product, such as different colours or sizes, into a single product listing where consumers can select their preferred option. Alternatively, consider offering bundled deals to simplify the purchasing decision. 

To increase sales, focus on eliminating consumer uncertainty rather than applying pressure.