In ecommerce, we know that people abandon for a variety of reasons. Some consumers become distracted, some are chronic window shoppers, and some just don’t want to pay for shipping. However, one of the most common reasons for abandonment is perhaps the simplest: price sensitivity.
Price sensitivity is friction to conversion that results from concerns about a product’s price. While many sites utilize coupon codes to reduce abandonment, sometimes these are not enough.
While small incentives are highly effective for giving an extra push to shoppers on the fence, bargain hunters are often waiting for a larger incentive to purchase. That’s where Price Drop Alerts become helpful.