Everyone loves shopping, especially at festivals, celebrations and special moments. You even love to purchase items when you are going for a business trip, leisure trip or maybe a family function. The first that comes into mind is wishlist which has become a new normal in eCommerce. While exploring an online store, when you come across great deals, discounts and special festive offers, it becomes unbearable to leave that behind.
In this blog, we will dive deep into the world wishlist and why it has much importance in the eCommerce business.
A wishlist is a set of products customers save for future reference while exploring products on an online store. Why is there a need for a wishlist?
Let’s understand through an example. You are planning to purchase a smartphone from an online store, so you look for brands and models with relevant specifications like camera, RAM, OS, screen resolution, color, etc.
Now, after going through a list of products, you feel at some point to keep some of them in reference for the future. So, you will save it in your wishlist, which will be saved in your account.
How do wishlist drive sales and engagement?
1. Makes your online store a go-to place
There is an amazing reason behind your store being on the list of potential customers. It might happen that no purchases are made when they visit for the first time. Never mind. Suppose your online store has a wishlist. Bingo! You are half done with the engagement. This is because now they will start creating a list of products they want to buy soon.
It is obvious that they will remember your online store because they want to make some purchases.
2. A call to action is the key
Let’s say a new visitor arrives at your online store, looks for a product and compares prices with other online stores. If they find that the pricings are good enough, they will make a wishlist and save selected products for future purchases.
And now is the real game. When you have offered them to make a shopping wishlist, that means they have liked products and are likely to make purchases the next time they visit your store.
In the meantime, they will also visit other online stores for pricing and better deals, but if you can offer them discounts and rewards, they will only make purchases from your online store.
So, create a funnel wherein you guide them indirectly from product listing and searching to checkout.
3. Let the notification do its magic
Sometimes you are out of stock in a specific product category. When a customer has saved that product category into the wishlist, they will receive a notification in their email that the product is back in stock for which they have listed into the wishlist.
Difference between wishlist and favorites
A wishlist is useful to save items for later purchases, while a favorites list is used to save items for future reference and keep the list of selected products handy.
When purchasing multiple products, you can create a list of items in Favorites to ensure that nothing is being missed while doing happy shopping.
While exploring an eCommerce store, you will see a heart symbolizing the “Add to Favorites” list.
A favorites list is more generic, where you can add items, which is handy when shopping. This is an amazing feature to encourage customers to buy the same product again. Even after making a purchase, you can access the Favorites list at your convenience.
What is the difference between a wishlist and a gift registry
A wishlist can be easily shared with your friends and family members. You can refer to them anytime to quickly compare prices, specifications and other features. You can make wishlist either as a private list or public list based on your preferences.
A gift registry is something where all the selected products to purchase are listed. When you make a checkout, these products are deleted from the list, indicating that you have successfully purchased those products.
Do you think people use wishlist while shopping?
From a recent study, more than 40% of people admitted that if an online store offers a wishlist, they will likely make recurring purchases from the same list.
Today, everyone wants to save time and energy. In that case, a wishlist is a great tool for them to save all those loved products they want to purchase or refer to in the near future.
The shoppers always create a wishlist to keep track of offers and discounts that keep coming regularly.
This is also a great opportunity for vendors to attract customers by offering them discounts, recommendations, cashback and many exciting offers. This will ultimately increase engagement for your online store, and customer retention will keep rising consistently.
Types of Wishlist in eCommerce
When talking about wishlists that customers love to create for their better shopping experience, there are mainly two types of wishlists:-
You want to keep this wishlist and do not wish to share it with anyone. Generally, for some very specific shopping preferences, you keep it private because you do not feel like getting involved with others.
These lists may be for your electronic devices, clothes, perfumes, or furniture that you do not want to reveal to your friends, families, or outsiders.
A wishlist that you feel like sharing with everyone, because there are times when multiple people are involved in making purchase decisions. So during that time, making your wishlist public is a great idea. This saves time and energy of searching for similar products for everyone repeatedly.
When you create a wishlist, you can share it with a specific set of people or make it public. This means everyone can access your wishlist and get insights.
Even eCommerce business have seen rise in the sales, engagement due to wishlist. And we are hopeful that more such features will enhance customer shopping experience.
We are coming with our new product called YITH Wishlist For Dokan, check it out. It will allow vendors to see which of their items are in the wishlist.