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August 20, 2020
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A wishlist is a feature on an eCommerce website, which allows shoppers to compile a collection of products they want to buy, but aren’t ready to commit to yet. Shoppers can save a wishlist in their account, so it will be there the next time they log in.
You might find that the term ‘wishlist’ is used interchangeably with the term ‘favorites.’
They both share the same functionality.
With favorites as well as wishlists, shoppers click an icon next to a product they like, either on a lister page or product page, and it will be saved to a list for review.
It pretty much comes down to which term brands prefer to use. Much like the use of ‘cart,’ ‘bag,’ or ‘basket’ at checkout.
There is, however, a difference between wishlists and saving items in shopping carts.
This feature is used with increased intent to buy, compared to wishlists or favorites.
An ‘add to cart’ button will be bigger and more prominent on product pages. Here’s how it works:
Cart abandonment is a big issue for retailers. It’s where shoppers fill their baskets but drop out before committing to purchase.
That’s one perk of adding a wishlist feature to your eCommerce store. Shoppers can build a list of items they’re interested in, with no pressure to buy.
Apart from reducing shopping cart abandonment, there’s a whole list of perks to using wishlists.
Here are some top benefits to using a wishlist.
Having a wishlist enabled on your website can provide useful insights into people’s shopping habits.
Successful eCommerce businesses will already have buyer personas or scenarios for their customers.
Pulling the data from a wishlist feature can validate or call into question the accuracy of these.
There are some issues that even the most prepared retailers can’t always avoid.
Selling out of items is definitely something to cheer about, and it’s usually the objective that merchandise planners have when they buy stock.
But what if you still have considerable demand?
If you have a wishlist feature, you can track which shoppers have saved a sold-out product and – if they have opted in to emails on their user account – contact them when it’s back in stock.
The art of dangling a discount in front of a lapsed customer is well-known to retailers.
Some shoppers simply won’t commit to a purchase if there’s no discount involved. Others might have filled their wishlist with items, but the total cost is stopping them from buying.
Why not email them a code for a 20% discount? Or you could offer free shipping. Test out what converts shoppers from browsing to buying.
Wishlists aren’t just great for tracking existing customers.
You can use them to drive new traffic to your website and compel visitors to buy, too. After all, this tool is ideal for the non-committal, and that’s exactly what new users will be.
By asking your shoppers to interact with your wishlist feature in certain ways, it can be relatively straightforward to hold onto those new leads.
Remember that wishlists are there to enhance the customer experience, too.
If you make this feature easy for shoppers to share, the wishlist becomes a great source of inspiration for gift ideas.
When it comes to birthdays, baby showers, or the holiday season, wishlists are the perfect way for shoppers to tell their loved ones exactly what they want.
Shareable lists will also drive new traffic to your website, which is another bonus for you.
eCommerce sites like Net A Porter have come up with the perfect solution for interested, non-committal customers.
Shoppers are able to categorize the products in their wishlist and create outfits for different occasions. It then becomes a wardrobe planner for vacations, nights out, and work events.
Allowing users to make the wishlist their own is a nice personal touch that can only enhance their shopping experience.