Consumers are more distracted than ever thanks to the availability of information at our fingertips. For the eCommerce industry, this means shoppers are doing more window shopping, price comparing, wish-listing and exploring gift options, all decreasing the likelihood of completing the purchase within the same session. In fact, 58.6 percent of US online shoppers have abandoned a cart within the last 3 months because they were “just browsing” or “not ready to buy.”
While sure, this is the reality of online shopping in a hyper-connected world, there are still several issues that can be addressed to avoid the loss of a sale. For marketers, this means engaging customers and bringing them back to their site before it’s too late. Thus, I give you the first issue of our Smarter Spotlight series: Cart Abandonment.
With approximately $4 trillion worth of merchandise being abandoned in online shopping carts per year, 63 percent of that revenue is potentially recoverable. That’s $252 million in potentially recoverable sales! $252 million, all by introducing a streamlined Cart Abandonment series to your marketing strategy.
Using a Cart Abandonment series will remind your customers that they abandoned their cart before purchasing by utilizing timing and critical offer to engage them before it’s too late.
When implementing Cart Abandonment, the primary focus should be on real-time interaction. According to our studies, initial emails sent three hours after a consumer abandons a cart average a 51 percent open rate and a 23 percent click-to-conversion. Also, it’s essential to remind the customer of the items they abandoned in your email. Do this by putting the product in the hero image, and finish off the email with a strong, relevant call-to-action such as “Complete your purchase!” Don’t give your customer the option to walk away before buying.
For reference, let’s take a look at Value City Furniture. They wanted to target a segment of shoppers who were highly engaged online, but had not yet made a purchase. By automating a personalized shopping cart abandonment program, they were able to capture 283 percent more revenue in just a few weeks.
Then, there’s Boston Proper, who had been running a cart abandonment program with their ESP before working with SmarterHQ. Using their previous cart abandonment program, they weren’t getting proper reach, timing, or successfully inserting products into their email. With SmarterHQ, they ran a single drip cart abandonment program containing personalized messaging to remind abandoners of items they’d shown interest in before leaving the site. With this approach, the retailer’s reach increased by 24 percent, conversion increased 13 percent, and last-click revenue increased 81 percent.
In our own studies, we’ve seen a 345 percent increase in revenue when you replace a cart abandonment vendor with SmarterHQ. Seems like a no-brainer right?
So there you have it-- Cart Abandonment. Next up, we’ll dive into Checkout Abandonment to discuss ways to streamline the checkout process, ensuring the best customer experience while increasing overall revenue for the retailer.