A strong online presence is vital for an eCommerce company in the technological generation as it allows you to build the brand and awareness to attract more customers. Therefore, cart abandonment is a serious matter, and the metrics behind it carry a lot of weight. This metric will give you more knowledge about your company and how it is doing at all times. This will make it easier to react if there are any changes or any persisting trends.
If cart abandonment rises, you might need to change your marketing strategy or utilize exit intent pop-ups. The Socital group specializes in exit-intent pop-ups so they can help your eCommerce company to utilize them.
Many companies focus on getting more traffic to increase conversion rates. This is unnecessary, as you can optimize sales from the traffic you already receive. With more of the new traffic you get, there is an adverse effect on sales as new customers are much more likely to leave. So, it is usually cheaper to convert current traffic to increase sales. As a result, it would increase revenue and profits. The average cart abandonment rate is 69.57%; this is nearly 70% of lost sales. This is clear that cart abandonment can negatively influence an eCommerce company’s revenue as it reduces conversion rates. Companies need to remember that cart abandonment can’t be completely eliminated for reasons outside of its control.
There are a few measures that you can take to reduce cart abandonment.
The first measure as an eCommerce company you can take is to have clear calls to action. This can be when a customer has added a product to the cart, so clearly showing the next steps is important. This gives the customer an incentive to finish their checkout process with clear steps and shortcuts for a better user experience. This gets rid of the confusion of what to do next, so they are less likely to abandon for this reason.
Providing customers with a constant reminder of their cart content is another measure to reduce cart abandonment. When a customer is completing steps for the checkout process helps customers to see that their order is correct before they finish the checkout. This instantly removes any doubts about costs and other factors when they are checking out, which means they will not need to leave to check their order is right. So, it is an incentive to completely finish the checkout process.
Sometimes there can be distractions for the customer outside of your control so they may want to save their cart for later. You can offer this but in exchange for their email so you could send reminders about their cart to decrease cart abandonment. This removes any hassle for the checkout process when they complete their purchase. It increases user experience because the process looks easier to complete as a result less cart abandonment.
This process of obtaining the customer’s email address with their particular items within the cart. This can now provide you with an avenue to contact those prospected customers. As they have opted not to be notified about their cart they have then consented to additional emails in the process. This is a great way to further remind them of their cart contents but crucially a chance to further communicate across any new products, any seasonal discounts on certain things, or any infrastructural changes to the company that any stakeholder might interest in learning about.
In addition to these aspects of customer engagement, companies can create and use software that concisely pinpoints each type of customer behind a case of cart abandonment. For example, a lot of software will see that an individual has abandoned a cart with a men’s winter jacket and boxer briefs. This will then automatically assume that the person is a male shopper and then apply a suitable marketing campaign through email, expecting to succeed in the form of additional sales of male-oriented products. This most likely will not result in larger revenue and profit but, on the contrary, result in the growth of the unsubscribe list.
However, some software can delve deeper into the information of the account and the product selecting and search history within the site and recognize whether the items applied to the cart are actually for the individual shopping or in fact, an idea for a gift for a different individual. For example, a wife or partner could be looking for gift ideas for significant others and browsing some items for their birthday.
If this example turns out to be the truth, then the software can decide to suggest sending an email marketing campaign contrasting to the first campaign suggested to be sent. This process is critical in concisely targeting each customer to generate the optimum income.
The key measure that your company can utilize is exit-intent pop-ups. This works when a customer is about to leave the website, so it triggers a pop up with valuable information and content. This is usually some form of an offer such as 10% off, which gives a sense of urgency to the customer if they were to abandon the cart. This gives an incentive for the customer to complete their order.
Every eCommerce company should utilize exit intent pop-ups. These are versatile and adaptable to each company or industry. They can take on different themes, such as back to school or Mother’s Day theme. Pop-ups can include any content, but the most effective is the use of valuable content such as discount codes. They can be adapted to your company by the design of them, content that is included, and when they are triggered.
Any eCommerce company will have cart abandonment, but using these methods can reduce cart abandonment and increase conversion rates, increasing your revenues and profits. The main measure to use with the most impact on cart abandonment is the exit-intent pop-ups. They can be personalized and tailored to any company. By utilizing exit intent pop-ups, your eCommerce company will optimize revenue and profits. This is a precious asset to any company.