Guilty as charged. I recently abandoned a cart with running shoes for an upcoming marathon. I was about to complete the transaction when I decided to stick with a pair I recently bought. Everyone has done this…and we abandon our carts for so many reasons–shipping costs, indecision, credit card security, account creation, etc. To combat this issue, many eCommerce stores are investing in platforms with abandoned cart recovery. Here’s why it’s so important to jump on the bandwagon.
If you’re an eCommerce manager, sales are probably a key metric for success. Abandoned cart management is one way to recover those lost sales. According to Business 2 Community, abandoned carts account for nearly 70% of lost sales every day! Whether you’re a small online shop or Amazon, that is a massive portion of revenue.
In addition to recovering some lost sales, an abandoned cart management strategy can give you insight about your eCommerce strategy. For example, if you utilize reminder emails, you might offer free shipping or other incentives to prompt a purchase. Maybe your customers are getting bogged down with shipping costs or the requirement of creating an account. Adjust accordingly to win these customers.
So what are some best practices with this strategy? Reminder emails are the most popular simply because if the customer has provided an email address, there’s already some interest. Within those emails, follow these tips:
1. Wait 24 hours before you send the first reminder. Give them some room.
2. Make sure the customer knows it’s you sending the email. Clearly identify yourself in a messy inbox!
3. Incentivize. Offer free shipping or a 10% discount on the order.
It’s crucial to implement abandoned cart management on your eCommerce platform. Whether you opt for emails, offsite retargeting, onsite retargeting, or something else, you should invest in this feature. Znode’s Multifront platform has backend shopping cart recovery functionality.