…And what can you do to reduce yours as an online business?
You know how it is: you’re shopping around online, you find the thing you’ve been searching for, you click to buy and in the basket it goes for later.
You might have multiple tabs open, all with carts containing the same item, but at the end of the day you have no intention of purchasing all of them.
Is it just me?…
According to a global review by Statistica, up to 70% of digital carts are abandoned – quite staggering, but surprising? We’re not so sure.
For the online business owner, it might well be but depending on which way you look at it, there’s potential to unlock untapped revenue!
But why so high?
Picture your customer with multiple tabs of shopping carts open. What is it that drives forward their decision to make the purchase, or bounce?
It could be any number of reasons – price, brand perception, other purchase incentives elsewhere that you’re contending with. You may never get down to the exact reasons, but what matters is that you’re on the ball when it comes to turning an opportunity around.
Sometimes all it needs is a friendly email reminder to help them reconsider.
Win customers back with one short email
Abandon cart emails are an opportunity to re-engage with customers you’ve not yet won over.
They have a greater than 10% purchase rate – that might sound like a nice easy win, and when done well, it is!
They’re easy to automate and you can tailor the messaging to be specific to your target audience and the product in their basket.
From a brand standpoint, they’re also an opportunity for potential customers to interact with your business on a personalised level, and get a feel for the level of service they can expect going forward.
With great success, abandon cart emails are an integral part of the sales funnel of many online retailers – not least because they are interacting with highly engaged audience, at optimal times in the sales process.
OK, maybe two or three of them…
Now a 10% conversion rate could make all the difference to small, growing businesses, but for big businesses too. If you are generating lots of traffic, it starts to add up.
When you follow up with a short sequence (2-3) of well-timed emails, you see that conversion rate sky rocket to bring in around 69% more revenue than a single email.
This is the optimum number of abandon cart emails recommended in a sequence before your emails start to fall on deaf ears.
What conversion rates should you look for in your cart abandonment emails?
The main metrics to pay attention to, to get an understanding of how effective your emails are, include:
- Open rates:
How many people are clicking to open your email to read it.
- Click through rates:
How many people are clicking the links in your email to take them back to your product or sales pages.
- Click-to-open-rate:
How many more times people clicked on those links within your email after they first opened it.
*All these metrics will be easily accessible on your email marketing dashboard*.
Why track these metrics?
The main reason to track these metrics is that they give you a great indication of what is working, what’s not and give you a chance to adjust.
For example, if you have a low conversion rate from these emails, your marketing message might not resonate with your customers, or give them enough reason to take action. It may also be that there’s something wrong with your email marketing software, or there could even be a technical issue with your payment pages.
If your conversion rate is higher, then you know you’re on the money and you’re doing something right!
Whatever the data says, tracking and analysing it throughout the customer journey will help you to fine tune the user experience. Anything that makes things easier for the customer, will always convert higher than things that push them work that bit harder.
The future of email marketing is NOW
Do you need help setting up your online sales funnel, or perhaps you need help optimising your email platform to achieve the conversions you need?
Get in touch and let’s automate!