Cart Abandonment refers to the instance of online shoppers adding items to their online shopping cart, but exiting without completing the purchase. According to Baymard Institute, the average online shopping cart abandonment rate after documenting data from 28 different studies containing statistics on e-commerce shopping cart abandonment stands at 68.81 percent.
For every $300 that an online seller does make, it loses about $700 in the form of shopping cart abandonment. This honeypot of sales lost online during the checkout process can be recovered using a highly effective sales recovery and remarketing tactic called shopping Cart Recovery. Cart Recovery aims to make it vastly easier for businesses to convert shoppers into buyers by targeting cart abandoners with timely-triggered and contextually relevant re-engagement, enticing them to complete the purchase and hence mitigating cart abandonment.
Following are the advantages of deploying Cart Recovery for your online store:
- Assured Increase In Sales: Cart Recovery targets only those customers who have abandoned their shopping cart, and if statistics are anything to go by this ranges from 40 to 90 percent depending on the type of store. By reaching out to customers who have already shown an intent to buy, cart recovery helps in converting more prospective customers to buyers.
- Raises Brand Awareness: Sending Cart Recovery communication with consistent company branding to your customers raises your brand’s awareness among them. By doing so, you are on top of your customer’s mind after they’ve abandoned a shopping instance with you. There are no two opinions about customers wanting to hear from their favorite stores, Cart Recovery makes it really easy for you to be able to do so.
- Helps Nurture Customer Relationships: Just as Cart Recovery increases your brand’s awareness among your customers, it helps nurture your relationship with them. Cart Recovery is a great way to engage your customers in a timely manner, with communication that is actionable and relevant. Using Cart Recovery correctly, you can move customers through subsequent lifecycle stages more effectively.
- Easily Trackable: Today, with the huge rise in the magnitude of data available with e-commerce marketers, it is essential for them to track and measure the effectiveness of their marketing campaigns. Cart Recovery campaigns are easy to track and measure with the most useful and relevant numbers that your store needs – the number of carts abandoned, their total value, how many have been targeted with recovery campaigns and more.
- Re-target Customers Through Well-timed Emails: Cart Recovery campaigns target customers through emails, increasing relevancy, response time and hence the effectiveness of the message being delivered. For ex: if a customer abandons their cart on your mobile app, you can engage them with a drip campaign which involves sending a drip email campaign with well-timed intervals, allowing you to target your customer with increased relevancy.
Click here to learn more about how to set up Cart Recovery Campaign and for further queries please visit FAQs of Cart Recovery and what are the Advantages Of SMS Marketing