Cart Abandonment

Shopping cart abandonment — when a customer initiates a shopping event by adding items to his or her online shopping cart but leaves the site before completing the purchase.

You might see cart abandonment as the biggest inconvenience and frustration of owning an online store, an infuriating reminder of revenue that might have been made, however, online businesses should recognize the great opportunities these cart abandonments provide.

Customers may not complete a purchase for many reasons, some including: complicated website navigation, slow page loads, the shopper unexpectedly leaving the computer, concerns about payment security, unexpected costs or they are simply not be ready to buy.

The Baymard Institute estimates that over 67 percent of carts are abandoned, costing retailers approximately $4 trillion of merchandise a year. However according to BI Intelligence about 63% of that is potentially recoverable.

Besides streamlining the checkout process, to reduce the rate of abandonment and increase conversions, retailers can retarget shoppers with abandonment-triggered emails after they’ve left a website.  This is a great way to recover customers without investing a lot of money and effort.

Some interesting stats:

• Emails sent three hours after a consumer abandons a cart, average a 40% open rate and a 20% click-through rate.
• Almost half (44.1%) of all cart abandonment emails are opened.
• Nearly a third (29.9%) of clicks lead to a recovered purchase through the site.
• The average order value of recovered purchases is 14.2% higher than typical purchases.

Email messages can serve a number of functions depending on the customer. You might see abandonment email campaigns as a waste of effort and time, however they will still be effective in encouraging the customer to try again, and by tracking certain metrics regarding conversion, they can even help you pinpoint trouble spots and road bumps on your website over time.

When to Send Abandoned Cart Emails to Customers

The further along in the ordering process a customer is, the sooner you should send an abandoned cart email. If they abandoned their cart early along the shopping “funnel,” wait a few days to remind them about their purchase. A tiered approach can also be considered, sending a series of automated emails at different time intervals following an abandonment case. It is recommended to carefully consider the frequency and intervals that the emails are sent as customers might start to cry “spam”, so keep in mind the effect that too many email reminders can have.

Abandoned carts represent a huge opportunity in the ecommerce world and using technology to provide a personalized touch powered by a true single view of your customer might be just what is needed to reach that next goal.

Oro CRM

Oro CRM offers abandonment functionality allowing users to identify customers who have abandoned their carts, segment them based on a variety of criteria, and then create email campaigns targeted specifically for them.

Features:

• Automatically create a list with contact details related to all the abandoned carts available in the OroCRM account and meeting specific predefined requirements.
• Map this marketing list to a segment of subscribers list in MailChimp and keep it synchronized.
• Launch, track and manage campaigns directly from OroCRM.

The OroCRM – Abandoned Cart extension will give your business the tools it needs to properly recover these purchases, keeping customers engaged and converting!