Combat Cart Abandonment with These 4 Strategies
$4.6 trillion in ecommerce sales are lost to cart abandonment each year. If only it was as easy to get customers to hold onto their carts when they’re shopping online as it is when they’re in-store. The average documented cart abandonment rate is 69.86%, and over one quarter (26%) of those abandoned carts are left behind due to a complicated or overly long checkout process. Imagine the mess if every person who had trouble at the self check-out machine left all their stuff behind, and you’ll start to get the idea.
That’s why we’ve put together our recommendations to turn cart abandonment around and get more of your customers to convert. Even a small uptick can end up having a huge impact on your bottom line, so every effort to optimize can help.
Send Cart Abandonment Emails
What do you say to your customer after they leave their empty cart behind? If your answer is “nothing”, then you’re missing a huge opportunity.
While about one out of every five customers will open a marketing email, that number is more than double for cart abandonment emails at 46.1%. 13.1% of those customers will then go on to click something inside that email.
It’s a massive chance to win back a sale—but you shouldn’t stop at simply sending an email reminding shoppers to check out. Give them a reason to follow through on the purchase they almost made. That could be free shipping, a discount, or financing options. Stating how much they can save, or how much they can pay a month, can be the final push they need to checkout.
At Bread, we’ve seen some customers triple conversion with cart abandonment emails that offer financing. If only every ecommerce tweak led to three times the number of customers checking out!
Popups have gotten a bad rap, but the digital advertising mainstay of the nineties is having a bit of a comeback. With the added capabilities that cookies and tracking pixels allow, you can target them to reach the right person with the most relevant message at the right time. When used as a cohesive part of your online shopping experience, it can pull back shoppers who are on the brink.
Popups are even more flexible than abandonment emails, and are easy to customize based on the context of the purchase or your customers’ personal info. From collecting email addresses early on in the shopping journey, to offering free shipping up front or a last-chance deal when customers try to exit, the possibilities abound.
If you think your customers would be more likely to convert with a little urgency, you can offer a discount voucher that expires if they don’t checkout in fifteen minutes. If you don’t want to offer everyone a discount, program your popup to only appear if customers have reached a certain cart size. Or, make it more relevant by personalizing the messaging based on location or name, creating an offering that’s more impactful, immediate, and more likely to grab their attention and get them to pause than a general message.
Not sure what would work best? You can A/B test a variety of different variables, calls-to-action, and other factors. Maybe try a cheeky “No, thanks” button that says “Actually, I hate saving money”. With popups, you can engineer your way to getting back some of those sales that would otherwise be lost.
Retarget on Social
One third of all online purchases begin on social platforms, and 55% of consumers have bought something online after discovering it on social media. If your customers are considering a purchase, chances are they’re considering it while they’re on social.
Even if your customer does end up abandoning their cart, don’t despair. There are still plenty of chances to get them back, even after they’ve left your site. Social is a great place to remind them of the new mountain bike or camping gear they’ve had their eye on while they’re checking out national parks on Instagram.
There are any number of factors you can play with using social retargeting, but to make the most out of your budget, consider starting by targeting hot prospects within 24 hours of their abandoning the cart. Tracking pixels make it easy to follow customers across devices, and as shopping habits become more omnichannel, it’s crucial to be there reminding users to checkout on desktop after they added an item to their cart after seeing it on social media. Don’t forget to add a burn pixel as well. This will prevent your ads from appearing after a customer has made a purchase—there’s nothing worse than getting ads for another carpet after you’ve just bought one.
Social is also an easy place to engage with customers in a more authentic and natural way. Consider trying retargeted ads that look like organic posts to keep your brand in the back of their mind after they’ve had a look at your products.
Simplify Your Checkout Process
As we mentioned above, 26% of the customers that abandon their carts do so because of a long, difficult, or annoying checkout process.
Reducing friction during checkout, including when customers apply for financing, will go a long way towards getting them to clear the hurdle to purchase. White labeled financing will help quell customer concerns about security by making it clear that they’re engaging with an extension of the brand from which they’re buying.
Beyond making them feel safe, simply reducing the number of clicks and steps to get to checkout can have a huge net-effect on checkouts.
As this graph shows, most sites require four or five clicks to make a purchase. Once you get beyond six, you’re likely overcomplicating your journey and exasperating your customers. Try grouping your products intuitively on your site, making it easy to filter out what customers don’t want to look for, and remembering their information to make it easy enough to buy with just one click.
Bread is always looking to shorten and simplify the process of getting approved for financing—making every part of the shopper journey intuitive will help keep cart abandonment to a minimum.
In an ideal world, your customers wouldn’t ever leave their carts empty, and you could focus solely on driving bigger cart sizes and repeat purchases. Unfortunately, that’s not the world we live in. Despite the massive amount of carts being abandoned by ecommerce customers each year, there are also plenty of options you can put into place today to start winning them back:
- Email customers who abandon a cart—they’re more likely to open it than a regular marketing email, and entice them with financing or discounts.
- Popups are a super-flexible way to grab the attention of customers while they shop or before they leave your page forever.
- Social retargeting is great for driving customers who previously browsed back to your site and stay top-of-mind.
- Checkout experience is a huge reason customers end up abandoning their carts, so make it as streamlined as possible maximize checkouts.
Just starting or improving one of these initiatives today will help lead to more customers and more sales—don’t wait.