The gallop of digital technology has turned E-commerce into a booming business industry today. Everything is just at your fingertips, with a few taps shoppers can browse and buy anything they want from an abundance of options to choose from. But the common problem most E-commerce industry sellers face today is cart abandonment. No matter how well your business is or options are, abandonment of shopping carts is sometimes inevitable and a huge headache for sellers.
A study shows that “the statistics of abandoned cart rates are between 50% to 80%, which amounts to $4.6 trillion in lost revenue every year.”
The best way to reduce this dreaded issue is to harness the power of abandoned cart emails with an efficient email marketing strategy. Before diving into details let’s see what cart abandonment exactly means and the reasons for it.
What is shopping cart abandonment?
Most of us who do online shopping have been here, where we keep browsing an online store, add a few items in the cart, and exit before making a purchase. The products remain on your cart until the site automatically clears them out. This is what cart abandonment means in simple terms.
A study describes shopping cart abandonment as “an e-commerce term used when a high-intent shopper visits an eCommerce website, adds at least one product to the shopping cart, and proceeds to exit the website without completing the purchase.”
How do you calculate your cart abandonment?
It is crucial to calculate the cart abandonment rate because it helps in boosting conversion as well as increasing revenue. The cart abandonment rate helps in showing the percentage of a purchase intended, though they don’t make the purchase. It is an effective way to find the reason why most customers abandon their cart and take the necessary steps accordingly.
The method to calculator cart abandonment rate is :
Shopping cart abandonment rate = [ 1- (total no. of completed purchases/number of carts created) ] x 100%.
Why do customers abandon their online shopping carts?
Card abandonment is a complex problem to tackle because there are several reasons and it may vary depending on the type of business. It requires a careful analysis to decide why users are bouncing away from your website despite their likeness for the specific product. Here are some common reasons as to why this happens.
- Lack of trust: Most online shoppers are not comfortable with sharing their credit card or debit card details online and this is one of the main reasons for cart abandonment. Improve the checkout page with social proof of payments and boost your conversion rates.
- Just Browsing: Some users visit online stores with no intention of buying products. They just randomly browse items and add them into their shopping carts. This is the decision phase of the customer journey where it’s easy to manipulate your customers through marketing.
According to abandonment survey data, “34% were ‘just looking’ i.e. not ready to buy.”
- Find better Price: At times users use shopping carts as their wish list and they compare product prices with other websites. So ensure that if you are not providing the lowest price, you provide them a reason to buy the specific product.
- Lack of Payment options: Some customers have a very strong preference for making payments. If they don’t find their opted payment method, they might hesitate from buying the product.
- Technical Problems: A show-stopping bug or a website crash while browsing websites might be yet another strong reason for customers to prevent themselves from clicking ‘buy now’. Online users always opt for a smooth digital customer experience while shopping.
According to abandonment survey data, “ 4% experienced a technical issue while online shopping.”
How do you recover abandoned carts with email marketing?
A high abandoned cart rate means you have lost a large part of your revenue. If there’s a way to win back at least a few customers and convert them into buyers, none would leave the chance. Email marketing or abandoned cart emails are one of the best ways to boost your revenue by connecting with your customers. An abandoned cart email means a customized automated notification mail send to customers just to remind them about the products in their cart and encourage them to buy it. There are several abandoned cart email strategies to boost conversions. Recent surveys show that 45% of all cart abandonment emails are opened.
- Create personalized emails
While writing an abandoned cart email always remember that they are intended to encourage your customers to buy their discarded products. Initially segment customers according to their demographics and data. Before writing the mail understand their customer journey, like how repeatedly they abandon their cart, and then create a personalized email that connects with them.
Harness the benefits of a CRM like Kapture that provides a detailed customer base for doing a customer segmentation. In addition to this, Kapture CRM also helps you send personalized emails along with customer offers, which makes your process an easy cakewalk.
- Use an attractive subject line
Try and connect with customers’ emotions while drafting an email. Trigger their intense emotions of joy, curiosity, and excite them to take action or open the email, using a catchy subject line. Storm your brain and never hesitate to get creative with the content because that’s an effective abandoned cart email strategy to improve conversions.
- Provide an offer to tempt shoppers
Shoppers love deals. Don’t allow their shopping sprees to settle down because of the high price range. Initially send 2 to 3 abandoned cart emails and if it fails to increase conversion, then take a step further by providing incentives. Provide customers with deals, or discounts on the products in their cart to avoid continuous cart abandonment.
- Reminder mails with visual elements of cart products
A picture can indeed speak a thousand words. Send reminder mails to customers with a visual representation of the product in their carts and remind them what they have left behind. Never hesitate to include details of the product along with a direct hyperlink to the checkout page. This has proven to be an effective email marketing strategy to improve conversions as well as enhance the customer experience.
Now you know how to use email marketing to reduce cart abandonment. Leverage the benefits of a CRM like Kapture which helps you manage promotional mailers as well as send personalized emails to customers automatically and mark your brand identity in the market.
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