How to Grow e-Commerce Revenue by Reducing Online Shopping Cart Abandonment
It is but natural for some online shoppers to automatically add products to their online shopping cart but eventually leave the online store without completing their purchase. The main reason why some online shoppers abandon their shopping carts is because they do not find paying for the shipping cost an interesting idea at all. In fact, based on the statistics surveyed by Listrak Infographic below and experience from a great number of sources, generally the rate of shopping cart abandonment in an e-commerce website is from 50%-75% and this rate can sometimes even go higher.
If you ever wonder what to do about the online shopping cart abandonment, there is still hope in increasing your online business revenues with it. By following effective techniques and strategies, it is still possible to gain profits from it. There is actually a chance for you to convince at least 20% of the abandoned online shopping cart owners to visit your online store again to complete their purchases. How then do you exactly do this? Simply follow the 3 tips below!
Tip 1 : Maximise profits by sending email messages
Sending follow up emails to these shoppers at some particular time when they visit your store online is an effective way to grow potential revenues from online shoppers who left their online shopping carts without completing their transaction. The use of follow up emails is very helpful in attracting these shoppers to visit the online store again and complete their transaction. Around 30% of these shoppers go back and buy the products they abandoned before.
When you are selling online it is of great value to know the email addresses of the online shoppers. Their email addresses can be solicited before the checkout or during the checkout for future use. You should ask the shopper’s name and email address at a proper time which is not too soon as when they have just arrived on your online store or not too late as when they have already left their online shopping carts. Need an email marketing service to do the job? Try MailChimp to keep track on all your emails sent!
Tip 2 : Make the timing right
It is estimated that when you send messages an hour after the abandonment, there is a possibility for more conversions and clicks. However, messages sent 3 hours from the time of abandonment have greater average order values. When it comes to the conversion rate for any e-commerce website, the right time to send emails is 30 minutes after the online shopping cart was left by its owner. Moreover, shoppers respond better to emails after a considerable amount of time.
Tip 3 : Offer discounts
It has been said that the best customers buy even without any discount or offer. To maximise revenues for your online business, you should only offer discounts during the first abandonment of the shopping carts. If they abandon their online shopping cart because of the shipping cost, it will be effective when you offer free or discounted shipping once they visit again and finish their order. Some shoppers, however, may deliberately leave their online shopping carts to avail of special discounts or offers, so it is a good idea to just limit the discounts or offer to a specified duration of time.
In a nutshell, understanding online shoppers’ behaviour is critical when it comes to observing the rate of online shopping cart abandonment. Therefore, effort in analysing the numbers of online shopping cart abandonment is essential to influence online shoppers’ buying decision which can ultimately turn them into sales. Start reducing the online shopping cart abandonment now to recover your lost revenue!
Source: Listrak Infographic