According to Baymard Institute’s survey, about 69.23% is the cart abandonment rate of the online stores. It simply means 7 out of 10 visitors add a product to cart, but leave it unfinished due to a reason unknown to you. It is quite a depressing situation when you spend a lot on web design and development, carry massive marketing, bring in visitors, but they do not convert.
There are countless reasons for cart abandonment which are difficult to evaluate, but the ease is to convert these initiated sales that are incomplete. In fact, most of the marketers and store managers consider these cart as part sales completion, because recovering these sales are quite easier than reaching out to the new ones.
How Recovering Abandoned Cart Helps You Increase Sales?
Recovering abandoned carts is directly proportional to improving the sales. Whether you promote an online store on different platforms to bring in potential buyers or compel the previous one to complete their purchases, the end goal is to boost sales, but recovering the already visited ones is quite easier.
The visitors who have already browsed an eCommerce website and shortlisted a few products are well aware of the key features, benefits, usage, and price. But, they need a little push to pay for the products or services they need. It can be in the form of discounts, loyalty programs, or waiving off the shipping charges, or anything else. By following up the users who can better understand the reasons of an increased cart abandoned rate. Work on the reasons, reduce the rate, and the sales will go up automatically.
Top 3 Strategies to Recover Abandoned Carts
The abandoned carts have a high potential to bring in revenue that is halted due to many reasons. Studying different reasons and evaluating how you can cover them up is a continuous process. You can learn more about these reasons by interacting with your customers. Following are the top 3 strategies that can help you effectively reach out the users and compel them to return and continue their purchases.
Set Auto Reminders
As it is already mentioned that more than two third of the users are likely to leave the purchase incomplete, it makes keeping an eye on each and every cart abandonment a painstaking job. Collecting information about them all, preserving their data, and then reaching them out manually is time-consuming that's why the experts suggest automating the entire process. There are tools for every eCommerce platform for WooCommerce Abandoned Cart for WordPress backed online stores or Cart Reminder Pro for stores powered by Magento. These tools have the ability to recognize a transaction as an abandoned cart and send a compelling email directly to the users by the information he or she has provided after adding products to cart. The auto reminders are sent instantly to make the users reconsider their purchase decision, return to the cart, and finish the transaction.
Re-target Cart Abandonment
Re-target the users of your website who have left the carts incomplete with an attractive deal. Offering a free shipping, extended customer support, lifetime warranty, are some of the attractive deals that may compel a user to reconsider buying the cart products. The re-targeting includes sending out timely emails, either manually or automatically, multiple times to the users.
The purchase decision of service industry and eCommerce websites is often driven by the level of customer support they offer. In most of the cases, the users leave the cart unfinished just because they do not agree with the terms and conditions for the support. For example, the web hosting companies often have to deal with customers who complain about unexpected server downtime. So, they can re-target to recover lost sales by offering an extended technical support to their potential customers.
Offer Discounts, Coupons, and Giveaways
One of the major reasons for an increased cart abandonment rate is the price of the product. A great majority of internet buyers are searching for discount deals and they do not check out until they are offered an amazing discounted price.
Most of the businesses trigger discounts as soon as the user decides to leave the website without clearing the cart. It can be offered with the help of an exit intent popup window or follow up emails. The exit intent popup is quite helpful in making the users stay and find more about the products and offered discounts. You can consult your web developers who have different approaches of configuring discounts, coupons, or giveaways on the cart pages after a defined consumer behavior.
In addition to the email re-targeting and exit-intent popups, one of the fastest ways to offer your customers a discount is a phone call. Most probably, the users would have left his or her contact number in personal details section that can be used to reach them out without wasting time anymore.
A higher cart abandonment rate restricts a lot of users in converting into customers. It is a major cause towards a sales decline, but most of the merchants neglect them at all. It requires a bit of web design modification, planning an outreach strategy, and setting discounts for cart abandoners. Automating cart reminders ensures notifying the users in a timely manner, whereas accompanying this with a discount can surely turn the lead into a successful sale.