Cart Remarketing
Ask any retailer what their top three barriers to conversion and sales are, and you are sure to hear "shopping cart abandonment" somewhere on that list.
Cart remarketing numbers suggest if executed correctly, cart remarketing should net a nice return:
  • On average, 26% of customers return to a site to buy if the company has an effective remarketing program in place.
  • Incredibly, only 37% of the retailers do "something" as follow up to a customer visit. Customers signing up for a newsletter being the best example. Only 12% did some cart remarketing of any kind, and even fewer truly personalized that follow up.
That's serious measureable money left on the table.
Cart Abandonment May Be at an All-time High
At first glance, the industry benchmarks aren't encouraging: the current average shopping cart abandonment rate is 72%.That number is likely to increase as consumers continue to change. Among first time visitors, their research revealed that a mere quarter of one percent (0.25%) will go through and actually complete their purchase on the spot in the first visit. Another way to look at this, more than 99% of first time visitors will fall out of the navigation track you diligently worked on.
Part of the Purchase Journey
Shopping cart abandonment is both a problem and an opportunity. Consumers are fundamentally changing. Many consumers now stop and start multiple times and in multiple venues (web, smartphone, tablet, in-store e.g.) on their path to buying a given product. The single track purchase funnel is fast becoming obsolete.
Why Consumers Abandon Carts
Per a Forrester Research study, when a consumer abandons a cart, the leading reasons reflect either a price objection (shipping costs e.g.) or a timing objection (the consumer is researching, they aren't ready to buy) Between August 2011 and March 2012, over 600,000 visitors and 250,000 transactions were analyzed to dig deeper into this issue. The study confirmed that cart abandonment is in fact part of the purchase cycle, especially for carts that are small or once the value jumps between $100 and $150. $100 is a psychological mark where everything changes. Retailers should consider setting their free shipping promotion at the $99 vs. $100 threshold.
Cart Remarketing Benefits the Whole Business.
A well-executed cart abandonment strategy provides additional benefits to the business overall, among those: helping retailers learn more about their business, products and customers along the way. For example, while price can have a significant impact on cart abandonment rates, every item has a unique abandonment rate depending on its (unique) attributes. By examining more closely products that have high abandonment rates, retailers can adjust those product detail pages, perhaps direct customers to stores to see the product in person, or put in place shipping options (e.g. free returns shipping) to ease customer concerns about making the "wrong" purchase.
The First 12 Hours After and Abandonment
The report goes on to read consumers who didn't buy initially, the average elapsed time between that first visit and actual purchase is 19 hours with 72% of those who ultimately bought within the first 12 hours after that first visit. Leads do go cold pretty quickly.
What You Need to Know
Timing, tone, and personalization are the first 3 areas of concentration. How does emotion play into this? Potential pitfalls in a remarketing strategy? How frequently should you follow up via email? How can you use a return site visit to remarket a cart? When, if ever, should you include an offer as part of a remarketing campaign? What's the right way to personalize? What are the right goals for each email in a remarketing sequence? Call Nox Solutions for more information.
Mobile Commerce is much more than copying and pasting your ecommerce site to your mobile site, as the customer's usage and buying behaviors are unique to mobile.
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Cart Remarketing
On average, 26% of customers return to a site to buy if the company has an effective remarketing program in place.  + Read more
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