Every online business is losing money even though they have a good revenue and healthy amount of traffic bumping into the website. Because, each and every day we are losing some potential orders in website.
How is it? Cart abandonment. Customers who abandon cart causes a great pain and high level of loss to online retailers.
Shopping Cart Abandonment Rate
Baymard Institute has compiled 34 different studies and found the average shopping cart abandonment to be 68.81%. That’s a lot and it means approximately only 1 in every 4 customers make through the final purchase.
How much more revenue would that mean for your store, if you gain back those customers?
Think about that. For example, if you are currently making $25,000/mo in online revenue and could turn just 30% of those abandoned orders into sales, you’d make an extra $75,000 per year.
Why Shoppers Leave Without Paying?
The biggest reason customers don’t complete the purchase process is hidden item costs. Not showing the additional fees and charges in the product page. There are lot of other reasons for a customer to abandon the cart.
According to Statista there are 14 reasons why customers abandon their cart. The results of their reports give some additional insights.
This chart shows that the customers just surf to research, compare and evaluate the product. A study by comScore also shows that “not being ready to purchase” or “saving the items for later” were the biggest factors.
Research by close and kukar-kinney shows the other possible angle that a significant number of people use the shopping cart as a sort of wish list or to simply check out the total price of the products in cart.
Track the exact reason in your website
Every shoppers are different in making their purchases. This unique behaviour makes eliminating cart abandonment very complicated. Reading, doing studies and funneling/enhanced eCommerce in Google Analytics can give you more insights. Enhanced eCommerce will tell you at which point shoppers abandon your cart and with what product in the cart. The filters can help you dig to the more accurate information.
Asking your shoppers why they abandon your website will also pay you off. You can use exit intent survey to pop up a survey a window when a shopper is moving his cursor to close. If you ask shoppers at this time why they’re leaving, it could give you some useful insights.
Motivate Shoppers to buy the product
In a survey, the whooping 58% respondents said that emails and ads, which offer a discount on an abandoned product brings them back to the website. This proves the effectiveness of retargeting the abandonment cart shoppers.
You can use the survey report of your website to send more efficient emails with offers overcoming the reason for abandoning cart.
Frequency of recovery email campaign
- 1st email – within 24 hours
- 2nd email – within 2 days
- 3rd email – within a week
Automate recovery email campaign
In WooCommerce, the email is sent only once immediately after the purchase failure. To automate the recovery emails based on the frequency you can create a workflow in CRM and trigger the emails periodically.
To connect your WordPress and CRM, you can use an integration tool Leads Builder for CRM.
You can integrate with WooCommerce to send the shoppers who abandon the cart as CRM Leads. The Leads in the CRM can be processed through the workflow and receives the recovery emails periodically. The tool works with Zoho CRM, Freshsales, Zoho CRM Plus, Vtiger CRM, SugarCRM & SuiteCRM.
Whenever a new abandon cart lead is captured in the CRM, the 3 recovery email campaigns are triggered based on the workflow. The complete automation enables to retarget the abandon cart shoppers and bring them back successfully.
By using shopping cart recovery emails we were able to recover 23% of the abandoned orders within few days of the campaign starting. If you’re already using Leads Builder for CRM, you’re lucky. If not, grab your FREE 24 hours trial and check it out for yourself. You can write to us at [email protected] for any assistance or please leave us your feedback in the comments below.