Left hanging. Sorry for the two sad introductory words, but there is a point with which to follow it up. I was left hanging at junior prom. I was left hanging in that group project that nobody showed up to. And I was left hanging when I was the only one sold on dressing up for that Halloween party that was apparently not costume-required….I, a 24-year-old, bearded male took the much-regretted liberty of ironically dressing up as Dorothy from The Wizard of Oz….also ironically, I immediately thought wanted to go home.
Okay, now to the point, if there is one thing that nobody likes, it is being left hanging, and this is especially the case when it comes to business. In many cases, people will visit our business websites, take a look around, maybe even see products that would be of use to them and put it in their shopping cart, but still leave your website without making the purchase. Recurring up to a rate of 69.23% (Baymard Institute), shopping cart abandonment is no small matter and remarketing measures are necessary to being potential buyers back in to ensure they are satisfied and that you are not left hanging with a customer’s abandoned shopping cart.
When I was left hanging at Halloween, it was a harsh blow to take, no doubt. I knew that I would have to recover with my friends who were supposed to dress up as the corresponding Tin-Man, Scarecrow, and Cowardly Lion, and before moving forward, I would have to find out the reason as to why they didn’t want to costume it up with me. In the instance of being left hanging with abandoned shopping carts, it is important to understand the reasons that people walked away from their potential purchases. Only once you know why a cart was abandoned will you be able to gain an understanding of the situation and address it accordingly.
The primary driving force in commerce in undoubtedly money, and for this reason, it is also stands to reason that this would too be a responsible factor for the loss of potential business as well. Amidst causes for shopping cart abandonment, some of the biggest contenders interfering with shopping cart submissions are finding better costs on similar or the same products elsewhere at 37% and having unexpected costs arise on the purchase while nearing completion, such as shipping, at the highest rate of 56% (VWO). Needless to say, concerns related to money or costs are more prominent in instances of abandonment. Next to costs, the next biggest perpetrators of being left hanging at checkout are a claim to merely be browsing curiously at a close 3rd place at 36%, and complications with website navigations, often including email sign-up and order completion procedures, at 25% (VWO). While there are many circumstances that would drive a potential buyer to desert a purchase, a large majority of them fall within the bracket of these parameters.
Following on the heels of reasons for shopping cart abandonment is the matter of addressing those reasons, taking them to mind, and examining ways to decrease instances of being left hanging with incomplete orders. While most cases of shopping cart abandonment are a product of associated costs, the first cause that should be addressed is anything related to email sign-up. The reason for this is that remarketing accomplishes the best success when through email. So from here, the goal is to get that main stream of contact enacted, you want to be able to have their email to be able to send informative reminders of incomplete transactions. So how do we do that? We can use one of the main culprits of cart abandonment as an ally in getting new email sign-ups, that being costs, or the alteration of costs as what is most appealing to a buyer. The two most prominent reasons that people sign up for emailing lists is for offers and sales at 61% and discounts at 59% in response (Econsultancy). It would be unrealistic to give out discounts every time a new emailer registers, so instead, it is sufficient to suggest signing up to be updated anytime new deals or discounts are available. With websites that also offer expert content that could be useful for the sake of reference of great information, stating free access to a particular article or certain membership privileges that come with email registration. This all addresses the fits the desires of those who are not completing purchases in that it takes their concerns for costs and exchanges them with a values as part of signing up.
Upon receiving the go-ahead to add a person’s email to your business’s email list, thus giving them an account, any time a customer is logged in with the website as they browse, the items that they browse are noted by data on the website. At this point, the means by which to reach out to the owner of an abandoned shopping cart have been attained. With the data that is collected as shoppers visit your website, note is taken when a purchase is not completed and left at the final stage, and the other corresponding reasons for carts left hanging can be addressed. Let us move onto the question of engaging ‘window shoppers’, or people that are simply browser the web for products that they are merely interested in as opposed to interested in buying. The determining factor here could be in the informative email blasts. The concern with these customers is having all of the information possible as a final push to buy. If they are window shopping, and window shopping on a website that is of interest to them with products of interest to them, chances are that the initial offers posed to get people to sign up for an emailing list will also compel curious shoppers to buy, as they will feel more informed by in-depth newsletters and updates. To these curious shoppers, to understand as much about what they are purchasing is where they will find their trust and faith with a company and ultimately buy.
Now onto the question of cost as a reason for abandoning a shopping cart. A lot of factors can play into this reason and, furthermore, addressing it, so we’ll break it down. Shipping is the last cost usually to be factored in on a purchase and typically catches people off guard. Addressing this will more so alleviate chances of the need for future remarketing as opposed to actually utilizing remarketing, but will address those pesky abandoned shopping carts. Showing a shipping calculator early on will in the transaction will reduce the shock factor for buyers and they will know what they are getting into. Offering free shipping for purchases over a certain cost value will excite people as they will see a value in it, it will entice them to buy more, and it will push those purchases through, bye-bye abandoned carts!
The instance may occur that a shopper abandons a cart because they have found a similar product through a different company at a better price. Email remarketing is a great tool to reach out to these shoppers in order to bring them back in for potential purchases that they have left in the lurch. But how do you use email remarketing to convince them that they should buy your product over comparable products by other companies? This is where content can be your best friend! Along with descriptive material and literature, the customer reviews that we have discussed in previous blogs are also great written pieces to add to the argument of making a purchase. The shopper is obviously making a purchase, so if price is a concern, show them where quality is taking the lead over a slight price tag variance. Customer reviews will build trust and desire in your company’s products and render those concerns over cost far less concerning. Incorporate reflections of people’s input in with your product where it can be seen and all of the great things about your product will outshine a favorable price, and watch that as that dormant shopping cart with a dust-laden item becomes a converted purchase!
Finally comes the question of those who will not be sold unless they are able to get it at a better price. In this case, if all other factors align such as having high quality products and the content to back it as such, a company is not necessarily under any obligation to reduce a price if they see it as fitting. However, promotions and deals, an already necessary element of commerce in general, is a great compromise between the firm-of-stance and your business’s desire to uphold profit. Rave Retailer has made one thing very apparent about customers in previous blog postings, and it is always worth reiterating: customers LOVE receiving promotional emails from companies with whom they already are doing business or considering doing business. Roughly 91% of customers partake in a slight, internal jump for joy emotionally at the prospect of attaining promotional emails, it simply gets them jazzed (Marketing Sherpa). This can be used with remarketing as well. If people with no prior desire to buy can get excited about the notion of getting discounts, then those who have housed the intention to buy will be ecstatic to see price drops on items within their realm of interest. When conducted in a timely and appropriate fashion, conversion of abandoned shopping carts into completed purchases has shown a 28.2% success rate from remarketed emails expressing promotional information (Ecountancy). When all else fails, periodic promotional emails will seal the deal!
In summation, the prospect of being left hanging does not leave us once we enter the business world. For multiple reasons, people will shop, come across something they find with use to them, and still could end up backing out at the last second. It is important recognize those instances, find the reasons for these abandonments, and address them accordingly so that people will end up with the items they need and so that companies do not lose business. Through remarketing, more satisfied and less reluctant customers and recurring clientele can be made and business can continue to perform better and better. To learn more about remarketing features and their utilization with abandoned shopping carts, contact Rave Retailer today!