Getting a visitor to add a product to their shopping cart isn’t enough. Statistically, 77 percent of online shopping carts are abandoned before the sale is completed. Savvy marketers don’t count those sales as an immediate loss because they know it is now possible to recoup 10 percent to 30 percent of those sales.
But why are carts abandoned? Are there common practices for re-engaging those customers? How can you improve your current practices and increase sales and ROI?
Respondents to a recent survey shared their reasons for abandoning a transaction before purchase:
All these sales could have been saved if the companies visited were using re-engagement campaigns, also known as retargeting or remarketing. Remarketing takes several forms, such as internal remarketing ads, external ads, and triggered follow-up email from systems, such as Oracle Eloqua or Oracle Responsys.
Typically, data integrations sync every four to 24 hours. Waiting hours to send a cart recovery email is less effective than taking immediate action. Also, when a prospect is on your website, and you can’t leverage the data within your analytics and marketing automation solutions to make a better experience, you’re missing out on an opportunity to connect with your prospect.
In a recent A/B test, two groups were sent identical cart or application recovery emails. One group received the email immediately upon abandonment, while the other was sent 24 hours later. The results were overwhelmingly in favor of immediate action. The email sent right away saw a 46 percent increase in open rates and a 30 percent increase in recovered cart sales.
After five years of working on Adobe Analytics, Eloqua and Responsys integrations (formerly Omniture Genesis) that synced data every 24 hours, Enautics was approached by Oracle to build the official replacement for their slower integrations. The first thing we addressed with the Adobe and Oracle engineering teams was speed.
To solve the problem of cart abandonment, we created SegmentSync, a web application that bi-directionally syncs data between Adobe Analytics and Eloqua or Responsys as often as every 30 minutes.
That means that abandoned cart reminder emails will land in the abandoner inbox within 30 minutes of an incomplete application or shopping cart purchase, greatly increasing the chances of recovering the sale.
If a B2B online purchase has an average order size of $1,000 and 10 people start a purchase per day, your company could expect at least seven cart abandonments a day (remembering that 77 percent abandonment statistic). That’s about 210 abandoners per month. By emailing them 24 hours after they abandon, you can expect up to 20 percent to be recovered. 210 x 20% = 42 x $1,000 will generate $42,000 in recovered orders.Sending a recovery email to the prospects within 30 minutes could mean saving 30% of the 210 abandoners. This will increase overall sales to $63,000 per month (210 x 30% = 63 x $1,000). You would be generating an additional $21,000 per month by sending the recovery email much faster.
It’s clear from the data that the key to recovered sales from cart or application abandonment is speed. Without doubt, prospects in the solution comparison or product consideration stage are more likely to purchase when reminded of their abandonment within 30 minutes.
Click here to learn more about integrating Adobe Analytics and Eloqua or Responsys. And read this guide to discover Five Ways Marketing Can Drive Higher Online Commerce Revenue.