Post on 18-Jul-2015
transcript
1 @JeaJen @dprism1
How to Finally Abandon Shopping CartAbandonment IssuesMarch 19, 2015
Jeanne S. Jennings
Managing Director, Digital Marketing
Digital Prism Advisors
A Digital Transformation Consultancy
2 @JeaJen @dprism1
Overview
The Problem
The Remarketing Solution
Tips for Success with Remarketing
Avoiding the Problem
Additional Resources
4 @JeaJen @dprism1
70% of Online Shopping Carts are Abandoned
Source: "Why We Don't Buy: Consumer Attitudes on Shopping Cart Abandonment,"
Bronto/Magento Study, 2013
5 @JeaJen @dprism1
That’s 7 out of 10 carts which don’t check out!
Source: "Why We Don't Buy: Consumer Attitudes on Shopping Cart Abandonment,"
Bronto/Magento Study, 2013
6 @JeaJen @dprism1
Shopping Cart Abandonment Accounts for
$18 BillionIn Lost Revenue Each Year
Source: Surepayroll, 2014
9 @JeaJen @dprism1
That’s Enough Money to Buy…
The Washington Capitals..
Along with the Other 29 Teams in the National
Hockey League…
And You’d Still Have
$3.2 Billion Left in Your Bank Account…
13 @JeaJen @dprism1
85% of Shoppers FindCart Reminder Emails Helpful
Source: "Why We Don't Buy: Consumer Attitudes on Shopping Cart Abandonment,"
Bronto/Magento Study, 2013
14 @JeaJen @dprism1
61% of Shoppers Say Cart Reminders Will Get Them Back On Your Site
Source: "Why We Don't Buy: Consumer Attitudes on Shopping Cart Abandonment,"
Bronto/Magento Study, 2013
15 @JeaJen @dprism1
46.1%Open Rate
13.3%Click-through Rate
35.5%of Clicks Lead to
Purchase
19.1%Lift in AOV over
Typical Purchases
Cart Reminder Email Metrics
Source: SaleCycle Cart Abandonment Infographic, 2014
16 @JeaJen @dprism1
But Most Importantly…
An Average of
$5.64of Revenue is Generated for Every Cart
Reminder Email SentSource: SaleCycle Cart Abandonment Infographic, 2014
18 @JeaJen @dprism1
Experiment
-----
December 2014
Source: “Abandonment = Opportunity: Five Tips to Boost Remarketing Revenue,”
Margaret Farmakis for the Return Path Blog, December 8, 2014
19 @JeaJen @dprism1
24 Abandoned Carts“Top 100” Apparel and Accessory Retailers
Source: “Abandonment = Opportunity: Five Tips to Boost Remarketing Revenue,”
Margaret Farmakis for the Return Path Blog, December 8, 2014
20 @JeaJen @dprism1
5 Cart Reminders within 24 Hours3 with Product ImagesNo Discount Offers
Source: “Abandonment = Opportunity: Five Tips to Boost Remarketing Revenue,”
Margaret Farmakis for the Return Path Blog, December 8, 2014
21 @JeaJen @dprism1
10%
Off
A 2nd Cart Reminder 1 Day Later10% Discount Offer
Source: “Abandonment = Opportunity: Five Tips to Boost Remarketing Revenue,”
Margaret Farmakis for the Return Path Blog, December 8, 2014
22 @JeaJen @dprism1
10%
Off
Another 2nd Reminder 2 Days Later20% Discount Offer
20%
Off
Source: “Abandonment = Opportunity: Five Tips to Boost Remarketing Revenue,”
Margaret Farmakis for the Return Path Blog, December 8, 2014
23 @JeaJen @dprism1
10%
Off
That’s It.
20%
Off
And When She Clicked On These Messages,
the Cart Was Empty.
Source: “Abandonment = Opportunity: Five Tips to Boost Remarketing Revenue,”
Margaret Farmakis for the Return Path Blog, December 8, 2014
24 @JeaJen @dprism1
20.8%Sent a Reminder
60%of Those Included
Product Images
40%of Those Sent a 2nd
Reminder with a
Discount
Cart Reminder Experiment
Source: “Abandonment = Opportunity: Five Tips to Boost Remarketing Revenue,”
Margaret Farmakis for the Return Path Blog, December 8, 2014
26 @JeaJen @dprism1
Tips for Success with RemarketingHow to Finally AbandonShopping Cart Abandonment Issues
28 @JeaJen @dprism1
54%of Online Shoppers Asked Said They Would Return and Buy if a Discount were OfferedSource: “VWO eCommerce Survey 2014,” Visual Web Optimizer
Offer a Discount
29 @JeaJen @dprism1
72%of Millennial Shoppers (Aged 25 to 34) Asked Said They Would Return and Buy if a Discount were OfferedSource: “VWO eCommerce Survey 2014,” Visual Web Optimizer
Offer a Discount
30 @JeaJen @dprism1
A Discount or Free Shipping?What’s Expected…
0%
5%
10%
15%
20%
25%
30%
Reminder Email Offering aDiscount
Reminder Email Offering FreeShipping
Female MaleSource: “Shopping Carts Secrets: Gender,” Bronto
32 @JeaJen @dprism1
Include a Product Image
“It’s easy for consumers to forget what items they placed in a particular shopping cart.
Showcasing those items in the message will not only remind the consumer what they were thinking about purchasing…
…but will be more effective at driving a desired action than a generic email with a stock image of an empty shopping cart.”
Source: “Abandonment = Opportunity: Five Tips to Boost Remarketing Revenue,”
Margaret Farmakis for the Return Path Blog, December 8, 2014
35 @JeaJen @dprism1
AddUrgency
Source: “Abandonment = Opportunity: Five Tips to Boost Remarketing Revenue,”
Margaret Farmakis for the Return Path Blog, December 8, 2014
“None of the messages I received
drove urgency with a limited time
offer.
This is an especially important
tactic if a discount is being
offered.
Abandoned cart emails are perfect
for featuring real-time dynamic
content, such as countdown clocks
or timers.”
38 @JeaJen @dprism1
Go Omni-Channel
Leverage App Notifications, texts, banner ads
and any other ways you have to communicate
with the shopper
39 @JeaJen @dprism1
Source: “VWO eCommerce Survey 2014,” Visual Web Optimizer
Go Omni-Channel
40%of People Have a
Shopping App
Installed on their
Mobile Phone or
Table
60%of Millennials Have
a Shopping App
Installed on their
Mobile Phone or
Table
40 @JeaJen @dprism1
Send More Than One Reminder
“…brands sending a second abandoned cart email saw a 50% increase in abandoned cart revenue compared to their first abandoned cart mailing.
Brands sending three messages saw a 56% increase in revenue compared to just sending the initial abandoned cart email.”
Source: “Abandonment = Opportunity: Five Tips to Boost Remarketing Revenue,”
Margaret Farmakis for the Return Path Blog, December 8, 2014
41 @JeaJen @dprism1
“Sending a series of messages also creates a great opportunity for testing, such as only offering a discount with the second or third message, or offering a greater discount with the final message.”
Source: “Abandonment = Opportunity: Five Tips to Boost Remarketing Revenue,”
Margaret Farmakis for the Return Path Blog, December 8, 2014
Send More Than One Reminder
44 @JeaJen @dprism1
Why Shoppers Abandon Their Carts
Source: “VWO eCommerce Survey 2014,” Visual Web Optimizer
28%
23%
16%13% 12%
8%
0%
5%
10%
15%
20%
25%
30%
UnexpectedShipping Cost
Had to Createa New User
Account
Were JustConductingResearch
PaymentSecurity
Concerns
ConfusingCheckout
Couldn't FindCoupon Code
46 @JeaJen @dprism1
Millennials Pose a Special Challenge
0%
10%
20%
30%
40%
50%
60%
Research and Buy Offline Research Online, Buy Offline Research Offline, Buy Online No Research, Buy Online
Electronics Shoes Sports Equipment/ Accessories Cosmetics and Personal Care Items
Source: “Generation Y: Shopping and Entertainment in the Digital Age,” M. Leanne
Lachman and Deborah L. Brett for the Urban Land Institute, 2013
Online Shopping
is Cheap
Entertainment!
47 @JeaJen @dprism1
Source: “Mind Your Millennials: 7 Reasons I Abandon My Online Shopping Cart,” Glori
Blatt for the Decoded: Contemporary Commerce Blog, February 24, 2015
Millennials
48 @JeaJen @dprism1
Millennials
Price Not Enough
Product
Information
Inconvenient
Checkout
“I never buy
something online
without doing a price
comparison first to
ensure that I’ve
found the cheapest
option.”
“I may like the look
of something enough
to add it to my cart,
but I will never, ever
click “buy” without
detailed product
information”
“When I’m browsing
on my phone during
my commute to or
from work, the last
thing I want to do is
whip out my wallet,
dig through my
cards, and enter in
payment
information.”
Source: “Mind Your Millennials: 7 Reasons I Abandon My Online Shopping Cart,” Glori
Blatt for the Decoded: Contemporary Commerce Blog, February 24, 2015
63 @JeaJen @dprism1
Optimize and Streamline Your Checkout Process
Minimize Clicks to
Purchase (within Reason)
Track and Analyze Where
in the Checkout Process
People are Abandoning –
Then Address the
Issue(s)
Provide the Option to
Create an Account so that
Returning Customers
Don’t Have to Enter Their
Information Again
Allow Even New
Customers to
Automatically Populate
Fields for Common
Scenarios
(Billing/Shipping Address)
64 @JeaJen @dprism1
Optimize and Streamline Your Checkout Process
Allow Customers to Save
Multiple Shipping
Addresses and Forms of
Payment
Provide a Visual
Representation of Where
They Are in the Checkout
Process (Step 2 of 3)
Remove Distractions
Which Might Cause
Customers to Abandon
the Process (Navigation,
Advertisements)
Show Them Their Cart
Total Cost as Early in the
Process as Possible
69 @JeaJen @dprism1
Additional Email Marketing Resources | Free
Look for Jeanne’s column on email marketing every other Monday
www.ClickZ.com
Jeanne’s Blog and Email Newsletter
www.JeanneJennings.com
@JeaJen to follow Jeanne
@DPrism1 to follow Digital Prism
70 @JeaJen @dprism1
The Premier Email Marketing Association, part of the DMA
www.EmailExperience.org
A Private Community for Email Marketers; look for Jeanne’s monthly post on the blog
www.OnlyInfluencers.com
The best way to keep abreast of eCommerce best practices
http://www.retailonlineintegration.com/
Additional Email Marketing
Resources | Paid
72 @JeaJen @dprism1
Source: “The Top Email Marketing + Design Thought Leaders on Twitter,“ Lauren Smith
for the Litmus Blog, January 22, 2015
Me
73 @JeaJen @dprism1
Source: “The World’s Top 50 Email Marketing Influencers," Stacey Miller for the Cision
Blog, July 2, 2014
Me
74 @JeaJen @dprism1
20+ Years
Email Marketing
Strategy,
Tactics and
Creative
Direction
Great Brands
as Clients
Me
75 @JeaJen @dprism1
Strengths
The successful marriage of:
Sound, cohesive
digital business
strategies
Effective
technology tool
selection
Digitally-enabled
process
improvement
Opportunities
Customers: New
Customers
improving
satisfaction,
incremental sales
Markets: Adjacent
markets, new
markets, market
share improvement
Products: Bundling
and unbundling,
derivative products,
new products,
subscription models
Me and
the
dprism
team
Digital Transformation