Data Driven Email Remarketing for Shopping Cart Abandonment

Rick Weithas, Senior Solutions Marketing Manager - WebtrendsLoren McDonald, VP Industry Relations - Silverpop

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Today’s Moderators

Loren McDonald - VP, Industry RelationsSilverpoplmcdonald@silverpop.com@LorenMcDonald

Rick Weithas - Sr. Solutions Marketing ManagerWebtrendsRick.Weithas@Webtrends.com@Webtrends

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Silverpop – Behavioral Marketing Automation

Single

Identity

Behaviors

Marketing Database

Interaction Engine

Automation

Multi-channel

AGENDA

• Brief Introductions• Data and Email Remarketing• Shopping Cart Abandonment• Personalization in Context • Questions & Answers

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“E-Commerce is projected to grow to $370 billion a year by 2017”

Forrester

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“Advertisers will spend $77 billion on interactive marketing by 2016 to get customers to their site” — Forrester

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Yet…..

98% of Website visitors don’t complete the desired action in most recent session

Abandonment costs retailers $18 billion per year!

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Email Remarketing – Solution for Abandonment

Drive Customer Engagement• Visitors Who Abandoned:

Browse Didn’t BuyShopping Cart Abandonment

• Customers Who Converted:Cross Sell / Up Sell

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GREAT EXPERIENCES REQUIRE ALL THE PIECESCustomer insightContent in contextAt the right time

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Email Remarketing: How it Works

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Email Remarketing: How It Works

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Shopping Cart Abandonment Loren McDonald - Silverpop

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My Topics Covered

Opportunity 5 Best Practices

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Why Cart Abandonment Remarketing?- 3 Reasons…

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— Multiple Sources

“60–70%”

1. Cart abandonment is a HUGE challenge

Up to 70% of Shopping Carts are Abandoned before Checkout

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87% of consumers abandon carts…75% say they will return to complete the purchase.

Source: Amaze/University of Glasgow

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2. A Huge Revenue Oppoprtunity

Conversion

Cart Abandonment

Browse Abandonment

Cart Abandonment: 1-step from revenue

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up to 50% conversion.

Following up with abandoners by email yields

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3. Most marketers are leaving a HUGE amount of money on the table?”

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Daily Conversion Daily Average Annual Initial Abandonment Rate Conversions Order Business Days Bookings

12,000 1% 120 $35.00 270 $1,134,000

12,000 2% 240 $35.00 270 $2,268,000

12,000 3% 360 $35.00 270 $3,402,000

The Cart Abandonment Opportunity

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Relative VolumeAbandon Cart

Emails0.3%

Promotional Emails99.7%

Sample: Cart vs Broadcast Emails

Relative Sales

Abandon Cart Emails18.6%

Promotional Emails81.4%

High % of sales relative to volume

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Cart Remarketing Best Practices?

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Before we start … where does the email address come from?

Account Registration – logged in

Email Subscriber – clicked through

“Remarketable” Abandoners

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Cart Abandonment Remarketing – Key Success Elements

Speed

Relevance

Repetition“Tone”/Helpful

Urgency

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1. Speed

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Speed matters. The longer you wait, the greater chance the prospect has

purchased from a competitor.

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Some potential exceptions …

Travel – pricing changes

B2B Ecommerce – Purchase Orders

Financial Services - Culture

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Stage Conversion Open Rate Revenue / email

1: Real time

22% 70% $11

2: 24 hours

7% 65% $4

3: 7 days 6% 60% $3

Total 35% Average 65%

Average $6

Source: SeeWhy

Results –Phase 1 and 2 (real-time)

Phase 1 Phase 2 Lift

Open Rate 17.50% 20.25% 16%

Click-through Rate 9.02% 12.80% 42%

Conversion Rate 12.65% 15.31% 21%

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Webtrends Streams beta clientsaw 55% conversion increase moving real-time from 1 hour after abandonment.

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2. Relevance

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Product image and description

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Results:

• 38.5% open rate

• 10.15% CTR

• 50% conversion rate

• $4.80 revenue/emailDynamic product

recommendations

Recommendations

Reviews

Use offers and incentives carefully

Use later in seriesTest impact/need Think beyond discounts

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3. Repetition – Develop a Series

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Power of Deploying a Series

Cart Email ADay 1

Cart Email B

Day 3

Cart Email CDay 5 AVERAG

E

Open Rate 40% 39% 32% 37%

Click-to-Open 44% 47% 28% 41%

Click-thru-Rate 18% 18% 9% 15%

Conversion Rate

22% 15% 24% 20%

Sales/email $8.60 $8.40 $5.04 $7.46#WebinarWednesday

4. “Tone”/Helpful

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Contextual – Know your customer

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• Aaron - Real person• Service tone• 50% conversion rate

“Human” and Helpful Remarketing

5. Urgency

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Deadline/Sense of Urgency

Get creative – think beyond “recency”

“Only 100 items left”

“Price is going up”

“Sold out … recommend..”

“Cart is about to expire …”

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Shopping Cart Abandonment with Webtrends Streams

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Email Remarketing with Webtrends Streams

Customer CentricVisitor level behavioral insight around abandons, browsing, purchases, etc.

Right TimeImmediate remarketing

ActionableAction Center delivers customer insight directly to email partner platforms

Customer Centric

Actionable

Right Time

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Webtrends Streams: A New Solution for Email Remarketing

+Real-Time

Customer Centric

Actionable

HistoricalAnalytics

Real-Time Analytics

Use Cases

Dashboards, campaigns, multi-touch attribution,

data mining. All in the past hours to days old.

High level trending, campaigns, summary-level

analysis hours to minutes old.

Push API powers content & offer relevance, visitor engagement, ad targeting, social interaction,

trends, referrals.

As-it-happens

Machine-to-machine

Visitor–level detail +

+

+

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Customer Views Product on Website

Remarketing Email

Declining Probability of Conversion

24-48 hrs later

Current Industry Email Remarketing Programs

Customer Abandons Website

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Customer Abandons Website

Immediately after Abandonment+

Key Behavioral Information=

Improved Time & Relevance

Declining Probability of Conversion

Email Remarketing w/ Webtrends Streams

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Webtrends Streams

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Webtrends Streams Lab

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Complete Visitor Level Behavioral Insight

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Action Center – Visitor Insight to Email Remarketing

Action Center – Direct to Email Partner Platform

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Remarket at Just the Right Time

• 24-48 hours, or days later was the norm

• Shortening this window increases likelihood to purchase

• Webtrends Streams delivers in the moment insight and action with key behaviors

• Find the right window and context with Webtrends Streams

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Measure Success Example Shopping Cart Abandon Email ROI Program Trial

Emails Sent 20,000

20,000

Open rate 25% 30%

Opens 5,000 6,000

Click thru rate 15% 25%

Clicks 750 1,500

Click to Conversion Rate

15% 18%

Orders 112 270

AOV $250 $300

Potential Sales $28K $81K

Sales/Email $2.52 $6.75

Time and Message Relevance Drives Email Remarketing Performance

Open RateClick Thru RateClick to Conversion RateProgram Revenue

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Getting Started w/ Webtrends Email Remarketing

Webtrends CustomersLeverage Existing Tag

New CustomersSimple Site Tagging

Webtrends Email Partners

SilverpopResponsysExactTarget

Customer Centric

Actionable

Right Time

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