Date post: | 26-Jan-2017 |
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Marketing |
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Today’s Agenda
The eCommerce Challenge
Shopping Cart Abandonment
Checkout Abandonment
Q&A
#Display2Sale
Terri MockChief Revenue OfficerVe Interactive
Scott Fitzgerald Senior Vice President, MarketingBlueSnap
Today’s Speakers
#Display2Sale
Spent on paid media
Revenue left in shopping carts
Abandonment rate varies by sector
Based on data from over 10,000 Ve clients
$545 Billion
Sources - Business Insider 2014, eMarketer 2014
$4 Trillion
$$$
69%Finance
70%Software
86%Travel
75%Retail
Natural Return Rate
5%
$$$$$$$$$$$$$$$$$$$$$$$$
#Display2Sale
The eCommerce Challenge
Risks Throughout the Buying Process
PaymentsShopping cart
CheckoutWeb UI
Checkout Abandonment
Shopping Cart Abandonment
#Display2Sale
Cart Abandonment Pain Points
Site Abandonme
nt
Cart Abandonme
nt
#Display2Sale
Unconverted Visitors
#Display2Sale
55% of visitors spend fewer than 15 seconds on your
website-Media Post
Pain Point: Site Abandonment
#Display2Sale#Display2Sale
Solution: Onsite Engagement
Best Practices
• Real-time proactive triggers
• Personalized incentives• Basket bookmarking
#Display2Sale
The average rate of cart abandonment in 2015 was 68.95%. That means two-thirds of the time online shoppers add
to their basket only to leave items behind.
-IBM
Pain Point: Cart Abandonment
#Display2Sale
Best Practices
• Timely Reminders• Tested Content• Immediate Relevance
Solution: Email Remarketing
#Display2Sale
Email 1 Send 20 min
post-abandonment
Email 2Send 24 hours
post-abandonment
Email 3Send 48 hours
post-abandonment
Best Practice: Cascaded Email Campaign
#Display2Sale
Best Practices
• Timely Reminders• Tested Content• Immediate Relevance
Solution: Email Remarketing
#Display2Sale
97 percent of online consumers do not make purchases on their first visit to an eCommerce
site.
3 out of 4 consumers who abandon online shopping carts plan to return to the site or
visit a store to complete the purchase.
-Ripen eCommerce
Pain Point: RetargetingPain Point: Unconverted Visitors
#Display2Sale
Solution: Dynamic Retargeting
Best Practices
• Refine your audience segments
• Set frequency and recency caps
• Use fresh creatives
• Provide clear CTAs
Risks Throughout the Buying Process
PaymentsShopping cart
CheckoutWeb UI
Checkout Abandonment
Shopping Cart Abandonment
#Display2Sale
Checkout Abandonment Pain Points
PaymentsFriction Confidence
Pain Point: Friction
Payment Types
Extra steps & fields
Currency
LocalLanguage
Product Reviews
Solving Checkout Abandonment
FrictionPresent & process in
local currency(Save 10% of sales)
Present consumers with payment options they expect
(15% of US shoppers expect PayPal40% of German shoppers use
Sofort!)
The best sites take <130 seconds to
checkoutThe worst take >260
Every 2 seconds can be worth 7% of sales
Pain Point: Confidence
Live help
Security logos
Coupons
Local Language
Solving Checkout Abandonment
20% of Shoppers will abandon if they can’t read the page their
native language
Without a coupon, 30% of consumers report
they will abandon
Confidence
Pain Point: Payments
Retries & failovers
Currency mismatch
Aggressive fraud rules
Acquiring banks
Solving Checkout Abandonment
Processing payments locally (avoiding cross-
border transactions) can save up to 20% of
transactions
Employing simple retries and failovers can
save 3-5% of transactions from a
false decline
Payments
How Do You Measure the Problem?
Checkout Conversion Calculator
Key Takeaways
“3 out of 4 consumers who abandon online shopping carts plan to return” >> Don’t lose sight of your customer #Retargeting #Display2Sale
Send email cascades for users that don’t convert. 20 min post abandonment -> 24h -> 48h & w/increased offer #Display2Sale
Measure your #checkout experience to identify causes of abandonment with the online calculator #Display2Sale
3 keys to solving checkout abandonment? Reduce friction, build confidence & manage payment conversions #Display2Sale
@BlueSnapInc@VeUnitedStates
Questions?