The excitement of an online retailer seeing a visitor add a product to a cart can quickly be turned to disappointment when the customer abandons the cart and disappears.
No matter how good your Shopify store may look, the reality is that studies show that over 60% of carts are abandoned and this can occur for a variety of reasons. From unclear shipping rates or complicated checkout process to simply being that the customer was interrupted when making a purchase and simply shut down the screen.
The above statistics may seem alarming but they shouldn’t, if we put it into context how many times does a shopper walks into a bricks and mortar store simply browse and not buy anything? I think those statistics would be enough to scare anyone into not running a physical shop.
So even though we know that abandoned carts are par for the course of running a store, how do we tip the balance back in the retailer’s favour and start recovering these sales?
Effective Cart Recovery
By running an effective email campaign to entice customers back to complete their purchases most retailers can look to recover between 5 – 10% of lost sales. It doesn’t take a genius to realise that this is serious extra revenue for any business just for simply sending emails.
The question still remains, when is the best time to send an email and what is the best message to entice a customer to complete their purchase?
Most retailers who successfully adopt a cart recovery process agree that it is worth striking while the iron is hot and sending the first email within an hour or two of the abandoned cart. To keep on top of this it is worth looking at an automated system that is compatible with Shopify, and with many to choose from there's sure to be one suitable solutions to suit most retailers.
The next step is choosing the right message. Research has shown that contrary to popular belief it is not always price that can hinder a purchase. As mentioned above many factors can cause an abandoned checkout from an interrupted internet session to unclear shipping rates to pricing. It is common practice for many retailers to immediately offer a discount to lure a customer back to complete the sale but it is worth trying a variety of other methods before committing to a discount as otherwise the retailer may have repeat buyers always abandoning a cart safe in the knowledge that if they wait an hour they will be offered a sweet deal to complete the purchase.
Many retailers may simply send the first email with a simple message such as ‘Do you need help with your purchase?’ and after a couple of attempts may then resort to offering a discount. Whatever works for one retailer may not work for another so it is worth experimenting with various abandon cart emails and styles until a successful rate of return is achieved.
This is just the tip of the iceberg with methods to increase sales and store revenue. With such an important area as increasing profitability and improving return on investment it is worth having the right team on your side so contact our Shopify experts here at Insider Media Group for more help.