The National Retail Federation has reported that 51.8% of consumers in the U.S. will be making their holiday purchases online this year. This is a 5% increase over 2011, and is the first time that predictions indicate that the majority of holiday shopping will be conducted online. With this increase in e-commerce comes an increase in shopping cart abandonment, and online marketers need to do everything they can to keep the interest of the web’s savvy comparison shoppers.
Fireclick estimates the 2012 average shopping cart abandonment rate at 72.31%. MIT big data has also estimated that $1.4 trillion in consumer goods were lost to abandoned carts in 2011. With some slight tweaks and improvements to the customer experience and the shopping cart funnel, marketers can make big gains in holiday revenue.
1. Provide Great Customer Support.
According to Forrester, 10% of online shoppers surveyed have abandoned a cart because they weren’t able to find the information they needed. Live chat provides an excellent channel for providing immediate assistance to online shoppers, however the holiday sales rush can overload a business’ support staff and leave online shoppers waiting in line to have a simple question answered. Long wait times for simple answers will lead to increased cart abandonment rates, so what can online businesses do to provide immediate assistance? Employ UpSellit’s SmartAgent Abandonment Chat solution.
UpSellit’s SmartAgent is a sophisticated automated chat application that is custom developed to instantly answer frequently asked questions and to address common concerns. UpSellit’s full-service solution works to reduce cart abandonment rates by providing online shoppers with immediate sales support that effectively convinces users to complete their transaction and typically results in a 10% increase in overall conversions.
2. ReMarket Abandoned Carts.
Research has indicated that online shoppers will typically make their purchase within the first 24-hours after abandoning a shopping cart. SeeWhy cites that the probability that a consumer will return to complete the purchase drops by 90% after the first 24-hours. UpSellit’s Abandonment Chat solution works great to recover these abandoned carts mid-abandonment, but UpSellit’s Email ReMarketing solution works especially well to re-engage carts post-abandonment.
By collecting an online shopper’s email address, session behavior and visitor details, UpSellit allows marketers to initiate a highly targeted series of remarketing messages the instant a consumer abandons a cart. By offering support information, and relevant product or business value propositions, businesses can increase overall conversions as much as 5%. By incorporating an incentive in a second remarking email sent within the first 24 hours, marketers can increase conversions as much as 15%.
3. Learn From Your Non-Customer.
With around 70% of online shoppers abandoning their carts, marketers stand to learn a great deal from their non-customer. With the high traffic volumes that come with the holiday sales, businesses can gather a great deal of insight in a short amount of time. Combing an Abandonment Survey with a targeted incentive can not only gather valuable feedback, but also reduce cart abandonment.
With a dynamic survey that reacts to a customer’s responses, marketers are able to capture detailed information and address concerns. UpSellit’s full-service Abandonment Survey solution engages online shoppers mid-cart abandonment to request that they answer a couple questions about why they are leaving. In understanding the reason the customer is abandoning the cart, marketers can address concerns with value propositions or targeted incentives. UpSellit’s Abandonment Surveys can produce as much as a 5% lift in overall conversions.
To get started with a 100% pay-for-performance shopping cart abandonment solution, contact UpSellit at info@UpSellit.com. A typical full-service, completely custom solution typically requires 48 hours for UpSellit to develop, and only requires 10 minutes of client-side tech time to implement, so get started today!