Shopping cart abandonment: Lead nurturing best practices
Shopping cart abandonment is a daily ache in the world of selling software online. It represents a lost sale and unclaimed revenue for the vendor, as well as an unsatisfied need for the end-user. There are numerous reasons why customers abandon their shopping carts: finding a better deal on a competitor’s website, having been offered a more attractive price, lack of funds on credit card/bank account, or a bizarre, yet frequent reason - dropped internet connection. Due to the two last - mentioned reasons, customers might forfeit the purchase altogether. According to Baymard Institute, roughly 67.75% of orders are abandoned on average across the e-commerce industry. This means that two out of three orders are left unfinished. A more unpleasant factor is that around 75% of the purchases are discarded for good.
However, by pairing you shopping cart with a skilled Lead Management system, you may simply turn these abandoned carts into leads and later-on even recover them by using effective and successive follow-up campaigns. The quality of a follow-up becomes a crucial factor in the process of retrieving the lost sale. So let’s go ahead and focus on lead collection and follow-up opportunities in this article.
Get a hold of your lead
Our first step is lead collection. In the absence of a contact address, in our case an email address, the lead is irretrievable. When a customer arrives to your order page, before a distraction occurs which could make him drop the purchase, it is extremely important they leave a valid email address. While selling software online, the e-mail address is your only way of reaching customers. That is why it should be one of the first questions asked.
The best solution is when your e-commerce provider offers advanced order page customization, where you can customize order submission fields to match your personal requirements, and create an efficient database. Timing is crucial, as well; It is utterly vital for your e-commerce provider to be able to transfer all the data to you in real-time so that you can act accordingly and in a timely manner. Features such as IDN (Instant Drop Notification) could be very helpful in this matter.
Let’s skip this for now and move over to our main topic - follow-ups. After all, quality messaging is the most important element of convincing a lead to become a paying customer.
An effective follow-up email scheme
Many experts recommend a series of planned follow-up emails with about 2-3 messages sent at scheduled intervals. Here is our suggestion for follow-up messages to send on the first, second and third day after cart abandonment:
Day #1: “Did you encounter a problem at checkout?”, “Need help?”
As mentioned above in this article, one of the reasons your customer might abandon the shopping cart is simply due to technical issues. Additionally, they might have gotten confused or concerned for various reasons. You have to be there to assist them and manage their insecurities or technical issues.
Therefore, it is very important to show your lead that you provide a high quality service alongside your worthwhile product. Show the customer he is important to you and that he is given full attention, from the moment he entered your website. This will boost trust towards your brand, as well as increase confidence. It will eliminate insecurities and trust issues from your customer's side. Try to arrange your message as a value add rather than a sales pitch. Include other ways to complete the purchase or seek help, such as telephone numbers or different email addresses.
Don’t forget to send this e-mail from your Customer Care e-mail address, with a signature.
Day #2: “Shopping cart reminder”
SaleCycle statistics show that almost half (48.1%) of cart abandoners open their “reminder” emails and a third (33.3%) of clicks leading to a purchase are made.
The first 48 hours is the best time for you to act. The longer you wait to re-involve customers, the less likely they will be able to recall the reasons for shopping. Don't forget to display the items in their shopping cart. This will serve as a reminder and may reignite their want/need as a result. In order to consolidate customer’s motive to buy, an incentive, such as a discount, comes along. Do not forget to offer your assistance again and clearly display the Support Center contact details, in case they didn't read your previous e-mail.
Besides a fast and valuable response, it’s useful to add a deadline. For example, “We have saved your cart untouched and all of your selected products are there for you whenever you are ready to return. Please note that your cart will expire in X days. Please place your order soon.” I am sure you will find a more creative example to engage your customer :)
Day #3: Offer a better incentive.
Here comes the high point of taming your leads. Follow-up with the best offer a customer could ever get while shopping in your online store. This is a perfect opportunity to include a discount for the abandoned product. The discount will address the lack of funds problem, which causes cart abandonment, and give the customer a good incentive to complete the purchase.
Notice how vital it is to bring the urgency factor, which goes along well with the value proposition to form an efficient call-to-action. Use words such as “Limited Time Offer” or “This offer expires in X days”.
Monitor, test and optimize
Every online digital vendor must steadily continue managing and adapting his shopping cart abandonment email campaigns. A universal recipe just doesn’t exist. The efficiency of your follow-up campaigns depends on variables such as your target audience, the type of product and its monetization scheme, as well as its cost.
Summing up all tips and tricks mentioned in this article, the following conclusion rises: the best way of nurturing leads is to constantly monitor, test and optimize the cart abandonment campaign according to your needs. Try making small and precise arrangements to achieve the best results.
Usually, the above mentioned techniques provide an open rate of 27.3% and a clickthrough rate of 7-10%
From our tests, these techniques deliver an average of 12% lift in captured revenue.
Don't forget to comment below and share your results with us ;)
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