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Basket abandonment is unavoidable for e-commerce sites, as no business will ever achieve a 100% conversion rate.
As these stats show, the most common causes are high shipping costs and forced registration, but often customers are simply just browsing for ideas.
However by understanding what causes customers to dropout before completing a purchase and making a few adjustment to the site design, businesses can reduce the impact of basket abandonment.
So here’s a run through of several different studies into what causes people to bail on purchases, as well as tips on how to improve conversion rates...
What is the key to relevance in email? Simple… it is knowing what the customer is interested in.
Whilst not wishing to be too prosaic, email marketing is the pursuit of relevance. Relevant emails get read and make money; irrelevant emails go into junk or worse still get unsubscribed (leading to a subsequent loss of lifetime value).
The art of good email is knowing what someone is interested in, and that applying this to all future email communications.
How marketers measure email is changing and will continue to change.
Where we used to look at open and click rates, today we are putting in place plans to measure email lifetime value. So what is going on?
I was reviewing results from a split creative test on a basket abandonment email recently (names removed to protect the successful) and it struck me how the methodology for measuring email results can, quite erroneously, determine how we use email marketing and develop marketing strategies.
So I thought I would combine the results here with my recommendations on how to measure email marketing.
It is frankly maddening when I hear marketers talk about how ‘valuable’ email is because it is ‘cheap’.
It says to me this marketer is likely to be banging out high frequency emails to produce orders without due consideration to the real value of email marketing in CRM terms.
RedEye’s latest Behavioural Email Benchmark Report shows that the number of online retailers employing a basket abandonment strategy has doubled from 7% to 14%.
So, I’ve asked the key guys at RedEye for their ideas about how to improve a basket abandonment email campaign. I got the fun of ranking them.
And in the style of Tony Blackburn, I’m counting down starting at number 10!
I've seen a lot of advice recently suggesting that 'recency is the key', and all basket abandonment emails should be sent immediately.
I find it quite depressing. Individuals giving this advice assume that all customers are the same. Segmentation, customer analysis, research and even good old fashioned ‘thought’ is ignored for the sake of a headline.
In translation, these vendors are screaming ‘Spam the lot of them immediately!!’
From security concerns to annoyances around hidden charges or high delivery costs, there are a number of possible reasons why not make a purchase from an online retailer.
Of the 2,000 respondents, just 12.8% don't shop online, the other 87.2% shop at least several times per year.
Some highlights from the survey after the jump...
“You can’t use offers in Basket Abandonment emails because it trains customers to deliberately abandon”.
What tosh! All marketers know that offers improve conversion. To blandly state that you can’t use an offer to improve conversion on a basket abandonment campaign is at best a lazy excuse.
Most businesses now acknowledge the importance of emaill to their business model.
However, despite the growing acknowledgement that email is an important revenue building tool, it has not led to uniform treatment when allocating budgets or devising email strategies.
Everyone is doing basket abandonment emails today… or so I thought. But I have just been proved wrong.
According to our research, less than 10% of the top 100 UK e-commerce sites (as defined by Hitwise) currently do basket abandonment emails, so I thought I would post the top 10 best practice learnings that we have had from the last decade...
While 87% of online shoppers abandon their shopping baskets, the majority plan to return to websites later to complete their purchases, with baskets effectively used as wish lists.
According to a basket abandonment survey from Amaze, 74% of respondents said they would return at a later date to make a purchase, and many are using the basket as a means to 'window shop' on e-commerce sites.
The report suggests that, since there is little that etailers can do to change this behaviour, then less emphasis should be placed on abandonment rates as a measure of success or failure.
Twitter has just drawn my attention to a piece of advice on basket abandonment that I personally feel is misleading. The idea that 24 hours later is industry best practice for sending a basket abandonment emails is something I have never before come across.