In topics: Cart Abandonment | OM3 Knowledge Base
Over 50% of your shoppers will likely abandon their ecommerce shopping cart during checkout. They may do price comparisons before they’re ready to buy. Or, they’re not satisfied with shipping rates or shipping dates. It may just be that they get distracted mid-checkout. And customers often add items while shopping on mobile devices, intending to complete the purchase later on a PC. So what to do?
A shopping cart recovery campaign can recapture those lost sales, and add revenue to your bottom line. You can expect between 10% to 20% lift in sales. It’s a no brainer. In fact, we discussed the basics of cart recovery campaigns in a previous blog. Here, we explore the specifics of LassoBack, the OpenMoves cart & browse abandonment platform.
The beauty of the LassoBack platform is that it’s joined at the hip with our OM3 enterprise-level email platform. Create, deploy and track cart recovery and other email marketing campaigns all from one interface.
You begin the process by creating a recovery email campaign made of 1 to 3 emails that are designed to remind your prospect to return to the cart and complete the shopping process. The 1st email is an “oops” email that for best results is within 30 min of the abandonment and the subsequent ones a few days apart as long as the abandoner does not purchase. See more information here.
To determine the success of your campaigns, you need to understand what to measure and track in the cart recovery paradigm.
We start with examining what every business owner wants to know, the LassoBack Sales Report:
- Total Prospects: Online shoppers that place an item into the shopping cart.
- Total Abandoned: Prospects that leave the cart within 30 minutes, without completing the order (i.e. they exited the cart, closed their browser).
- Direct Recovered: Prospects that abandoned a cart and then received a cart recovery email. They later completed a purchase, as a result of an immediate click on any link within the email.
- Assisted Recovered: Prospects that abandoned the cart, received a cart abandonment email and later completed a purchase, but NOT, as a result, of an immediate click on any link within the email. They simply went back to buy on their own.
- Total Recovered: The big enchilada = the sum of Direct Recovered and Assisted Recovered. Or how much money you made by marketing to abandoners.
- Average Recovered Value: The total dollar value recovered divided by total recovered shopping carts over the same range of time.
With this data you can see if your marketing programs are driving prospects to the top of the sales funnel and how effective the cart recovery campaigns are.
Next, drill down to monitor the email campaigns sent to the abandoned prospects. This data is instrumental to track and improve results. These type of 1:1 emails should have significantly better results in terms of opens, clicks, and conversions compared to your “batch & blast” emails. Let’s take a look at the key metrics.
- Sent: How many emails were sent during a specific time period
- Unique Opens: How many emails were opened
- Unique Clicks: How many individuals clicked from the email to the cart
- Click to Open ratio: How many of the openers clicked a link to your site (%)
- Total Recovered: How many recoveries and total dollar value resulted
*In each case you can drill down to the recipients’ information
Optimizing campaigns: Once you establish your baseline results, you can test and improve by changing: mailing frequency, design & copy, call to action and offers, and by adding more recovery emails. For example, the first recovery email can be sent 30 minutes after abandonment and simply remind the prospect to complete the order. The second email can be sent two days after the first, and reinforce a key benefit of shopping at XYZ.com. And the 3rd email can impart a sense of urgency by offering a 5% savings if the order is completed pronto. Test and optimize this recipe based on live feedback from LassoBack.
Product Evaluation: Next you can take a look at the Products Reports and determine which products were abandoned and which products were recovered more frequently. Our Top/Bottom product chart can quickly tell you which products are the top sizzlers and which are top fizzlers. This kind of data can help you reduce your overall abandonment as well as increase your recovery rate.
Consumer behavior: The LassoBack platform provides you with in-depth tracking of the journey of the abandoner and the recoveries. As such, you will be able to better understand why, when, and how people are abandoning your shopping carts. You can use the LassoBack data to help you optimize the shopping process on your site so that you reduce the abandonment rate and increase your overall conversion and sales.
Segmentation: With any sophisticated email marketing strategy, targeting and segmenting based on behavioral data is where the rubber meets the road. By checking your Prospect Report, you can tell who exactly abandoned your carts and who came back to buy. Leverage the automated abandoned lists in the OM3 email system to send other segmented emails to the abandoners and treat them like royalty. After all, they have shown interest in your products and you should reciprocate with the right offers.
If you are used to tracking your web site and ecommerce performance using Google Analytics, you will find the interface of LassoBack familiar. However, unlike Google’s aggregated data results, LassoBack provides valuable shopping information on each shopper making it possible to target your top shoppers and your duds for maximum profit.
Don’t hesitate to contact us for a demo of LassoBack!Please Share: