Abandonment Rate
When discussing shopping cart recovery, there is a
simple question that leaves so many marketers and ecommerce
managers scratching their heads:
Do you know what your shopping cart abandonment rate is?
SaleCycle calculates your abandonment rate alongside your
recovery rate and provides you with detailed reports showing:
- how many sales you have made;
- how many of those were direct sales;
- how many abandoned before returning of their own accord;
- how many people you responded to;
- how many of them you have converted;
(Each report details the monetary values against each of the
statistics captured.)
SaleCycle can report against your
response campaigns to show you which approach is proving to be the
most successful when trying to recover sales, as
well as relevant case studies that show you the performance levels
of response campaigns in your sector when recovering lost sales.
The average abandonment
rate is 73%. That means 7 out of every 10 customers that start
a shopping cart process fail to complete it, showing that half of
your prospective customers abandon their shopping cart. There are a
multitude of reasons why this happens but whatever they are, the
results are the same - you are losing significant amounts of
revenue due to abandoned shopping carts.
Abandonment rates are
applicable to all businesses with transactional websites, not just
retailers with a high shopping cart abandonment rate looking for cart recovery. For example, the financial industry
experience abandoners throughout application forms and quotation
requests. SaleCycle can help recover these lost customers with a real time response.
So, back to the question:
Do you know what your abandonment rate is?
Well you should, but if not we can tell you if you get in touch.
Curtailing shopping cart abandonment
A combination of multiple factors could lead to shopping cart
abandonment on your ecommerce site(s). In the ecommerce industry
which is highly dynamic and competitive, knowledge can be an
important tool. The first step to effective shopping cart recovery
is understanding your cart
abandonment rate better. Almost always, cart abandonment rate is
underestimated by marketers. The disclosure of this crucial
information helps ecommerce managers understand the scale of the
problem. Your online marketing campaign may have brought far more
buyers to your site than you thought possible! But at what point in
the purchase cycle did you lose them? SaleCycle provides marketers
a detailed break-up of shopping
cart abandonment statistics, which aids in better cart
recovery.
Finding out that your cart
abandonment rate is high, is not necessarily bad news. Firstly,
it means you are getting the customers you need. But there may be a
few issues that need to be resolved. The detailed shopping cart abandonment
statistics provided by SaleCycle can help you understand the
many reasons of cart abandonment
rate. Comparison with competing sites and the lack of
compatible payment options are a few examples.
SaleCycle's shopping cart
abandonment statistics also reveal a range of interesting
details, like how many sales were direct, how many were converted
sales, and so on. It also shows how much of the cart abandonment rate problem can
be directly resolved by you. For instance, despite low pricing,
after numerous additions to their cart, some customers may find the
purchase beyond their budget. Not all problems contributing to the
cart abandonment rate can be
controlled.
Thanks to SaleCycle's detailed shopping cart abandonment
statistics, you will know the exact extent of the problem. With
a clear picture, ecommerce managers can realign the problematic
aspects of the purchase cycle. Indeed, a growing number of
marketers and ecommerce managers are relying on SaleCycle, ensuring
that their shopping cart recovery programs are on track and
effective.