How E-Commerce Stores can Recover More Revenue from Cart Abandons
Abandoned carts are a common source of pain for e-commerce stores. In fact, it’s estimated that over 71% of shopping carts are abandoned. This means that businesses are losing out on a lot of potential revenue (an estimated $16 Billion, actually). Fortunately, there are ways to recover a lot of this revenue! In this blog post, we will discuss how e-commerce stores can recover more revenue from cart abandons and the benefits of personalization in reducing your cart abandonment rates.
First, e-commerce stores can employ abandoned cart recovery strategies to help win back business. These strategies often involve a series of e-mails sent at intervals after the customer abandons their cart (with a link back to their shopping cart). E-mail campaigns are an effective way to reengage with lost customers and increase your odds, especially when sent quickly after the abandon. Stores should also consider including other channels such as phone and SMS messages to reach more of their audience quickly.
Another way e-commerce stores can reduce their cart abandonment rates is through personalization. Personalized experiences have been shown to increase customer engagement, loyalty, and spending. In fact, according to Monetate’s 2017 eCommerce Quarterly report, personalization can lift product purchases by as much as 17%. Stores should make sure they are taking advantage of all the data at their disposal to create a personalized experience for each and every customer. This could include using cart items, location, device type, and more to deliver a relevant shopping experience.
To sum up, e-commerce stores can recover revenue from cart abandons by employing abandoned cart recovery e-mail/text campaigns and increased personalization. To learn more about how e-commerce stores can boost their revenues with personalization check out our video case study below: