Abandoned baskets can’t help but feel like a missed opportunity. This is a common problem for e-commerce retailers. On average almost 70% of shopping baskets are abandoned before a customer completes their purchase, implying brands may be achieving less than a third of their potential sales. On top of that, what about those customers who are equally as interested in your products when clicking through your site, but don’t make it to the point of adding to their basket?
The solution? Optimised abandoned basket & browse campaigns.
We know… abandonment emails are no new addition to the marketing playbook, but in today’s uncertain economy, restricted budgets can mean digging deeper into your current toolbox to make them even more effective. Marketers can drive value by uncovering and resolving pain points in their existing campaigns to enhance their marketing programme, and your abandonment campaigns are a great place to start.
Abandoned baskets are rife with opportunity for savvy marketers. Today’s digital window shoppers fill their baskets as a tool to explore gift options, make personal wish lists, and compare prices, often with little intention of ever buying. However, the good news is when leaving full baskets behind, customers are also leaving behind an abundance of valuable data and actionable insights.
Forgot something? You left something behind!
Many customers have grown accustomed to receiving a nudge from brands with a link to the product they just added to their basket. But marketers can do even more to enhance the customer experience and increase their opportunity for conversions.
We recently selected a number of top high street retailers to evaluate post-browse and post-purchase communications. After accepting all cookies, we conducted a series of tests including browsing various categories, abandoning baskets, creating accounts, making first-time purchases and more. While these findings should be taken with a pinch of salt (we can’t account for all situations, such as whether or not we were in a control group), the results were surprising.
Only 64% of brands sent abandon basket emails, and only 22% of those communications included further product recommendations based on what we had added to the basket. This is a major missed opportunity. By using customer data to hyper-personalise abandonment emails with individual product recommendations, e-commerce businesses can increase the likelihood of customers completing their purchases and increase their overall success.
What’s more surprising, only 8% of the top retailers we tracked delivered an abandon browse email. Personalised recommendations can be informed by the products customers have viewed on the website, their purchase history, and other data points. By having access to unified data in real-time from on- and offline sources forming a comprehensive Single Customer View, e-commerce and clicks-and-bricks businesses can make more informed product recommendations and improve the relevance of their browse and basket abandonment messaging. In today’s competitive market, competition for customer spend is fierce, leaving no room for marketers to miss the mark. Businesses must stay ahead of the curve and leverage data technology to reach customers in meaningful ways. By optimizing their marketing strategies, businesses can enhance their customer experience to generate greater engagement, drive sales, and build stronger relationships.