Over the last year, how many eCommerces have you visited?
In all of them, how many times did you, or your wife or husband, add products to the cart and didn’t buy?
We can tell you roughly how many times that happened in 2020, while the 2021 statistics aren’t out yet.
Close to 9 out of 10 people leave the cart without finishing their orders.
According to Statista, 88.05% is the average of the shopping cart abandonment rate (stars from March 2020).
Many of these are not going to buy. We know.
But with email marketing you can boost your return on abandoned carts.
And some of them will buy.
Why some buyers don’t finish their purchase right away
There are many reasons, but here’s the top 3.
1) They forget
We know, this sounds silly.
But it happens often.
Sometimes, you’re browsing the eCommerce pages and products, you keep adding to your cart but something happens.
A push notification from WhatsApp or Messenger with the latest gossip or even that important call you were waiting for.
These are two that happen a lot more often than you may think!
And the products just sit in the cart.
2) They’re waiting for discounts
Sure enough, you’ve received some emails offering a 5 or 10% discount on your unfinished order, right?
These has become a well-know practice among eCommerce businesses and frequent buyers are aware of it.
So there are times when they actually sit and wait for the discount to come.
3) They’re not that confident
Either about your business or about themselves.
This is when reassurance needs to happen in two levels:
1) Your business is trustworthy. You have SSL, you make sure payments are secure, you belong to a customer service protection program of some sort, etc. And XYZ amount of buyers trust it already.
2) You want to ensure the customer you’ll always put him first. So you’ll ensure delivery times, refunds and so on.
How email marketing can boost your return on abandoned carts
If you take away social media, email is the number 1 app in everyone’s smartphones.
And everyone checks it at least five times a day.
A business person checks a lot more times (regardless of it being work related or not).
If email is such a powerful tool, we can guarantee you’re losing money if you’re not using it.
With email marketing, you can boost your return on abandoned carts by simply finding solutions to the top 3 reasons people don’t finish their purchases.
If they forget…
An email reminding them that their purchase was not completed will guarantee an increase in purchases.
Push notifications are a phenomenon in distracting us – and they also distract us from buying!
Someone who’s added products to their cart is an extremely hot lead for the following 4 hours.
Making sure your customer receives an email within those 4 hours may help convert to an actual sale!
If they’re waiting for discounts…
After sending the first email within 4 hours, wait at least 12-18 more hours before sending a new email.
Especially if there’s discounts!
Discounts are a good way to bring the customer back.
If it’s a first purchase, a 10% discount may do the trick.
If it’s a repeated purchase, a loyalty programme can work wonders.
This sort of programme can work to offer the 10% discount on a next purchase.
Don’t mind it is people are, indeed, waiting for the discount.
If they keep buying from you, that’s still profitable.
If they’re not that confident
Then this means there’s some information lacking on your website.
This is the sort of email that you could send 24-36 hours after the Add to Cart event and this needs to be a reassuring email.
You can include:
- Free shipping;
- 7 day refund;
- Customer reviews.
The 7 day refund policy works wonders because you’re making sure the customer feels safer with their purchase.
You can literally tell them “I’ll be completely responsible for your purchase for the first 7 days. Because, for 7 days, the refund will be issued, no questions asked”
(Of course, you can add a delivery fee if you want to, if you’re selling physical products on your eCommerce.)
A customer who trusts you is someone who’ll be willing to buy from you again.
Lifetime Value (LTV) is extremely important, as you’re aware, and email marketing is the best tool for it.
How a boost your return on abandoned carts will also boost your valuation
In business, it’s all about the numbers.
The more sales, the higher the valuation.
If you’re numbers are good, your valuation is good.
If your customers are loyal, the valuation boosts as well.
This works in like a circle, where everything you do will have a direct consequent in your business valuation.
If you would like us to review your eCommerce business and help you boost your numbers so you can sell for the highest possible valuation, schedule a free call with one of our advisors.