December 4, 2013 Leave a Comment
As the holiday season revs into high gear, it’s sobering to recall that more than two out of three potential eCommerce transactions will not be completed. Cart abandonment is higher than ever, with 70% of shoppers exiting sites after selecting items for potential purchase, according to third-quarter data from the MarketLive Performance Index.
The reasons for such a high abandonment rate are more complex than ever. Far from representing a leak at a single point in the linear “purchase funnel,” abandonment is a reflection of the challenges facing merchants as they attempt to present relevant offers and products to consumers across a growing array of touchpoints. During this holiday season alone, 80% of shoppers say they plan to shop on two devices at once, and 84% say they’ll start shopping one one device and finish the transaction on another, according a Google/Ipsos survey; nearly half of smartphone owners say they plan to use their devices to research prices and then purchase in a physical store. When it comes to abandonment, such a bevy of potential touchpoints looks less like a funnel than a sieve.
But the good news is that the very multiplicity of touchpoints that complicate merchants’ strategies can also be a boon to closing sales — giving brands more opportunities than ever to engage (or re-engage) shoppers and convince them to purchase. On Friday, MarketLive Founder and CEO Ken Burke will deliver a webinar hosted by the Association of Strategic Marketing on tactics to combat abandonment, with a focus on how best to marshal myriad touchpoints to convince shoppers to complete purchases. Among the topics Burke will discuss:
Email techniques for recapturing sales. Triggered email messages to cart abandoners can be effective, with click-through rates above 14% and purchase rates after click-through of more than 42%, according to real-time marketing firm Triggered Messaging. But while the percentage of merchants in the Internet Retailer Top 1,000 who send post-abandonment emails has grown, three in four merchants still fail to do so , according to marketing firm Listrak. Burke will examine not only why this practice is so important, but also the ideal messaging content and timing.
Social media as a bulwark against abandonment. Social media’s reputation as an experimental touchpoint with no tangible ROI is quickly becoming outmoded. Increasingly, merchants are harnessing the power of social networks to create highly engaging communities, where shoppers can gather around lifestyle topics and related products. By integrating social interaction throughout the shopping experience, merchants can keep consumers engaged and encourage purchase completion.
Much more is in store for the webinar, so register today and tune in Friday at 10 a.m. PST. Meantime, what tactics are working for you to stave off holiday abandonment?