As an online retailer, you’ve done everything right – built a flashy site, negotiated great prices from your suppliers, optimized your ad spend, and still – consumers fill their shopping cart and then leave without purchasing. Some studies estimate up to half of all b-to-c e-shopping carts are abandoned while b-to-b prospective purchases fall through about 35% of the time. Is there anything you can do to stop these defections?
First, you need to understand why customers leave a full shopping cart. A recent PayPal survey calculated that the lost sale to the retailer averages $109 so taking action to convince shoppers to buy clearly improves the bottom line. Here are a few top reasons why shoppers aren’t clicking the final purchase button:
- High shipping cost: 46%
- Desire to comparison shop before purchase: 37%
- Want to find a coupon before purchase: 27%
The survey also notes that a significant percentage of shoppers come back to finalize the purchase. But how do you reach out to the other potential clients? The results of a study performed by SeeWhy suggest that retailers could improve results by allocating part of the overall promotional budget to re-marketing. There are a couple of different ways to manage re-marketing. You could email the potential customer within 30 minutes of the failed business transaction and make a special offer in an attempt to capture the business. You could also wait until the visitor returns to your site and personally greet the individual with suggested actions based on his or her previous actions on your site. Reaching out in this way might not please everyone but the results of the SeeWhy study point to a 50% success rate when measuring conversions.
Review the complete details of the SeeWhy study and put a stop to the abandoned shopping carts littering your site.[Sources: Hosford, Christopher. Web site abandonment, BtoBOnline, 7.6.09; PayPayl Release 6.23.09]