Are you certain that people are browsing your ecommerce website, but you’re just not seeing the sales you’d expect?
Statistics show that on average, about 72% of shopping carts are abandoned – that is shoppers add things to their shopping cart, but never check out.
What if you could bring some of those shoppers back?
First things first, what is your shops cart abandonment rate? Is it about on par with e-commerce in general? Better? Worse?
The formula to work out your abandonment rate is: 100 x (1 – ( completed purchases ÷ shopping carts with items an them)
As example, if last month your website had 200 orders, and 700 created shopping carts (so 500 abandoned carts), your Abandonment rate for the month would be:
100 x (1 – (200 ÷ 700) = 71.43%
About on par with e-commerce in general. If its better, good for you! Is there anything you can do to make it better? If its worse, what could you do to improve it?
What If You Could Get Some of Those Shoppers Back?
Statistics show that 45% of cart abandonment emails are opened (you know, those emails that say “Hey, you left something in your shopping cart”), 50% of those opened are clicked through, and 50% of those who click through make a purchase.
If my math is right, that means about 10% of those abandoned carts can be recovered.
Based on my example above, how does an extra 50 sales a month sound?
How Is It Done?
Clearly you want it to be automatic, and if you’re using using WooCommerce, there are various methods and plugins that can do this for you.
Recently we’ve been working with the Abandoned Cart plugin from Tyche Softwares.
They’ve got two versions, a free ‘lite’ version, and a paid pro version.
The free version will actually do all the basics, including tracking abandoned carts, capturing email addresses when possible and emailing those who have abandoned their carts reminder emails – multiple emails at set intervals if you’d like.
The pro version does more, including multiple ways to capture email addresses, and the ability to add coupons right into those recovery emails.
There’s a full comparison of the lite versus pro version at: https://www.tychesoftwares.com/differences-between-pro-and-lite-versions-of-abandoned-cart-for-woocommerce-plugin/
If you’re not emailing shoppers who abandon their shopping cart, you’re leaving money on the table.
If you’d like assistance setting this up on your site, give us a shout.
Sources:
8 Conversion Rate Optimization Tactics to Boost Your eCommerce Sales in 2020 [Guide]
https://www.business2community.com/online-marketing/8-conversion-rate-optimization-tactics-to-boost-your-ecommerce-sales-in-2020-guide-02307323
Shopping Cart Abandonment Rate
https://www.geckoboard.com/best-practice/kpi-examples/shopping-cart-abandonment-rate/#:~:text=The%20Shopping%20Cart%20Abandonment%20Rate%20is%20calculated%20by%20dividing%20the,100%20for%20the%20abandonment%20rate.
SlickText study highlights the power of abandoned cart recovery texts
https://mobilemarketingmagazine.com/shopify-study-highlights-the-power-of-abandoned-cart-recovery-texts
Shopping Cart Abandonment Stats You’ll Need for 2020
https://moosend.com/blog/cart-abandonment-stats/