Posts Tagged ‘shopping cart abandonment’

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13th Annual Merchant Survey: Investing for Impact in an Omni-Channel Climate

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Description

This report is a comprehensive reference source for investing, merchandising, mobile, personalization, omni-channel thinking and benchmarking KPIs. A compilation of responses and commentary from 108 senior executives with responsibility for ecommerce, provides a unique seller’s perspective overview with observations and guidelines interjected from the e-tailing group, inc. based on 20 years of ecommerce and over 50+ years of retail experience.

What’s Included

  • Input from ecommerce executives representing major product categories being sold online
  • Aggregated responses to a 47-question survey completed 1Q 2014
  • 51 charts and tables for benchmarking strategic, merchandising and omni-channel initiatives as well as website performance

Table of Contents

  1. Reflections on the State of the Industry
  2. Methodology and Topline Findings
  3. Investment Strategies
  4. Merchandising and Tactics
  5. KPIs
  6. Personalization
  7. Mobile and Social Media
  8. 2014 Top Issues and Checklist for Impact Investing

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Courting Customers Through Cart Abandonment: 2013 Mystery Shopping And Merchant Survey Insights

Posted on June 20th, 2013 by

Cart abandonment is always a hot topic as the opportunity to tap into an audience that has expressed interest in making a purchase is an ideal gateway to conversion. The 148 participating retailers in our Annual Merchant Survey made it clear when describing the success of personalization tactics. Triggered shopping cart abandonment emails topped the list of strong performers where 61% of retailers reported that they are very/somewhat successful up 5% from 2012.

Methodology
In addition to the Merchant Survey, we have continued to monitor triggered emails as a result of abandonment, now in our 6th year. For each of the 100 merchants that are part of our Annual Mystery Shopping Survey, we have added an item to the cart (with a retail value over $62.99) going through the entire checkout process then stopping just before completion and leaving the site. Subsequently we track all email correspondence regarding the items left in the cart, respective strategies, participating merchants and incentives.

Merchant Adoption of Abandonment Practices
One can summarize abandonment strategies as more aggressive year-over-year. Just under 1 in 4 (23%) took advantage of triggered email with all targeting prospects with HTML messages. Knowing that a more personalized experience performs well 61% included the product image while 26% personalized the email salutation. A slight increase in the use of incentives was tested with 26% of retailers hoping to reel in shoppers where offers ranged from free shipping to 20% off. All year-over-year details are summarized below.

1st Abandonment Email e-tailing 100 2012 e-tailing 100 2011 e-tailing 100 2010
% Penetration % Penetration % Penetration
# sites that sent abandonment emails 23% 20% 23%
   HTML 100% 100% 100%
   Image of Item Displayed in E-Mail 61% 50% 35%
   Personalized in Salutation 26% 20% 35%
Average # Days to Receive From Date Shopped 3.70 5.65 4.96

Communication Efforts Continue
A look at retail strategies also finds that of the 23 retailers who sent an initial email just under half (48%) followed up with a second message in hopes of securing the sale. They tended to be more aggressive as 55% now had an incentive included as part of their marketing strategy which was double that of the initial mailing. It’s interesting to note that the average number of days to receive this communication was 7.39 days up from the prior year’s 5.0 days

Policies And Performance
2013 Annual Merchant Survey results based on 148 participating retailers indicate that shopping cart abandonment rates have declined. Dedicated merchant efforts should be credited and for those that know their rates they appear to be evenly split averaging in the 41-50% range.

Findings from our Annual Merchant Survey suggest that we should have received even more triggered email.  A review of questions focused on personalization indicate that triggered shopping cart abandonment emails top the list of tactics that deliver ROI as 61% of retailers reward them as being very/somewhat successful performing above every other noted tactic.

An array of policies is in play for holding merchandise in the cart where category, brand and inventory turn are important factors in establishing one’s policy.

The Tactics
Retailers test a myriad of tactics to communicate with those shoppers abandoning carts where incentives are playing a greater role. We would have expected given these findings that our mystery shopping would have seen higher triggered emails as they once again lead the way as chosen communication techniques.

0613_AbandonedShoppingCart_chart

e-tailing group Abandonment Checklist

  1. Establish a strategy for saving items in the cart
  2. Understand current technology’s ability to trigger abandonment email
  3. Message cart strategy to ensure customers know when and if their cart will be cleared
  4. Include an urgent call to action
  5. Utilize HTML and photos to visually enhance abandonment emails
  6. Review abandonment opportunities from branding to customer service
  7. Include merchandising tactics to foster the customer relationship and encourage purchasing beyond the abandoned item
  8. Provide a link to the abandoned cart and direct to cart links for additional product recommendations
  9. Integrate cross-channel elements and social engagers to elevate the brand
  10. Use promotional incentives to save the sale if important for your brand and strategy

Report

12th Annual Merchant Survey: Superior Shopping Experiences: Compelling Merchandising and Marketing for Connected Customers

This report is a comprehensive reference source for strategy, merchandising, and marketing trends online and across channels. A compilation of responses and commentary from 147 senior executives with responsibility for ecommerce, results provide a unique overview – from the sellers’ perspective, with observations and guidelines interjected from the e-tailing group, inc. based on 18 years of ecommerce and over 50+ years of retail experience.

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Highest ROI in eCommerce? Email Remarketing + Retargeted Ads

Recently, the e-tailing group produced their 2012 Merchant Survey which studied the ROI impact of different personalization techniques.

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Shopping Cart Abandonment Rate Set To Rise in 2012

An e-tailing group study conducted at the end of 2011 found that 47% of online buyers would only buy discounted products, except under exceptional circumstances. The same study shows that 73% of consumers rate unconditional free shipping as a critical feature when making an online purchase.

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Report

10th Annual Merchant Survey: Diligent Investing + Solid Execution = Evolved Selling

This report is a comprehensive reference source for strategy, merchandising, and marketing trends online and across channels. A compilation of responses and commentary from 200 senior executives with responsibility for ecommerce, results provide a unique overview – from the sellers’ perspective, with observations and guidelines interjected from the e-tailing group, inc. based on 17 years of ecommerce and over 50+ years of retail experience.

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Report

Aligning Cross-Channel Strategies for Profitable Growth

This report is a compilation of responses and commentary from 152 senior executives with responsibility for e-commerce. Results provide a unique overview –from the sellers’ perspective, with observations and guidelines interjected from the e-tailing group, inc. based on 16 years of e-commerce and over 50+ years of retail experience.

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Press Releases

the e-tailing group 9th Annual Merchant Survey: eCommerce is Mission Critical for Retail Today with Investments and Strategies Aligned

An impressive 59% vs. 36% in 2009 are planning to invest somewhat more in e-commerce than they did in 2009 given its essential role for today’s retailers.

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Are email reminders of products abandoned in the shopping cart an intelligent policy or an intrusive ploy?

Posted on March 15th, 2010 by

While preparing out latest e-tail detail, “More Merchants Rely on Email to Minimize Cart Abandonment,” the question of customer privacy sparked a conversation within our office.

Is reaching out to customers to remind them that products are left behind good customer service or does it cross a boundary and become intrusive?

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Report

e-tailing group Annual Merchant Survey, 2009: Merchants Optimize to Profit in Turbulent Times Tweaking, Testing, and Targeting the eCommerce Channel

A compilation of responses and commentary from 190 senior executives with responsibility for e-commerce. Results provide a unique overview — from the sellers’ perspective, with observations and guidelines interjected from the e-tailing group, inc. based on 15 years of e-commerce and over 50+ years of retail experience.

Read More »