It’s December, Black Friday and Cyber Monday are now well behind us. We decided it would be a good idea to take a look at how the Datacrushers revenue discovery platform has helped merchants score big and rock this BFCM week!
How Many Sales Were Recovered?
So, just how many sales and how much revenue did we help our merchants recover during this period? The data displayed below is an aggregate across cart, search, and browse abandonment; and represents all of our U.S. clients’ during the Black Friday, Cyber Monday holiday shopping rush.
Because the Datacrushers revenue discovery platform collects actionable data on the User, Site, and Product (USP), our clients’ gain enormously since they can leverage this data to retarget visitors through smart omnichannel campaigns, in order to increase conversions to their site. This doesn’t answer one particularly burning question – “How much did we recover from guest shopper traffic AKA “not-logged-in” during this timeframe?
Wait… Guest checkout? Guest shoppers? Non-logged in visitors? That segment makes up about 80-90% of all site visits! Recoveries from non-logged in visitors are particularly important for eCommerce sites, especially during the holiday season. So important in fact, that 75% of our clients’ recovered revenue during the BFCM week was a direct result of those visitors who were not logged in during their visit!
Let’s take a closer look at that last point about conversions. A whopping 65% of them came from mobile devices. That means shoppers who were compelled to complete their purchase as a direct result of an email they received in response to their cart-abandonment, came back to the site on their iPhones, Android smartphones, iPads, BlackBerry’s, and Windows (mobile) phones.
It gets even crazier when you consider that game consoles got in on the purchase action. Shoppers literally used their Playstation or Nintendo system to open a cart-abandonment email, click on the link provided, and complete their purchase! That takes the couch potato term to a whole new level! Anyone who has had the pleasure of browsing the internet using a gaming console (with the included controller – not a mouse and keyboard) knows that it’s not an easy experience and takes a lot of work.
And that, ladies and gentlemen, is how the Datacrushers revenue discovery platform helped our merchants recapture their share of abandoned cart sales post-turkey day. Thankfully, no merchants (so far as we know…) were hurt in the process of recovering these sales.
BFCM In the Grand Scheme of Things:
In our last post on the holiday sales bonanza, we brought you up to date regarding how much money was generated from online sales over the BFCM weekend. Max, our resident Gorilla-in-Chief, made sure we pointed out the massive role smartphones played in converting shoppers and closing sales this year; to the tune of almost $2 billion dollars on Black Friday alone!
But that’s just one part of the whole story. According to Adobe Analytics, an astounding $19.62 billion was spent online during the five day period between Thursday (Thanksgiving) and Monday (Cyber Monday). To recap, here are the final figures for Black Friday and Cyber Monday 2017, as well as the Average Order Value (AOV) for each day.
Cart Abandonment is the #1 Revenue Killer!
Are you ready to have your mind blown? This year, the total value for online cart-abandonments during this blessed five day period reached a staggering $24 billion dollars! Let’s break it down:
- $24 billion was left on the table as a result of all abandonments
- At a bare minimum, 1% of that total is recoverable
- That means merchants can recover at least $240 million in sales! This is not chump change by any metric
- 80-90% of the revenue abandoned is from guest shoppers/non-logged in shoppers and this revenue is virtually undiscoverable and unrecoverable to non-Datacrushers merchants
So, if $240 million can be recovered, what is the problem? The problem is that merchants who lack proper recovery tools are not only leaving BIG money on the table – they are also losing out on the ability to collect actionable analytics that can be used to discover new revenue. Analytics, which when utilized properly, provide a massive ROI for merchants. So in a sense, the loss to poorly-prepared e-tailors is actually doubled during this time of year. Especially when we take into account the fact that:
- On Black Friday, many sites experienced a 40% increase in traffic
- On Cyber Monday, many sites experienced a 50% increase in traffic
How Our Clients Prepared (to Keep The Momentum Going)
So, how did many of our clients prepare to keep the momentum from their sales going over and after the duration of the Black Friday and Cyber Monday period (BFCM)? Let’s start with the fact that clients used triggered emails sent out at 1 min, 1 day, 2 day and 7-day intervals or other, based on their marketing preference (in response to cart, search and browse abandonment) featuring different offers to bring visitors back to their site. What else was done in tandem with those emails to supercharge their sales across omnichannel marketing campaigns?
- Free shipping: This is an attractive offer for shoppers during the holiday season. As a general rule, including a coupon for this in emails will make a huge difference in bringing visitors back to your site in order to complete their purchase
- Back-in-stock alerts: Shoppers who find out that products they were intending on purchasing are out of stock, are more likely to abandon their entire cart. Merchants who can quickly re-stock these items, should inform visitors about their availability ASAP in order to bring them back to the site and complete their entire order
- Extended-Offers: Holiday sales and coupons that are available for an extended period of time lasting until several days after the holiday itself. This method allows visitors to reap the benefits of Black Friday and Cyber Monday sales even after the actual “sales date”
- Checkout Optimization: Ensuring their mobile checkout was as seamless as possible, and offering a large variety of payment methods, such as Apple Pay, Google Wallet, Affirm or Bread consumer loans/financing, Split payments, Visa, Mastercard – you get the idea – especially because digital wallets are a big deal in 2017.
All of these methods really make a difference when applied properly. The thing is, they don’t strictly apply to the holiday season itself. They can be used year-round, but during Q4 they require extra TLC to ensure the best results.
There is an old adage that goes “Work smarter, not harder” and it is especially true when applied to discovering new revenue streams during Q4. For our clients, especially during the holiday sales season, the Datacrushers revenue discovery platform helps them identify up to 80-90% more revenue abandoners due to shoppers not being logged in, and can increase merchants sales by up to 40%!
Founded in 2015, Datacrushers uses Machine Learning and A.I. along with NLP to identify and recover revenue loss, cart abandonment and discover new revenue sources across any site. The revenue discovery platform completes the deep ongoing analysis of eCommerce websites by monitoring the three main focal points of any site: The User, Site, and Product.
Unlike traditional “cart abandonment platforms,” Datacrushers does not require shoppers and customers to be logged-in to conduct both on and offsite campaigns. We use a wide range of data-driven and analytics based conversion tools to target the shopper at the right time with the most accurate and effective campaign to drive the sale.
Datacrushers is platform, language, and currency agnostic and requires only a few lines of code to get started therefore delivering an ultra-fast go-to-market with minimal set-up time and tech intervention.
Based out of Jerusalem, Israel, Datacrushers has clients worldwide including, The US, China, Russia, UK, Germany, and more.