This is an excellent time of year to review your techniques for combatting cart and site-wide revenue abandonment. If you currently don’t have a strategy for dealing with this issue, you can use this guide to develop one.
“I don’t have a cart-abandonment issue on my site, so why would I care to develop a strategy for combating a non-existent issue?”
Nonsense! If you sell something online, no matter how expensive it is, you have a cart-abandonment problem. The scope and scale does vary by the product or service. Just because you can’t see the issue, does not mean it doesn’t exist! In fact the issue is estimated to cost eCommerce merchants around the world over $4 trillion dollars annually.
Pictured: Artists Rendering of What $4 trillion abandoned in a shopping cart might look like.
“Ok so, how can I determine if I have a cart-abandonment issue?”
Ah, now we are onto something. According to the Baymard Institute, the average rate for cart-abandonment hovers at around 69.23% – that’s a lot of lost revenue for eCommerce merchants. let’s tackle this issue head-on with two simple questions:
“Do you currently use any SAAS (software as a service) that is capable of measuring your site’s engagement from both logged in and guest shoppers? Does your SAAS allow you to connect with both sets of shoppers?”
If you answered “No” to any of those questions, then boy do I have a terrible, earth-shattering diagnosis for you. No, you do not have ANY way of combating cart and site-wide revenue abandonment.
This diagnosis doesn’t have to be terminal if you are willing to do something about it. There is a cure!
This simple checklist will show you exactly what is needed to tackle the problem and begin your glorious path to revenue recovery. Think of it as an “8-step recovery program”. Now for those of you who already have a strategy in place, give this a once over. Think about where you may need to make an improvement in your own cart-abandonment and revenue recovery strategy.
Step 1) Get SAAS that measures your sites shopper engagement and cart-abandonments.
Step 2) You NEED a call to action to be used with steps 3 – 6.
Step 3) You NEED an email collection pop up.
Step 4) You NEED triggered emails in response to cart-abandonment events.
Step 5) You NEED a “Send Me My Cart” option.
Step 6) The ABOVE should offer to do so through email or Facebook.
Step 7) You NEED to segment your products and shoppers into different groups.
Step 8) You NEED to be able to retarget shoppers across omnichannel marketing campaigns – especially through Facebook advertising.
Take a moment to catch your breath. We know, that is quite an impressive list! Guess what – The Datacrushers Revenue Discovery platform has the tools to measure cart and site-wide revenue abandonment, while allowing you to connect with both logged in and guest shoppers – and much, much more! In fact, our technology helps eCommerce merchants identify 70% – 80% of guest shoppers visiting their website.
And that’s aside from the fact that it helps eCommerce merchants boost their revenue thanks to its full suite of powerful revenue discovery tools.
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.