Q2 Cart Abandonment Stats – A closer look…

We recently released an Infographic illustrating that abandonment continues to be a major challenge for businesses online with abandonment rates in Q2 2013 averaging 75.5% across all industry verticals.

Just as notable is the effectiveness of email in communicating to these ‘lost’ customers – or hottest prospects depending on which way you look at it – with the average basket/cart/booking abandonment email worth a staggering $6.05 per email sent.

An eye catching figures I’m sure you’ll agree.

Sony Cart Abandonment Email

The likes of Sony boast a 7% increase in sales with basket abandonment emails

Whilst the reasons for abandonment most often brought to head in research refer to high shipping costs and the pains of long delivery cycles – the results in travel, where this is naturally not a factor, are fascinating to read with ‘booking abandonment’ proving a major headache to all aspects of the travel space, with our research incorporating major holiday operators, flight companies and hotels.

Not only is the abandonment rate higher in travel, with price comparison and ‘bargain hunters’ a clear contributor towards that 81% booking abandonment rate – but the all important Send Rate (the % of abandoners that brand’s have been able to contact, either through offering the email address during the process, or through logging in) is significantly lower, with 90% of abandoners remaining anonymous when it comes to leaving an email trail.

Send rate offers a major challenge to brands monitoring abandonment

Send rate offers a major challenge to brands monitoring abandonment

The area of data collection and acting before a customer abandons is a logical next step for brands looking to address the challenge.  Whilst some brands have flirted with online chat systems (although the merits of automated chat systems is open to debate) the use of real-time customer data to influence messages shown onsite is an area of real growth potential.

The likes of SaleCycle and SocialTriggers offer brands the ability to provide targeted messages online at the point a customer appears to be about to abandon.  A kind of ‘abandonment intent’ where the message shown to the customer (typically in the form of a slider / litebox) will encourage the customer to leave their email address behind or offer alternative product recommendations to prevent the abandonment completely.

Email Capture LiteBox

More and more customers use their shopping cart as a virtual ‘wishlist’

The statistics in Q2 illustrate the fact that rather than seeing abandonment as a negative, brands should see abandonment as an opportunity with customers putting their hand up and declaring an interest in products and the brand…

Abandonment.  Just another part of the customer journey…

To see the Infographic in full, go to www1.SaleCycle.com/Stats

The numbers are taken from an average across 200 global brands in Q2 2013, including Monsoon, Sony and Millennium Hotels.

Copyright © SaleCycle Ltd.

Note – You are welcome to use this data on your own website, provided it is attributed prominently with a link back to this page. Thank you! :0) 

How to Go Global – Not Hopping Mad!

A successful business these days will pay special attention to its website, and so it should, it’s a pivotal component in any business model and often represents the window of access to all the services a company provides. This is likely to remain so as researchers forecast a global growth in internet sales of 9% year on year for the next 5 years (IBIS World).

As we know, 75% of shoppers continue to abandon their on-line carts, so everything about a client’s website matters; it’s content, it’s usability, it’s engagement factor, it’s performance – all add up to providing the best possible experience for the end user, the potential buyer.

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Animations that Inspire the Mind

By Anthony O’Neill… SaleCycle’s answer to Walt Disney.

When I was asked to help tell the Story of Monsoon’s Abandonment Basket, I immediately felt that an animation would get across the message really effectively.

Infographics are great, and there are some great examples of work we’ve done ourselves – but animation engages the viewer more passively than text or still images which permits a greater opportunity to pass on information whether it be simple, complex, mundane or profound.

For SaleCycle it was a necessity to show that a huge otherwise unobtainable bounty of abandoned shopping bags lay waiting and with SaleCycle’s service they can be captured, organised and converted – which in Monsoon’s case have been fantastic.

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Reflection and Direction

As we fast approach the 3rd anniversary of our very first client going live (7th July!) there is much to reflect upon.

We’ve grown significantly in such a short space of time and achieved so much. However, there is much to learn from the past three years to help shape the next three.

The first lesson is to understand where we fit into the marketplace and where our skills and expertise are best suited. We only have to look at the successes of the past 12 months see a clear pattern emerging in terms of our client base.

Sony's Online Sales have increased by over 7% since working with SaleCycle

Sony has increased online sales by over 7% with cart recovery emails

It’s become quite apparent that the ‘enterprise level’ is where we have made the greatest inroads and where we are able to fully demonstrate the value of our services.

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Cart Abandonment: An Outsider’s View

I’m an outsider. An imposter to the cart abandonment industry. In the last few months, I’ve made contact with every software company in the cart recovery industry and have been putting together an impartial review site at CartAbandon.com.

As an outsider looking in, I think the market for cart recovery software is fascinating. In marketing, you get so much hype about concepts like brand equity and social media sentiment. Things which are hard to measure, and not necessarily linked to your bottom line. Whereas with cart recovery software you get a direct positive ROI. You see results from day one.

Compare this shopping cart recovery software to fuzzy ideas like building branding and increasing twitter followers. What will impact your bottom line most? What will please your spreadsheet-centred gremlin of a finance director? More tweets or more revenue?

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Basket Abandonment in Fashion: The Numbers

I thought it was about time we had a look some fashion numbers – admittedly not the most glamorous element of fashion, but I wanted to demonstrate what a fine job fashion brands do at recovering lost sales.

I decided to look at ten of my favourite fashion brands and how they performed in May to give us a good rounded view of how the fashion vertical adds up right now. Of course these numbers are changing all the time, but this gives us a good view on how the fashion sector works.

Basket Abandonment Rate: 78.5%

Back in September last year the average abandonment rate in fashion was at around 70%, whilst a glance at May 2013 sees this number is now getting on for nearly 80%.  It illustrates how important it is for fashion brands to ensure they have a basket recovery solution in place as this really is a hell of a lot of sales to miss out on with 4/5ths of customers putting something in their basket and then walking away.

Brand Insight: Mango's clean design generates plenty of clicks.

Brand Insights: Mango’s clean and simple design generates plenty of clicks.

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Dear Coca-Cola

Who knew that my name could have such an impact. I found myself standing in Tesco, practically prancing around in excitement, and why?

Because my name is beaming back at me from a bottle of Coke. Yesssss, it’s taken weeks, but finally (FINALLY!) I have one. They’d even spelt it right.

Close... but no cigar!

Close… but no cigar!

Funny thing is, I don’t even like Coke. Pepsi; now we’re talking, but do they print my very own name on my bottle? Nope. So I betrayed my taste buds and purchased the competitor.

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Meet the Marketer: Monsoon Accessorize

In the third of our series, SaleCycle grabbed a cup of tea for 7 Questions in 7 Minutes with Bilal Adham at Monsoon.

Let’s start with a bit about working at Monsoon Bilal, what’s your favourite thing about your job?

Working with new technologies, different ecommerce platforms, affiliate marketing inititavies and being at the forefront of great ecommerce – the geek inside of me talking!

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