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.
Email Capture Rate: 20%
But the bad news really does stop here as fashion has a higher email capture rate than any other sectors. A fifth of consumers will leave an email address when they leave an item in their basket, so this means that we really can make significant inroads to recovering a high proportion of these fashionable baskets!
Email Open Rate: 53%
A truly astonishing figure is when look at email open rates within fashion with over half of all emails being opened! To put this in perspective, the average open rate in email marketing is around 21%, so Fashion brands are certainly doing something right with regards to subject line and when they send the basket abandonment email to the customer.
Revenue Per Email: £11.42
Ready to to be even further astonished – a typical SaleCycle basket abandonment email usually generates a fantastic £4.93 per email, which is incredible when compared to standard email marketing which generates 0.26p per email. In fashion however, the average email generates a jaw dropping £11.42 per response as an average! Not only amazing, but also demonstrates how basket recovery really works for premium brands!
Conversion from Send: 5.31%
Fashion also does exceptionally well in the conversion from send stakes. For May this year SaleCycle’s average conversion from send rate was a healthy 4.45% and in our fashion vertical it increased to well over 5%.
All in all, it goes to prove how effective basket recovery emails are for any fashion brand – high street or luxury! Checkout more great examples, in fashion, retail and travel in the SaleCycle Look Book >>
Danielle looks after New Business & Partnerships in Fashion at SaleCycle