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 Insights: Mango’s clean and simple design generates plenty of clicks.
We all like to talk a good game, but sometimes it’s best to let the numbers do the talking.
One of our awesome clients were running some year-on-year analysis and trading was generally a little down compared to Q1 2012. They wanted to know if their basket abandonment campaigns were following a similar trend.
A quick look in our dashboard/reports and the numbers speak for themselves…
The first few months of 2013 have been extremely busy in online ecommerce with brands building on the momentum of a good Christmas and above average January sales.
The numbers in basket abandonment and cart recovery have been notable with a rise in abandonment rates and the ROI of each basket abandonment email sent increasing to over five dollars!
Taken from a consolidation of 200 leading global brands (including Sony, Opodo & Ralph Lauren) here’s 7 big basket abandonment stats from Q1 2013:
- 73.6% was the average shopping cart, basket and booking abandonment rate (up from 70.7% in Q4 2012)
- Most abandonments happened between 8 and 9pm – with Thursday the most common day
- 48.1% of basket abandonment emails were opened (up from 45.9% in Q4)
- 14.9% of basket abandonment emails were clicked (up from 13.5% in Q4)
ROI: Every basket abandonment email sent in Q1 delivered over $5…
- 33.3% of these clickers went on to purchase a product (up from 30.1% in Q4)
- The AOV was 58% higher for purchases from basket abandonment emails compared with direct sales (up from 36% in Q4)
- Revenue per basket abandonment email sent was $5.78 (up from $4.14 Q4)
For more information about the numbers, contact us at email@example.com
I read a really interesting blog by VE Interactive last week, that focussed on the integrity of data and the reading of that data to generate transparency and visibility.
It really got me thinking and I wanted to add some more thoughts of my own.
In an industry worth £9bn (Source: IAB), it’s an absolute must to have clear and transparent results.
Without them, how can you calculate ROI or even start to assess the financial benefits of a new campaign.
With Cyber Monday in the UK already proving a crazy day in terms of sales figures… let’s have a quick glance back to what has been…
November has a reputation for being an extremely busy month online with Christmas shopping beginning in earnest, and both Black Friday & Cyber Monday having a huge impact on sales figures.
2012 continued trends with November a very busy month online and Black Friday (this year falling on the 23rd) the busiest shopping day of the year on the high street for the seventh year running.