Shopping Cart Abandonment and Digital Retail Recovery
With the 2013 holiday (and shopping) season fast approaching, Internet retailers are right to be concerned with the issue of cart abandonment - but much less than in years prior.
Email marketing platform/service Listrak has released its fifth anual edition of the Shopping Cart Recovery Habits of the Top 1000 retailers and it is becoming increasing clear that remarketing campaigns add revenue directly to retailer's bottom lines.
The research explores how many companies are leveraging the tactic of remarketing, the number and timing of the emails that are being sent, and what those digital merchants are doing to boost engagement and key metrics. The 15-page report is full of useful information, but some of the interesting findings include:
- 24.5 percent of respondents are sending at least one remarketing campaign after a cart is abandoned; an increase of 29 percent over 2012.
- Retailers are sending more messages – Single messages dropped 27%, two messages increased 30% and three messages increased 40% over 2012.
- Only 30.7% of first messages included an offer but 75% of third messages offered an incentive to complete the transaction.
More stats below
- 80.2% of the retailers use product recommendations online, but less than 10% of them recommend similar products in remarketing campaigns.
- 19.8% of sites use a modal acquisition tactic; however, of those, only 41% send at least one remarketing email. This is a major missed opportunity.
- 73% of the retailers have online customer ratings and reviews, but less than 5% of them use customer-generated ratings or reviews in remarketing campaigns.