Automated Shopping Cart Abandonment - Ross Kramer, Listrak
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Transcript of Automated Shopping Cart Abandonment - Ross Kramer, Listrak
The Cost of Lazy Email Marketing
Listrak’s Email Marketing Best Practices Webinar Series: June 17, 2009
Visit www.listrak.com/resources.asp to view other webinars on demand after today’s presentation.
©2010. All rights reserved. This presentation may not be recorded, copied, distributed, or used without written consent from Listrak.
Automated Shopping Cart Abandonment: Using Email to Recapture Lost Sales
Ross Kramer, Listrak
60 – 75% of shoppers on your eCommerce site
Abandon
Why are we here today?
What does this mean?
Most Abandons Happen Here
What does this mean?
What’s my abandonment rate?
Funnel Visualization
web site behavior +
triggered email marketing=
massive ROI
What To Do?
600,000 monthly unique visitors
37,000 carts created
3,000 emails captured
MoviesUnlimited.com
27,952 shoppers abandoned
11% email capture
11% Email Capture +
11% - 30% Conversion Rate=
300 recovered orders per month
Web Analytics
Upon purchase shopper is removed from campaign
Shopper Abandons
Cart
Wait 3 Hours
1st Message
Wait 2 Days
2nd
Message
Shopper Abandons
Cart
Wait 24 Hours
1st Message
Wait 5 Days
• Offer vs. non-offer testing
• Campaign timing testing - 1 Hour / 6 Hour / 24 Hour delay
• Multiple follow-up messages
• Items displayed in HTML email
MoviesUnlimited.com Strategy
Personalized MessagesOpen Rate
Read Rate
Click Thru Rate
Conversion Rate
1 Your movies are waiting for you 42.4% 41.4% 25.2% 10.45%
1 Save $5.00 On Your Order 35.1% 33.9% 21.1% 11.38%
2 Speedy checkout for the movies you saved 25.9% 23.9% 12.3% 9.09%
2 Speedy checkout + $5.00 savings for your order 24.5% 22.8% 12.7% 9.63%
3 We're saving your movies for you 71.5% 68.1% 36.2% 24.49%
3 Here's a $5.00 coupon for your order 73.2% 70.5% 43.7% 12.70%
Email Remarketing Best Practices
1. Leverage data for maximum campaign ROI
2. Optimize campaign timing
3. Manage content assets for best user experience
Shopping Cart Abandonment
Data Driven Approach
INSIGHTS• Cart Amount• Past Purchaser (Y/N)• Days since last purchase• Spend - 1YR• Spend - 2YR• Spend - 3YR• Spend - Lifetime• RFM score
Data Driven Approach
OUTCOMES• Increase AOV• Margin Optimization• Maximize re-engagement• Promote brand loyalty
Understand behavior and intentDetect Stage of Cart Abandonment
INSIGHTS• Shipping page abandonment• Billing page abandonment
Best Practice: Campaign Design
OUTCOMES• Shipping offer• eBillMe, Credit Card offer
Campaign Timing
Best Practices
• Best conversion rates are seen as close to abandonment as possible• 1 hour wait has higher CTR, 6 hour wait has a higher AOV• Send a series of emails – not just one!• Shorten the delay from one message to next if shopper clicks but does not convert
Campaign Timing
Shopper Abandons
Cart
Wait 3 Hours
1st Message
Wait 2 Days
2nd
Message
1 Day 2 Day 5 Day0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
Why wait?Effect of reminder email timing on conversion rate
Promotion & Margin Optimization
Campaign Promotion Concepts
• Promotions should be used to drive demand, don’t forget to test hold-back• Use single-use coupons if possible• Test using promotion in second series email• Test discount ladder concept as latency increases
• First Email: No promotion• Second Email: $5 off• Third Email: $10 off
• Test promotions that increase AOV
blog.minethatdata.com
Campaign Success
Movies Unlimited Promotion
$5 off $25
Promotion & Margin Optimization Testing
Offer drove26% more orders
SCA Programhad 27.7% higher AOV than normal website
Offer drove 37% more
products ordered
“Judie”Past Purchaser: YDays Since Last Purchase: 231YR$: $1,200.00
“Linda”Past Purchaser: NDays Since Last Purchase: null1YR$: $0.00
No Offer Offer
Content Best Practices
Content Concepts
• Pictures of products
Source: Listrak 2nd Annual Shopping Cart Abandonment Study
Content Best Practices
Source: Listrak 2nd Annual Shopping Cart Abandonment Study
Content Best Practices
Content Concepts
• Recommended products• Leverage an asset you might already own• Certona, Baynote, RichRelevance, etc.
Certona IntegrationContent rendered byCertona’s Resonance Image Server
Easy Idea!Hard-code block of content based on best sellers
Source: Listrak 2nd Annual Shopping Cart Abandonment Study
Content Best Practices
Content Concepts
• Available in store• Find your nearest store CTA
• Video• Safety and Security
• Shop with confidence• Ratings and Reviews
Case in Point: Vintage Tub & Bath
• IR500 Retailer• Bazaarvoice customer since 2006• 12,500 parent SKU's• 1,887 reviews• Over 86% of reviews have a 4 star rating or better
Social Proof: Ratings & Reviews
Review Criteria
• Approved reviews only• 4 (out of 5) star reviews only• “Featured Reviews” and reviews from “Top Reviewers” given priority display
Social Proof: Ratings & Reviews
Savvy Users Might “Game the System”• Do you even care?• Randomize offers• Suppress offer for 90 days to individual shoppers
Multi-Channel Retail• Promotions / messaging need to be in sync between channels• Consider ROPO effect
Call Center Orders Might Need Extra Help• Inform call center of abandon cart shoppers
Management Concerns
• Know your abandonment rate
• Leverage data for maximum campaign ROI
• Optimize campaign timing
• Manage content assets for best user experience
• Test timing of your triggered messages
• Test number of messages sent
• Test different offers
• Add value – don’t just sell
• Get it up and running … ASAP!
Closing Thoughts
Questions