How to Reduce Cart Abandonment
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Rick Backus CPC Strategy Co-Founder & CEO Acting On Cart Abandonment Customer Retention: The Secret to Long Term eCommerce Success Max Loewenthal UpSellIt Director of Development
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20-Oct-2014 -
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Internet
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Learn how to decrease cart abandonment at all stages of the conversion funnel. View the slideshare to learn: - How and where to get more online customers - How to utilize the conversion funnel to sell more online - Why its pivotal to build a product line or experience
Transcript of How to Reduce Cart Abandonment
Rick BackusCPC Strategy Co-Founder & CEO
Acting On Cart AbandonmentCustomer Retention: The Secret to Long Term eCommerce Success
Max LoewenthalUpSellItDirector of Development
WEBINAR HOUSEKEEPING
Webinar Recording & Questions
Stay tuned for recording emailQ&A following the presentationChat box to the right
Mary WeinsteinDirector of [email protected]
Founded in 2007 Manage over 35 Million in Ad Spend Top 50 Fastest Growing Company in San Diego We Create the Best eCommerce Content on the Planet
ABOUT CPC STRATEGY
Retail Search Resources: http://cpcstrategy.com/resources-retail-search/
WEBINAR HOUSEKEEPING
Max Loewenthal UpSellIt Director of Business [email protected]
Shopping Cart Abandonment expert 10+ years PPC & customer revenue
recovery MBA from Pepperdine University
WEBINAR HOUSEKEEPING
Rick Backus Co-Founder, [email protected]
Speaker at IRCE 2013 Speaker at SearchLove San Diego Monthly Retail Contributor for Search Engine Land On Twitter @CPC_Rick Presenting at SearchLove Boston on April 8th
What We’ll Cover
Key Customer Acquisition ProgramsThe Retail FunnelCustomer Retention Strategy
All Products
Google Product Listing Ads
Google Product Listing Ads Guidehttp://bit.ly/1lvY1gm
Google PLA Guide 2.0http://bit.ly/1kfuasp
ACQUISITION PROGRAMS
There are over 1 billion products on Google Shopping
Google PLA clicks increased 200% YOY since Sept (2012)
PLAs are available in 23 countries globally
Google Shopping Is Now Paid
Display ads have a 22% higher click-through rate than traditional text ads
Google Shopping accounted for 13.28% of Site Traffic (2013)
Google Shopping accounted for 12.21% of Site Revenue
#Tweetable Google PLA Facts
ACQUISITION PROGRAMS
2013 Google Ecommerce Research Studyhttp://bit.ly/1cRxftw
Google Dynamic Remarketing
CUSTOMER RETENTION STRATEGY
2% of web traffic converts on the initial visit 95% of site traffic doesn’t convert 67% of online shoppers abandon the cart $18 billion is lost annually due to Shopping Cart Abandonment
The Google Dynamic Remarketing Guidehttp://bit.ly/1iwFZc5
THE RETAIL FUNNEL
Convert
= Customer Retention
EDUCATE
CURATE
CONVERT
Mens Shoes
Nike Shoes
Nike Air Max +2013
Customer Retention Strategy
Build a product line or Build an experience
Building a Product Line:
Requires Unique Selling Proposition at the product level Requires high volume of product reviews You need a large network of distributers Profit growth is typically slower than building an experience As profit grows, pricing enforcement becomes a bigger challenge
CUSTOMER RETENTION STRATEGY
Building an Experience
Requires Unique Selling Proposition as a Seller Requires high volume of seller reviews Doesn’t work with commodity products (your customers won’t
care) Requires up-front capital and frequent innovation Experience must be consistent across the entire conversion funnel
CUSTOMER RETENTION STRATEGY
CPC STRATEGY
Retail Search Resources http://bit.ly/1g5PBXG
Questions for [email protected]@Rick_Backus
① About UpSellit
② Types of Abandonment
③ Reasons for Abandonment
④ Optimizing for Abandonment
⑤ Acting on Abandonment
TOPICS
• Founded in 2005
• Headquartered in Los Angeles
• 2,000+ eCommerce Partners
• 18M Recovered Conversions
• Increase Conversions Up to 25%
• 100% Pay-for-Performance
ABOUT
FULL FUNNELREVENUE RECOVERY
Email ReMarketingLead Recovery + Email Delivery
Abandonment ChatSimulated Live Chat Sales Support
Targeted OffersHighly Personalized Exit Engagements
37% Avg. Site Bounce Rate
84% Avg. Product Abandon Rate
70% Avg. Cart Abandon Rate
56% Avg. Checkout Abandon Rate
97% Avg. Website Abandon Rate
TYPES OF ABANDONMENT
UpSellit Performance Report 2013
UpSellit, 2013
27.5%
21.0%
17.3%
13.4%
13.6%
8.2%
REASONS FOR SITE BOUNCES
Improve Load TimesTinyPNGMinify
Build Trust Provide One, Clear CTA Remove Auto-Media
Enhance Usability MAYA KISS
OPTIMIZE FOR THE BOUNCE
with Abandonment Chat
Assist Site NavigationUsability Issues (17.3%)
Build Trust & LoyaltyLack of Trust/Recognition (21.0%)
Gather Business IntelligenceLearn Reasons for Bounces
FIGHT THE BOUNCE
UpSellit, 2013
40.8%
22.5%
12.3%
9.4%
6.6%
5.3%
3.1%
REASONS FOR PRODUCT ABANDONMENT
OPTIMIZE FOR PRODUCT ABANDONMENT
Promote UrgencyShow when limited inventoryRotate site-wide incentives
Paint a Complete Picture Easy photo navigation Show all color options
Answer Buying Questions Prominently Display Policies
Provide Size/Compatibility Charts
FIGHTPRODUCT ABANDONMENTwith Email ReMarketing
Keep Brand Front of MindComparison Shopping (48%)
Provide Additional InfoInsufficient Info (22.5%)
Promote Return PoliciesSizing/Compatibility Concerns (12.3%)
UpSellit, 2013
33.1%
23.5%
16.9%
12.3%
6.9%
5.8%
1.5%
REASONS FOR CART ABANDONMENT
OPTIMIZE FOR CART ABANDONMENTProvide Shipping Costs Early
Offer shipping calculatorsOffer flat rate domestic shipping
Minimize Shipping Costs Min. Order Qty. incentives Location-based incentives
Eliminate Additional ChargesFactor all costs into product prices
FIGHT CART ABANDONMENTwith Targeted Offers
Minimum Order IncentivesProduct / Shipping Cost Ratio (33.1%)
Cross Sell & Down SellComparison Shopping (16.9%)
Dynamic DiscountsAdditional Charges (23.5%)
UpSellit, 2013
23.9%
19.9%
15.8%
13.6%
11.4%
6.5%
5.5%
3.4%
REASONS FOR CHECKOUT ABANDONMENT
OPTIMIZE FOR CHECKOUT ABANDONMENT
Streamline The ProcessAllow guest checkoutsAuto-populate form fields
Reinforce Trust Prominently Display Security Provide Visual Cues
Provide a Clear PathShow over progressProvide real-time feedback
FIGHT CHECKOUT ABANDONMENT
with Email ReMarketing
Provide Targeted IncentivesAdditional Charges (23.9%)
Build Trust with More InfoLack of Trust (15.8%)
Pre-Populate Forms Process Too Lengthy (6.5%)
Complete Abandonment AnalysisIdentify problem-areas in your funnel
Custom Traffic SegmentationLearn which customers are least likely to return
Targeted Strategy DevelopmentSegment messaging and incentives
Opportunity ProjectionIdentify probable revenue increases
DATA-DRIVEN CUSTOM CAMPAIGNS
CPC STRATEGY
Retail Search Resources http://cpcstrategy.com/resources-retail-search/
Questions? Suggestions? [email protected]@CPCStrategy
