"AgilOne's Clients Have a 1.2% Conversion Rate on their Abandoned Browse Campaigns"
We've chatted a lot about how a strategic abandoned cart campaign can make immense difference to your bottom line. When talking about leaving money on the table, we can't forget abandoned carts younger brother - abandoned browse.
In or 3rd Annual Retail Marketing Survey, we reported on how triggered life cycle campaigns were trending to being more sophisticated. An abandoned browse campaign is when a person goes onto your website (and you know their email from a previous transaction, loyalty, login etc) and browse a few items but does not put anything in the cart and leaves. Most would miss the opportunity here - and with only a 1.2% conversion on abandoned browse campaigns, one would think that might be a costly and time consuming campaign to implement.
An interesting find though, was of those that those converted from an abandoned browse campaign spent 90% of what those who converted after an abandoned cart campaign purchased. Simply: if someone who abandoned their cart and got your campaign spent $100, the abandoned browse would purchase $90 - and that's a big deal!
The customer is reminded of their searching OR think your relevant recommendation is a sign (;-)) and 1.2% head over to your site to buy. Important revenue that was being left on the table, is now your revenue.
Here are 2 ways our customers are using abandoned browse:
Now that you have the steps to be a customer retention master, make sure to browse the top headlines for this week!
Top Retail News & Insights
Every Friday we post top trending retail news for you and are now introducing a fun fact to help you benchmark your marketing efforts against peers. Get the articles here.
There was some good news. Target's earnings rose 16.5% from a year ago and topped Wall Street's estimates. Digital sales surged 23% as well.
But the weak guidance is the story.
Target CEO Brian Cornell said in a statement that it is "in an increasingly volatile consumer environment" for retailers and added that it is "a challenging short-term consumer landscape."
Cornell, who left Pepsi () to take over Target in 2014, is widely credited with righting the ship after a massive hack in late 2013 caused more than 40 million consumers to have their credit card information compromised.
The retailing giant on Thursday said that its overall sales in its fiscal first quarter ended April rose 0.9% from a year ago to $115.9 billion—well above the $113.2 billion analysts anticipated. Earnings per share, at 98 cents, were a dime better than estimates.
After a string of disappointing results from retailers including Target, J.C. Penney andMacy’s, the Wal-Mart numbers were a shot in the arm. Its stock climbed, with other retailers’ shares showing sympathy gains.
Technology is evolving rapidly, bringing disruptive changes to consumers’ shopping habits. Legacy systems slow down innovation. Corporate boards and shareholders have increasingly high expectations. Burdensome government mandates and regulatory uncertainty make it difficult to invest in growth and talent. Banks’ refusal to properly secure card payments mean retailers shoulder an increasing amount of risk with every transaction. And new competitors are popping up every day.
4. Business Solutions: 4 Ways Retail Technology Can Take Your POS Customers Where They Need To Be
As a point of sale (POS) reseller, you work with clients that have different perspectives when it comes to retail technology. Chances are you could characterize some of them as merchants who recognize technology as a valuable tool that helps them stay competitive and profitable. Others, though, are still hanging on to legacy systems that could be crippling their ability to attain the productivity, efficiency, and level of customer service they need to survive.
5. Luxury Daily: Are retailers ready for shift to virtual reality shopping?
“Few people in the retail industry understand how the world has changed as technology driven innovation accelerates,” said Gary Hawkins, CEO of the Center for Advancing Retail & Technology. “Change happens increasingly fast, especially with technologies like AR and VR which are great examples of how consumer technology adoption forces retail to adjust and adopt.
“Retailers need to be watching very closely because when VR hits the market adoption tipping point its going to go fast and shoppers will be expecting to be able to shop from home with a VR experience akin to what they have in the store,” he said.