Top Retail News & Fun Fact Friday – How many abandoned carts can you save?

May, 12 2016

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"AgilOne's Clients Have a 3.4% Conversion Rate on their Abandoned Cart Campaigns"

 

 


 


 

 

That's the average conversion rate that our clients see with their abandoned cart campaign! As you might remember from our 2016 Road-map Info-graphic, ~68% of carts for fashion retail are abandoned. Yikes! That is a lot of money being left on the table.

With a simple, triggered, abandoned cart campaign you can gain back around 3.4% of those carts and gain immediate ROI as well as not opportunities to delight your customers with follow up marketing efforts - like replenishment, request for reviews, social share incentives, how-to-use blogs, and more.

Think this is a no-brainer? In the same infographic, we found that only 39% of retailers actively run abandoned cart campaigns, and when they DO they see an avg. of 10% incremental revenue.

 

 
 

So, how can you convince shoppers to put more into their carts and check out?

You can preserve valuable margin by considering other options vs. providing an automatic % off incentive - Our favorite idea? Offer free shipping if they get to a certain price level:

 
  • 93% of shoppers will take actions to qualify for free shipping
  • 80% of consumers strongly consider free shipping when making purchasing decisions
  • 58% of customers' go-to action is adding items to their cart

AND - Grab customers' attention with familiar products & experiences. Leverage behavior events such as replenishment, abandoned browse/cart, welcome etc. Use recommendations to drive new products, cross-sell & impulse purchases. Leverage abandoned browse too!


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.

1. WWD: Market Demands Omnichannel, But Online Sales Are Eating Up Profits

Over the past five years, billions have been spent on making investments into e-commerce — all in an effort to meet the needs of today’s digitally aware consumer and to keep up with online giant Amazon.com. And the results have been startling: Since 2011, while total retail sales have grown 14 percent (or about 3 percent per year), according to data from the U.S. Department of Commerce, e-commerce sales have swelled 72 percent (or 14 percent per annum)...


2. WSJ: Kohl’s Shows Effects of Retail Slump as Some Ponder the Amazon Factor

Kevin Mansell, chief executive of Kohl’s, said Thursday the 1,100-store chain is still figuring out how much a recent drop in foot traffic was related to issues he can address with changes in inventory and marketing, and how much was related to the economy or broader changes in consumer habits.

“I think we’re still grappling a little bit with that,” he said on a conference call. “We’re definitely not in a position that we’re putting a stake in the ground and saying hey, this one is the big driver.”


3. The Gaurdian: Tesco warns on profit growth in tough retail market

Tesco shares were the biggest faller in the FTSE 100 on Wednesday after its chief executive, Dave Lewis, warned investors that it faced a “challenging, deflationary and uncertain market”. He said the new management team had stabilised the business and they were no longer in “ the crisis we were 16 months ago”. However, he went on to warn that tough market conditions meant Tesco’s profit recovery would not be a “straight line”.


4. Internet Retailer: Back-to-school shopping begins before the last bell rings

The real uptick in back-to-school shopping starts in July, but 5% of shoppers started in April and 7% said they plan to start before June, according to a survey of online shoppers by Bizrate Insights, a division of retail marketing vendor Connexity. The study is based on an online survey in February of 3,536 online buyers in the United States and Canada who reported that they intend to do back-to-school shopping for a child (pre-kindergarten through college) or themselves for the 2016-17 school year.

“Retailers should be ready to support shoppers across channels by the end of June. Product availability, price and coupons are important, but be sure to include indicators of quality, such as ratings, reviews and guarantees,” says Hayley Silver, vice president, Bizrate Insights.


5. Internet Retailer: Christopher & Banks’ web sales increase 45%, but total sales slip

Christopher & Banks reported total revenue of $94.6 million for the fiscal fourth quarter, which would mean online sales were $15.1 million during the period, based on Internet Retailer calculations, up from $10.4 million last year. Via said online sales grew 23% year over year in fiscal 2015 which, based on Internet Retailer estimates of $49.0 million in 2014 web sales, the company’s e-commerce sales were about $60 million in 2015.


 

 

 

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