The day after Thanksgiving, more commonly known as Black Friday, is officially observed in 24 US states as a local government holiday. But that hasn’t stopped many other countries from around the world from getting involved in one of the largest one-day shopping frenzies of the calendar year.
Research from Statista suggests that US online sales on Black Friday 2015 increased 10% from the previous year to $1,656m. Whereas across the pond in the United Kingdom, where Black Friday has more recently taken off, online sales in 2015 made a massive jump of 30% on the previous year to tip the scales at $1,360m.
This sharp increase in online sales over the last two years presents eCommerce stores within the US and UK with one huge challenge – ‘cart abandonment’. But knowing how to overcome it can make Black Friday a much greater success.
On average, 76% of all online transactions are abandoned at the checkout stage. Last year this slightly dipped on Black Friday to around 53%, but this figure is still significant enough to warrant urgent attention from eCommerce store owners.
Nextopia’s Product Finder is a fantastic tool to guide shoppers straight to the products they are looking for on a merchant’s online store. It stops shoppers becoming lost in the search for particular products and reduces bounce rates because shoppers no longer struggle to find relevant products. Optilead’s multi-channel solution takes the customer journey a step further and connects companies instantly to website visitors that abandon the checkout process. Both companies share the common goal of increasing online revenue for eCommerce stores.
Nextopia partners, Optilead, provide a unique solution to engage eCommerce stores with cart abandoners in real-time through a multi-channel solution consisting of phone, email and SMS. For our existing clients, we identify in excess of $158 million of abandonment each week and we utilize a 4 step approach to provide our clients with significant cart abandonment returns.
Step 1 – TRACK
From experience, Optilead knows that having the ability to track cart abandonment in real-time is critical to a successful campaign. Rather than working from session time-outs which usually pick up abandonment around 20 to 30 minutes after the visitor leaves, Optilead track abandonment in real-time and identify the precise moment a website visitor closes or stalls at the cart.
Step 2 – CAPTURE
Having tracked website visitors in real-time, Optilead then captures the moment they abandon the cart process and convert this to a lead. A lead consists of critical data such as the items abandoned, quantities and most importantly the contact details entered. Optilead then automatically prioritize your leads dependant on your own business retargeting rules – if you don’t have any they will guide you through this process.
Step 3 – CONNECT
The rules applied at the capture stage determine which channel (phone/email/SMS) you utilize to connect with each lead based on factors such as value, stock levels, offers, delivery locations etc. Connecting with baskets of higher values via phone provides your in-house customer support team the opportunity to overcome the issues experienced by your website visitor – something that can’t be done through email.
Step 4 – CONVERT
Whatever solution you have in place for Cart Abandonment Recovery you ultimately want to convert these visitors into customers. Our main piece of advice with this in mind is – don’t just go in offering a discount from the outset – consumers will only expect that each time they abandon. Moreover, engage with your visitors properly through the right channel at the right time, offering support, advice and excellent customer service. By offering this level of customer service you will not only close sales but also increase repeat business and referral rates.
Summarizing the benefits of a multi-channel solution
When deciding on a strategy, it is clear that phone calls, email and SMS all have their own strengths and weaknesses. A multi-channel strategy incorporates all of these channels and makes sure each one has a role to play.
• Calls have the best conversion rates, so it is important they are used for your most valuable website leads.
• Emails are low-cost with low returns, so they are more suited to leads of lower value.
• SMS has fantastic open rates, which makes it ideal for those that haven’t responded to either of the previous channels. The majority of adults now have their cell phone at their side throughout the day, making contact tremendously easy.
Shopping cart abandonment is a problem that affects some businesses more than others. Those eCommerce stores with a proactive cart recovery solution in place quickly reap the rewards of higher customer engagement and increased revenue.