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How to Recover More Revenue from Abandoned Shopping Carts

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Think back to the last time that you added a product to an online shopping cart and then got distracted and left the site. What happened? Most likely, if you’re an email subscriber of the company, you received an abandoned shopping cart email a few hours or days later with a subject line such as, “Forget Something?” or “We Saved it Just for You!” Whether or not you are an email subscriber of the company, it’s likely that you also found yourself looking at display ads of that product while you were browsing the Internet later on.

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Why do brands engage in retargeting campaigns? If a shopper is serious about an item, that abandoned cart email, or the series of display ads sure to appear after it, can do a lot to tempt the shopper to make the final purchase.

 

Those who have abandoned shopping carts signal high intent at the very best and high interest at the very worst. If browsers have added products to their shopping carts online, you can assume that they’re at least considering buying your product. It’s possible that all they need is a little nudge to push them to buy. Enter, abandoned cart email campaigns and retargeting display ads.

 

In this post, we’ll talk about why you should spend valuable energy and resources focused on abandoned shopping cart campaigns and how to optimize these campaigns to recover more revenue.

 

Why You Should Focus on Abandoned Cart Email Campaigns

 

Building email campaigns for site visitors who have abandoned their online shopping carts has a high return on investment. Why? The browsers on your ‘abandoned cart’ list have already been made aware of your brand and are interested enough in your products to consider a purchase. Essentially, the work has already been done to make them somewhat familiar with and interested in what you have to offer. Abandoned shopping cart browsers are warm leads that your email marketing team can build high-performing email campaigns around.

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Yet, certain businesses will argue that they don’t want to build abandoned cart email campaigns because they don’t think the number of users that these emails target is significant enough. However, if this is indeed the argument, these companies have grossly underestimated online shopping behavior.
According to Active Campaign, about 60% of all site visitors will add something to their shopping carts, but only about 5% end up actually purchasing. That leaves 55% of site visitors who have expressed interest in your products but have not yet converted to a sale.

 

What’s most important to note is that an enormous percentage of these browsers are receptive to abandoned cart email campaigns. One case study, from eConsultancy, found that 44% of all abandoned cart emails are opened, and a third of those who click on the emails lead to purchase. Email autoresponder campaigns that are delivered soon after a cart has been abandoned can do a lot for your sales. If you choose to not pursue these browsers, you’re at risk for losing a tremendous amount of revenue.

 

So now, the question is, how do companies technically and strategically recover more revenue with abandoned cart campaigns? No matter your company’s industry or  scale, the first step you’ll want to take is to install tracking pixels onto your site.

1. Install Tracking Pixels on Your Website Pages

Tracking pixels make it possible for you to track browsers through your site and then hit them with retargeting campaigns later on based on their onsite activity.

 

Many businesses use Facebook’s tracking pixel. Not only does it track conversions attributed to the social platform’s Ads program, but it also tracks site visitors. This provides marketers with the toolkit needed to target browsers in later retargeting campaigns.

 

To set up your Facebook Tracking Pixel, you can either integrate your store and Facebook Pixel in your admin without using any code or you can add the code manually to each page of your store and to your checkout.