How to Reduce Cart Abandonment
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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
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How to Reduce Cart Abandonment
- 1. 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
- 2. WEBINAR HOUSEKEEPING Webinar Recording & Questions Stay tuned for recording email Q&A following the presentation Chat box to the right Mary Weinstein Director of Content mary@cpcstrategy.com
- 3. 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/
- 4. WEBINAR HOUSEKEEPING Max Loewenthal UpSellIt Director of Business Development mloewenthal@upsellit.com Shopping Cart Abandonment expert 10+ years PPC & customer revenue recovery MBA from Pepperdine University
- 5. WEBINAR HOUSEKEEPING Rick Backus Co-Founder, CEO rick@cpcstrategy.com 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
- 6. What We’ll Cover Key Customer Acquisition Programs The Retail Funnel Customer Retention Strategy
- 7. All Products Google Product Listing Ads Google Product Listing Ads Guide http://bit.ly/1lvY1gm Google PLA Guide 2.0 http://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
- 8. 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 Study http://bit.ly/1cRxftw
- 9. 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 Guide http://bit.ly/1iwFZc5
- 10. THE RETAIL FUNNEL Convert = Customer Retention EDUCATE CURATE CONVERT Mens Shoes Nike Shoes Nike Air Max +2013
- 11. Customer Retention Strategy Build a product line or Build an experience
- 12. 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
- 13. 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
- 14. CPC STRATEGY Retail Search Resources http://bit.ly/1g5PBXG Questions for Rick? Rick@cpcstrategy.com @Rick_Backus
- 16. ① About UpSellit ② Types of Abandonment ③ Reasons for Abandonment ④ Optimizing for Abandonment ⑤ Acting on Abandonment TOPICS
- 17. • Founded in 2005 • Headquartered in Los Angeles • 2,000+ eCommerce Partners • 18M Recovered Conversions • Increase Conversions Up to 25% • 100% Pay-for-Performance ABOUT
- 18. FULL FUNNEL REVENUE RECOVERY Email ReMarketing Lead Recovery + Email Delivery Abandonment Chat Simulated Live Chat Sales Support Targeted Offers Highly Personalized Exit Engagements
- 19. 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
- 20. UpSellit, 2013 Slow Load Times Lack of Trust/ Recogni on Usability Issues Display Issues Other Misaligned Click Intent 27.5% 21.0% 17.3% 13.4% 13.6% 8.2% REASONS FOR SITE BOUNCES
- 21. Improve Load Times TinyPNG Minify Build Trust Provide One, Clear CTA Remove Auto-Media Enhance Usability MAYA KISS OPTIMIZE FOR THE BOUNCE
- 22. with Abandonment Chat Assist Site Navigation Usability Issues (17.3%) Build Trust & Loyalty Lack of Trust/Recognition (21.0%) Gather Business Intelligence Learn Reasons for Bounces FIGHT THE BOUNCE
- 23. UpSellit, 2013 Comparison Shopping Insufficient Info Sizing/Compatibility Concerns Quality Concerns Other Availability Lack of Trust 40.8% 22.5% 12.3% 9.4% 6.6% 5.3% 3.1% REASONS FOR PRODUCT ABANDONMENT
- 24. OPTIMIZE FOR PRODUCT ABANDONMENT Promote Urgency Show when limited inventory Rotate site-wide incentives Paint a Complete Picture Easy photo navigation Show all color options Answer Buying Questions Prominently Display Policies Provide Size/Compatibility Charts
- 25. FIGHT PRODUCT ABANDONMENT with Email ReMarketing Keep Brand Front of Mind Comparison Shopping (48%) Provide Additional Info Insufficient Info (22.5%) Promote Return Policies Sizing/Compatibility Concerns (12.3%)
- 26. UpSellit, 2013 Product/Shipping Cost Ratio Additional Charges Comparison Shopping Not Ready to Purchase Unclear Return Policy Didn't Want to Register Other 33.1% 23.5% 16.9% 12.3% 6.9% 5.8% 1.5% REASONS FOR CART ABANDONMENT
- 27. OPTIMIZE FOR CART ABANDONMENT Provide Shipping Costs Early Offer shipping calculators Offer flat rate domestic shipping Minimize Shipping Costs Min. Order Qty. incentives Location-based incentives Eliminate Additional Charges Factor all costs into product prices
- 28. FIGHT CART ABANDONMENT with Targeted Offers Minimum Order Incentives Product / Shipping Cost Ratio (33.1%) Cross Sell & Down Sell Comparison Shopping (16.9%) Dynamic Discounts Additional Charges (23.5%)
- 29. UpSellit, 2013 Additional Charges Excessive Info Requested Lack of Trust Process Confusing Didn't Want to Register Process Too Lengthy Lack of Payment Options Other 23.9% 19.9% 15.8% 13.6% 11.4% 6.5% 5.5% 3.4% REASONS FOR CHECKOUT ABANDONMENT
- 30. OPTIMIZE FOR CHECKOUT ABANDONMENT Streamline The Process Allow guest checkouts Auto-populate form fields Reinforce Trust Prominently Display Security Provide Visual Cues Provide a Clear Path Show over progress Provide real-time feedback
- 31. FIGHT CHECKOUT ABANDONMENT with Email ReMarketing Provide Targeted Incentives Additional Charges (23.9%) Build Trust with More Info Lack of Trust (15.8%) Pre-Populate Forms Process Too Lengthy (6.5%)
- 33. Complete Abandonment Analysis Identify problem-areas in your funnel Custom Traffic Segmentation Learn which customers are least likely to return Targeted Strategy Development Segment messaging and incentives Opportunity Projection Identify probable revenue increases DATA-DRIVEN CUSTOM CAMPAIGNS
- 35. CPC STRATEGY Retail Search Resources http://cpcstrategy.com/resources-retail-search/ Questions? Suggestions? Contact@cpcstrategy.com @CPCStrategy
Editor's Notes
- Mary:: Hello everyone, and welcome to
- Mary: We’re excited to get started, but first some quick housecleaning before we begin. My name is Mary, and I’m the Content Director here at CPC Strategy. My job is to find, create and share useful content for you. So please feel free to reach out to me with any questions during or following the webinar. I am a bit chatty, and have an unhealthy relationship with both coffee and bacon, but I’m mostly harmless. We will be recording this webinar, so stay tuned for an email follow up later this week. Additionally, if you have any questions during the webinar, there will be a brief Q&A following the presentation. To ask questions, you can use the chat box to the right.
- With over $35 milliion a year in managed ad spend, CPC Strategy is dedicated to creating order out of the chaos that is online search. Whether its optimizing PLAs for a higher ROI, or highlighting Google best practices for our readers, we are the knowledge source on Google Shopping, and we’re here to help. Our main goal is to provide you value- so please reach out with any questions, or areas of retail search that you’d like to read about and we’ll put Biff to work.
- Mary: Our featured speakers are Rick Backus , CPC Strategy Co-Founder and CEO, and Max Loewenthal
- Mary: Our featured speakers are Rick Backus , CPC Strategy Co-Founder and CEO, and Max Loewenthal
- With over $35 milliion a year in managed ad spend, CPC Strategy is dedicated to creating order out of the chaos that is online search. Whether its optimizing PLAs for a higher ROI, or highlighting Google best practices for our readers, we are the knowledge source on Google Shopping, and we’re here to help. Our main goal is to provide you value- so please reach out with any questions, or areas of retail search that you’d like to read about and we’ll put Biff to work.
- Explain similarities of us helping to maximize marketing / conversion opps for our advertisers and this should be beneficial for both companies’ current and prospective clients. Take a look at our blog at blog.upsellit.com and follow us on LinkedIn, Facebook, and Twitter. Many topics I’ll touch on today are covered in more detail in our online resources. BRYAN ADDED ICON for our eBook so reiterate that the audience can download our latest eBook re: abandonment tips, tricks and best practices.
- Set the stage, UpSellit defines abandonment with more granularity than many marketers might commonly use when discussing this topic. The different types of abandonment we’ll discuss align with the different STAGES of the typical conversion funnel. I’m going to define each… Abandonment Type Reasons for each TYPE Ways advertisers can optimize to mitigate each TYPE Ways advertisers can ACT on abandonment, leveraging UpSellit’s powerful services (tech and human)
- Background on USI: US, CA Founded 2005, over 18 million recovered conversions
- Campaigns and clients all over the world, all languages, multiple solutions (dynamic email, targeted offers, automated chat, and more)
- As mentioned previously, these different types of abandonment are based on the abandonment point within the conversion funnel. Site Abandonment is our general, catch-all term Site, Product, Cart, and Checkout are the specific stages broken down based when the user leaves the site…
- Highest level of the funnel, here, which means Site Bounces are based on reasons one would associate with “first impressions” upon web site arrival. (next slide discusses LACK OF CLEAR CTA)
- TinyPNG: webapp to reduce image file size as much as 70% (pictured to the left) Minify: app to condense multiple CSS files into one file and remove unnecessary characters Provide One, Clear CTA (lenovo hero features this trait Enhancing usability and user experience is no simply task. A couple common guidelines can be found in the 2 accronyms on screen here: MAYA: Most Advanced, Yet Acceptable. No experimental experience, stick with the familiar. Evolution, not revolution. KISS: Keep it simple, stupid. Provide a clear and direct path to conversion. Minimize distractions and overly-complicated options.
- IN PARALLEL TO OPTIMIZING YOUR SITE PAGES TO REDUCE BOUNCES, YOU CAN LOOK TO A PARTNER LIKE UPSELLIT TO HELP FIGHT ABANDONMENT TOO. INTRO UPSELLIT’S AUTOMATED CHAT SOLUTION. This will engage users the moment they abandon a site in order to provide assistance and sales encouragement… Assist Site Navigation – With usability as a top reason for a site bounce, Abandonment Chat reduces abandonment by directly visitors to the info/products they were looking for.. Build Trust & Loyalty – Providing instant, accurate answers to visitor questions will build trust and loyalty Gather Business Intelligence – learn why customers were leaving, and segment reasons by geo-location, traffic source, etc.
- PRODUCT ABANDONMENT IS 2nd level down in the conversion funnel At this stage, user knows a product or SKU so their reasons for abandonment may be related to those seen on this chart….
- Promote Urgency: make note of limited availability, exclusive offers, Paint a clear picture: Allow users to quickly and easily browse mult photos. Consider mobile devices for both file size and navigation provide mult (quality) photos, show different color options, don’t rely on manf. descriptions, provide colorful product descriptions (which also good for SEO)
- AGAIN, PARALLEL TO YOUR OWN OPTIMIZATION EFFORTS, YOU CAN FIGHT PRODUCT ABANDONMENT using UPSELLIT… Visitors abandoning a product page are probably in the consideration phase where they are comparing different products and vendors. Provide incentive to gather emails Upsellit sends perfectly timed dynamic emails Related products Educate users about return policies Stay top of mind for consumer
- 3rd in the funnel is CART ABADNONMENT Reasons here are magnified from previous stage Meaning, user I comparing other resellers and has even more intent associated with a particular item
- ComScore study stated that 54% of respondents felt that shipping costs made the total cost more than expected. Provide Shipping Costs Early: Calculator is a good idea Balanced Shipping Costs: Make sure you include the least expensive shipping option, abandonment rates spike when shipping costs exceed 15% of the AOV Offer free shipping: 55% of online shoppers have come to expect free shipping (ComScore) Minimum Orders: (incentivize customers to spend more to get incentives and drive larger AOVs) Factor All Costs In: Present any additional charges before the visitor begins checkout. Sneaking in last minute charges will only reduce profitability.
- Armed with the knowledge about how to optimize against cart abandonment, you can also use UpSellit’s leading tools to help REMINDER: these aren’t the only ways we can reduce abandonment and these are not our only solutions… just an example of one way we can reduce abandonment.
- LAST STAGE is Checkout abandonment, these are the final funnel pages typically associated with personal info, shipping details, and of course… payment. Various reasons for abandonment are listed above (list some)
- Auto-Populate CITY AND STATE: by collecting a user’s ZIP code first, you can eliminate the need for them to type out their city, state, country Speak Security: ie: say secure checkout instead of simply checkout. Visual Cues to reinforce security: inset areas of sensitive information in greyed out boxes, use padlock icons and secure badges, TRUSTe, McAfee, BBB and Norton badges have also proven to have a profound impact. Clearly Define the Process with something like a progress bar: Real-Time Feedback with checkmarks and error messages when appropriate: provide a checkmark if info is entered correctly, display errors before
- DISCUSS using PRECAPTURE AND QUICKCONNECT, UPSELLIT’S PROPRIETARY EMAI LREMARKTING SOLUTIONS.
- RECAP STAGES OF FUNNEL ARE IMPORTANT YOU CAN OPTIMIZE BUT UPSELLIT CAN HELP REALLY FIGHT MOST EFFECTIVELY ONLY LIMITED PRODUCT OVERVIEW TODAY, WE ENCOURAGE TO LEARN MORE ABOUT UPSELLIT’S SERVICES WE HAVE GIVEN AN OVERVIEW WITH EXAMPLES OF OUR SOLUTIONS AT EACH STEP, BUT REMEMBER THAT WE DEVELOP CUSTOMIZED CAMPAIGNS AT EACH STEP USING OUR CORE TECHNOLOGIES LEVERAGED IN DIFFERENT WAYS.
- Talk about UpSellit’s campaign development, optimization, and above details
- Thank you and come learn more
- With over $35 milliion a year in managed ad spend, CPC Strategy is dedicated to creating order out of the chaos that is online search. Whether its optimizing PLAs for a higher ROI, or highlighting Google best practices for our readers, we are the knowledge source on Google Shopping, and we’re here to help. Our main goal is to provide you value- so please reach out with any questions, or areas of retail search that you’d like to read about and we’ll put Biff to work.