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Data Driven Email Remarketing for
Shopping Cart Abandonment
Rick Weithas, Senior Solutions Marketing Manager - Webtrends
L...
Today’s Moderators
Loren McDonald - VP, Industry Relations
Silverpop
lmcdonald@silverpop.com
@LorenMcDonald
Rick Weithas -...
Silverpop –
Behavioral Marketing Automation
Single
Identity
Behaviors
Marketing Database Interaction Engine
Automation
Mul...
AGENDA
• Brief Introductions
• Data and Email Remarketing
• Shopping Cart Abandonment
• Personalization in Context
• Quest...
“E-Commerce is projected to grow to
$370 billion a year by 2017”
Forrester
#WebinarWednesday
“Advertisers will spend $77 billion on
interactive marketing by 2016 to get
customers to their site” — Forrester
#WebinarW...
Yet…..
98% of Website visitors don’t complete the desired action
in most recent session
Abandonment costs retailers $18 bi...
Email Remarketing – Solution for Abandonment
Drive Customer Engagement
• Visitors Who Abandoned:
Browse Didn’t Buy
Shoppin...
GREAT EXPERIENCES
REQUIRE ALL THE PIECES
Customer insight
Content in context
At the right time
#WebinarWednesday
Email Remarketing: How it Works
#WebinarWednesday
Email Remarketing: How It Works
#WebinarWednesday
Shopping Cart Abandonment
Loren McDonald - Silverpop
#WebinarWednesday
My Topics Covered
Opportunity
5 Best
Practices
#WebinarWednesday
Why Cart Abandonment Remarketing?
- 3 Reasons…
#WebinarWednesday
— Multiple Sources
―60–70%‖
1. Cart abandonment is a HUGE challenge
Up to 70% of Shopping Carts are Abandoned before Check...
87% of consumers abandon carts
…75% say they will return to complete
the purchase.
Source: Amaze/University of Glasgow
#We...
2. A Huge Revenue Oppoprtunity
Conversion
Cart Abandonment
Browse Abandonment
Cart Abandonment:
1-step from revenue
#Webin...
up to 50%conversion.
Following up with abandoners by email
yields
#WebinarWednesday
3. Most marketers are leaving a
HUGE amount of money on the
table?”
19
#WebinarWednesday
Daily Conversion Daily Average Annual Initial
Abandonment Rate Conversions Order Business Days Bookings
12,000 1% 120 $35....
Relative Volume
Abandon Cart
Emails
0.3%
Promotional
Emails
99.7%
Sample: Cart vs Broadcast Emails
Relative Sales
Abandon ...
Cart Remarketing Best Practices?
#WebinarWednesday
Before we start … where does the email address
come from?
Account
Registration
– logged in
Email
Subscriber
– clicked
thro...
Cart Abandonment Remarketing – Key Success
Elements
Speed
Relevance
Repetition“Tone”/Helpful
Urgency
#WebinarWednesday
1. Speed
#WebinarWednesday
Speed matters. The longer you
wait, the greater chance the prospect
has purchased from a competitor.
#WebinarWednesday
Some potential exceptions …
Travel – pricing
changes
B2B Ecommerce –
Purchase Orders
Financial Services
- Culture
#Webinar...
Stage Conversion Open Rate Revenue /
email
1: Real
time
22% 70% $11
2: 24
hours
7% 65% $4
3: 7 days 6% 60% $3
Total 35% Av...
Results –Phase 1 and 2 (real-time)
Phase 1 Phase 2 Lift
Open Rate 17.50% 20.25% 16%
Click-through Rate 9.02% 12.80% 42%
Co...
Webtrends Streams beta client
saw 55% conversion increase moving real-
time from 1 hour after abandonment.
#WebinarWednesd...
2. Relevance
#WebinarWednesday
Product image and description
#WebinarWednesday
Results:
• 38.5% open rate
• 10.15% CTR
• 50% conversion rate
• $4.80 revenue/email
Dynamic product
recommendations
Recomm...
Use offers and incentives carefully
Use later in series
Test impact/need
Think beyond discounts
#WebinarWednesday
3. Repetition – Develop a Series
#WebinarWednesday
Power of Deploying a Series
Cart Email A
Day 1
Cart Email B
Day 3
Cart Email C
Day 5 AVERAGE
Open Rate 40% 39% 32% 37%
Cli...
4. “Tone”/Helpful
#WebinarWednesday
Contextual – Know your customer
#WebinarWednesday
• Aaron -
Real person
• Service
tone
• 50%
conversion
rate
“Human” and Helpful Remarketing
5. Urgency
#WebinarWednesday
Deadline/Sense of Urgency
Get creative – think beyond “recency”
“Only 100 items left”
“Price is going up”
“Sold out … recommend..”
“Cart is about to...
Shopping Cart Abandonment with
Webtrends Streams
#WebinarWednesday
Email Remarketing with Webtrends Streams
Customer Centric
Visitor level behavioral
insight around abandons,
browsing, purc...
Webtrends Streams:
A New Solution for Email Remarketing
+Real-Time
Customer Centric
Actionable
Historical
Analytics
Real-T...
Customer Views
Product on Website
Remarketing Email
Declining Probability of Conversion
24-48 hrs later
Current Industry E...
Customer Abandons
Website
Immediately after Abandonment
+
Key Behavioral Information
=
Improved Time & Relevance
Declining...
Webtrends Streams
#WebinarWednesday
Webtrends Streams Lab
#WebinarWednesday
Complete Visitor Level Behavioral Insight
#WebinarWednesday
Action Center – Visitor Insight to Email Remarketing
Action Center – Direct to Email Partner Platform
#WebinarWednesday
Remarket at Just the Right Time
• 24-48 hours, or days later
was the norm
• Shortening this window
increases likelihood to...
Measure Success Example Shopping Cart Abandon
Email ROI Program Trial
Emails Sent 20,000 20,000
Open rate 25% 30%
Opens 5,...
Getting Started w/ Webtrends Email Remarketing
Webtrends Customers
Leverage Existing Tag
New Customers
Simple Site Tagging...
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Shopping cart abandonment real time webtrends silverpop

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When customers abandon a shopping cart, their customer journey isn't over—and your relationship with them has just begun. Your next move is critical.

This webinar explored:

Why cart remarketing
How Webtrends Streams enables highly-relevant real-time remarketing with email marketing partners such as Silverpop
Best practices for cart remarketing.

Presenters
Rick Weithas, Sr. Solution Marketing Manager, Webtrends
Loren McDonald, Email/Marketing Automation Evangelist, Silverpop

Published in: Business, Technology
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  • To summarize, a behavioral approach will help you drive real-time, highly relevant communications through the appropriate channel. Collecting data helps you to build a digital identity for your customer and prospect and incorporating automation allows you to interact with them more effectively in a highly personalized way. The result will be an improved customer experience resulting in increased customer satisfaction and higher conversion rates.  
  • 2.1“People are thrilled when their needs are met online. These are the customers who come back, and these will become your brand advocates. How much is a repeat customer worth to your business? What are you doing to make customers so delighted that they will return and do business with you again?”
  • Integrations with:ExactTargetResponsysSilverpop
  • Integrations with:ExactTargetResponsysSilverpop
  • 87% of consumers abandon online shopping baskets. 75% claim they would return at a later date to complete the purchase — effectively using the basket as a wish list.
  • Obviously this is a fantastic result. When we tweak, we usually don’t expect to double the impact with a single iteration. We expect to make small tweaks with incremental results.
  • Over 3,000 shopping cart abandoned emails sent, per monthSegment versions between supplies versus SmartPaks cart abandonmentSent in AM to customers who abandon cart day prior
  • Customer Centric – Streams has the ability to enrich the data with valuable information to drive additional insight and action. Currently mobile device, browser, geo, search and traffic sources. Roadmap for 3rd party data such as weather at visitor location.Real-Time – No time delay. Data appears the instant the event takes place. Truly As-it-Happens to drive customer interaction while they are on the site. Traditional Real-Time is generally minutes to hours old in most peoples mind. Actionable – Push API enables immediate integration with action systems, marketing system and engagement with customers. Historical Analytics : Webtrends Analytics, IBM Coremetrics, Adobe Omniture, Google Analytics, ComScoreReal-time Analytics : Webtrends Real-time, Google Real-time, Chartbeat
  • Transcript of "Shopping cart abandonment real time webtrends silverpop"

    1. 1. Data Driven Email Remarketing for Shopping Cart Abandonment Rick Weithas, Senior Solutions Marketing Manager - Webtrends Loren McDonald, VP Industry Relations - Silverpop #WebinarWednesday
    2. 2. Today’s Moderators Loren McDonald - VP, Industry Relations Silverpop lmcdonald@silverpop.com @LorenMcDonald Rick Weithas - Sr. Solutions Marketing Manager Webtrends Rick.Weithas@Webtrends.com @Webtrends #WebinarWednesday
    3. 3. Silverpop – Behavioral Marketing Automation Single Identity Behaviors Marketing Database Interaction Engine Automation Multi-channel
    4. 4. AGENDA • Brief Introductions • Data and Email Remarketing • Shopping Cart Abandonment • Personalization in Context • Questions & Answers #WebinarWednesday
    5. 5. “E-Commerce is projected to grow to $370 billion a year by 2017” Forrester #WebinarWednesday
    6. 6. “Advertisers will spend $77 billion on interactive marketing by 2016 to get customers to their site” — Forrester #WebinarWednesday
    7. 7. Yet….. 98% of Website visitors don’t complete the desired action in most recent session Abandonment costs retailers $18 billion per year! #WebinarWednesday
    8. 8. Email Remarketing – Solution for Abandonment Drive Customer Engagement • Visitors Who Abandoned: Browse Didn’t Buy Shopping Cart Abandonment • Customers Who Converted: Cross Sell / Up Sell #WebinarWednesday
    9. 9. GREAT EXPERIENCES REQUIRE ALL THE PIECES Customer insight Content in context At the right time #WebinarWednesday
    10. 10. Email Remarketing: How it Works #WebinarWednesday
    11. 11. Email Remarketing: How It Works #WebinarWednesday
    12. 12. Shopping Cart Abandonment Loren McDonald - Silverpop #WebinarWednesday
    13. 13. My Topics Covered Opportunity 5 Best Practices #WebinarWednesday
    14. 14. Why Cart Abandonment Remarketing? - 3 Reasons… #WebinarWednesday
    15. 15. — Multiple Sources ―60–70%‖ 1. Cart abandonment is a HUGE challenge Up to 70% of Shopping Carts are Abandoned before Checkout #WebinarWednesday
    16. 16. 87% of consumers abandon carts …75% say they will return to complete the purchase. Source: Amaze/University of Glasgow #WebinarWednesday
    17. 17. 2. A Huge Revenue Oppoprtunity Conversion Cart Abandonment Browse Abandonment Cart Abandonment: 1-step from revenue #WebinarWednesday
    18. 18. up to 50%conversion. Following up with abandoners by email yields #WebinarWednesday
    19. 19. 3. Most marketers are leaving a HUGE amount of money on the table?” 19 #WebinarWednesday
    20. 20. Daily Conversion Daily Average Annual Initial Abandonment Rate Conversions Order Business Days Bookings 12,000 1% 120 $35.00 270 $1,134,000 12,000 2% 240 $35.00 270 $2,268,000 12,000 3% 360 $35.00 270 $3,402,000 The Cart Abandonment Opportunity #WebinarWednesday
    21. 21. Relative Volume Abandon Cart Emails 0.3% Promotional Emails 99.7% Sample: Cart vs Broadcast Emails Relative Sales Abandon Cart Emails 18.6% Promotional Emails 81.4% High % of sales relative to volume #WebinarWednesday
    22. 22. Cart Remarketing Best Practices? #WebinarWednesday
    23. 23. Before we start … where does the email address come from? Account Registration – logged in Email Subscriber – clicked through “Remarketable” Abandoners #WebinarWednesday
    24. 24. Cart Abandonment Remarketing – Key Success Elements Speed Relevance Repetition“Tone”/Helpful Urgency #WebinarWednesday
    25. 25. 1. Speed #WebinarWednesday
    26. 26. Speed matters. The longer you wait, the greater chance the prospect has purchased from a competitor. #WebinarWednesday
    27. 27. Some potential exceptions … Travel – pricing changes B2B Ecommerce – Purchase Orders Financial Services - Culture #WebinarWednesday
    28. 28. Stage Conversion Open Rate Revenue / email 1: Real time 22% 70% $11 2: 24 hours 7% 65% $4 3: 7 days 6% 60% $3 Total 35% Average 65% Average $6 Source: SeeWhy
    29. 29. Results –Phase 1 and 2 (real-time) Phase 1 Phase 2 Lift Open Rate 17.50% 20.25% 16% Click-through Rate 9.02% 12.80% 42% Conversion Rate 12.65% 15.31% 21% #WebinarWednesday
    30. 30. Webtrends Streams beta client saw 55% conversion increase moving real- time from 1 hour after abandonment. #WebinarWednesday
    31. 31. 2. Relevance #WebinarWednesday
    32. 32. Product image and description #WebinarWednesday
    33. 33. Results: • 38.5% open rate • 10.15% CTR • 50% conversion rate • $4.80 revenue/email Dynamic product recommendations Recommendations Reviews
    34. 34. Use offers and incentives carefully Use later in series Test impact/need Think beyond discounts #WebinarWednesday
    35. 35. 3. Repetition – Develop a Series #WebinarWednesday
    36. 36. Power of Deploying a Series Cart Email A Day 1 Cart Email B Day 3 Cart Email C Day 5 AVERAGE Open Rate 40% 39% 32% 37% Click-to-Open 44% 47% 28% 41% Click-thru-Rate 18% 18% 9% 15% Conversion Rate 22% 15% 24% 20% Sales/email $8.60 $8.40 $5.04 $7.46 #WebinarWednesday
    37. 37. 4. “Tone”/Helpful #WebinarWednesday
    38. 38. Contextual – Know your customer #WebinarWednesday
    39. 39. • Aaron - Real person • Service tone • 50% conversion rate “Human” and Helpful Remarketing
    40. 40. 5. Urgency #WebinarWednesday
    41. 41. Deadline/Sense of Urgency
    42. 42. Get creative – think beyond “recency” “Only 100 items left” “Price is going up” “Sold out … recommend..” “Cart is about to expire …” #WebinarWednesday
    43. 43. Shopping Cart Abandonment with Webtrends Streams #WebinarWednesday
    44. 44. Email Remarketing with Webtrends Streams Customer Centric Visitor level behavioral insight around abandons, browsing, purchases, etc. Right Time Immediate remarketing Actionable Action Center delivers customer insight directly to email partner platforms Customer Centric Actionable Right Time #WebinarWednesday
    45. 45. Webtrends Streams: A New Solution for Email Remarketing +Real-Time Customer Centric Actionable Historical Analytics Real-Time Analytics Use Cases Dashboards, campaigns, mu lti-touch attribution, data mining. All in the past hours to days old. High level trending, campaigns, summar y-level analysis hours to minutes old. Push API powers content & offer relevance, visitor engagement, ad targeting, social interaction, trends, referrals. As-it-happens Machine-to-machine Visitor–level detail + + + #WebinarWednesday
    46. 46. Customer Views Product on Website Remarketing Email Declining Probability of Conversion 24-48 hrs later Current Industry Email Remarketing Programs Customer Abandons Website #WebinarWednesday
    47. 47. Customer Abandons Website Immediately after Abandonment + Key Behavioral Information = Improved Time & Relevance Declining Probability of Conversion Email Remarketing w/ Webtrends Streams #WebinarWednesday
    48. 48. Webtrends Streams #WebinarWednesday
    49. 49. Webtrends Streams Lab #WebinarWednesday
    50. 50. Complete Visitor Level Behavioral Insight #WebinarWednesday
    51. 51. Action Center – Visitor Insight to Email Remarketing
    52. 52. Action Center – Direct to Email Partner Platform #WebinarWednesday
    53. 53. Remarket at Just the Right Time • 24-48 hours, or days later was the norm • Shortening this window increases likelihood to purchase • Webtrends Streams delivers in the moment insight and action with key behaviors • Find the right window and context with Webtrends Streams #WebinarWednesday
    54. 54. Measure Success Example Shopping Cart Abandon Email ROI Program Trial Emails Sent 20,000 20,000 Open rate 25% 30% Opens 5,000 6,000 Click thru rate 15% 25% Clicks 750 1,500 Click to Conversion Rate 15% 18% Orders 112 270 AOV $250 $300 Potential Sales $28K $81K Sales/Email $2.52 $6.75 Time and Message Relevance Drives Email Remarketing Performance Open Rate Click Thru Rate Click to Conversion Rate Program Revenue #WebinarWednesday
    55. 55. Getting Started w/ Webtrends Email Remarketing Webtrends Customers Leverage Existing Tag New Customers Simple Site Tagging Webtrends Email Partners Silverpop Responsys ExactTarget Customer Centric Actionable Right Time #WebinarWednesday
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