Shopping cart abandonment 2

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  • Great presentation Adarsh. We are creating a product to overcome some of these challenges and would love to have your consulting on paid model. Let me know if you are interested @ santhosh@intentree.com
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Shopping cart abandonment 2

  1. 1. Author: Adarsh Bikash Saikia,Indian Institute of Management, Calcutta
  2. 2. REDUCING ONLINE SHOPPING CART ABANDONMENT BY ECOMMERCECOMPANIES THROUGH STRATEGIC REMARKETING AND CRM WEB-ANALYTICS Flow of Presentation Solution Analysis Study Design Problem
  3. 3. Shopping cart Abandonment Exit of a prospective customer from the web store without completing the purchase of items added to their shopping cart. 88% customer leave Price too high (25%) cart before purchase Compare price elsewhere (27%) 24% comeback Not ready to buy yet80% (41%) Shipping & Handling costs (44%)  Customers more demanding online.  Too many sites available, giving them options  Customer loyalty through ECRM - important *Source: Global Millennia 2011 PROBLEM STUDY DESIGN ANALYSIS SOLUTIONS
  4. 4. Shopping cart Abandonment Focus areas for E-Commerce marketers Who are my customers?What is the strategy of my competition? What is the best Price for my product? PROBLEM STUDY DESIGN ANALYSIS SOLUTIONS
  5. 5. Design of Study $200 million/day of sales Studied 5 website to understand their CRM response. Shopping cart abandoned in each of the website Cart sizes varied from 1 item to 10 items. Also in terms of value. Responses monitored as a registered as well as unregistered user Total response studied for 4 weeks To understand the best practices as well as short-falls in ECRM & online remarketingPROBLEM STUDY DESIGN ANALYSIS SOLUTIONS
  6. 6. Results of Study Only Amazon contacted within 1st week Unregistered users not contacted Only Amazon reminded of cartAmazon,Myntra, Ja By 4th week allbong companies started giving offers PROBLEM STUDY DESIGN ANALYSIS SOLUTIONS
  7. 7. User pipeline Web Analytics  Integration of email solution  Building of dynamic messages  Triggering the messages according to consumer behavior Contact List for Product Offer Wait for set Terminate conversation in the email time period conversation Opens Clicks Bounces Campaign Parameters ECRM Conv. Orders Rate RevenuePROBLEM STUDY DESIGN ANALYSIS SOLUTIONS
  8. 8. E-mail Remarketinga= • No. of e-mails sent (x) 60%b= • No. of e-mails opened (0.6x) 40%c= • No. of clicks on the e-mail link (0.24x) 15% • No. of orders (0.036x) Increase: a, b and c  Send the first re-marketing email within 24 hours of cart abandonment.  Use a picture of the cart to remind the user of what he was looking after.  Use offers and discounts to lure the customer from the second e-mail onwards.  Keep it short and simple  Use free shipping (if possible). PROBLEM STUDY DESIGN ANALYSIS SOLUTIONS

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