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Act on Cart Abandonment Webinar: CPC Strategy & UpSellIt

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Retailers lose 18 billion in revenue annually due to shopping cart abandonment, and 90% of online leads go cold after one hour.

Learn how to use Google Shopping and proprietary customer retention strategies to regain cart abandoners and prevent shoppers from leaving at all part of the conversion funnel.

Published in: Marketing
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Act on Cart Abandonment Webinar: CPC Strategy & UpSellIt

  1. 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. 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. 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. 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. 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. 6. What We’ll Cover  Key Customer Acquisition Programs  The Retail Funnel  Customer Retention Strategy
  7. 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. 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. 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. 10. THE RETAIL FUNNEL Convert = Customer Retention EDUCATE CURATE CONVERT Mens Shoes Nike Shoes Nike Air Max +2013
  11. 11. Customer Retention Strategy  Build a product line or  Build an experience
  12. 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. 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. 14. CPC STRATEGY Retail Search Resources http://bit.ly/1g5PBXG Questions for Rick? Rick@cpcstrategy.com @Rick_Backus
  15. 15. ① About UpSellit ② Types of Abandonment ③ Reasons for Abandonment ④ Optimizing for Abandonment ⑤ Acting on Abandonment TOPICS
  16. 16. • Founded in 2005 • Headquartered in Los Angeles • 2,000+ eCommerce Partners • 18M Recovered Conversions • Increase Conversions Up to 25% • 100% Pay-for-Performance ABOUT
  17. 17. FULL FUNNEL REVENUE RECOVERY Email ReMarketing Lead Recovery + Email Delivery Abandonment Chat Simulated Live Chat Sales Support Targeted Offers Highly Personalized Exit Engagements
  18. 18. 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
  19. 19. 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
  20. 20. Improve Load Times TinyPNG Minify Build Trust Provide One, Clear CTA Remove Auto-Media Enhance Usability MAYA KISS OPTIMIZE FOR THE BOUNCE
  21. 21. 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
  22. 22. 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
  23. 23. 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
  24. 24. 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%)
  25. 25. 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
  26. 26. 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
  27. 27. 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%)
  28. 28. 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
  29. 29. 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
  30. 30. 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%)
  31. 31. 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
  32. 32. CPC STRATEGY Retail Search Resources http://cpcstrategy.com/resources-retail-search/ Questions? Suggestions? Contact@cpcstrategy.com @CPCStrategy

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