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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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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