Recovering Lost Online Revenue through Abandoned Cart Email Campaigns
In an era where e-commerce has become increasingly prevalent, retailers face new challenges in engaging customers and driving sales when the personal experience of shopping in-store is no longer a factor. However, by harnessing the power of abandoned cart email journeys with Upper Quadrant, run specialty brands can create a successful strategy to recover lost sales, increase revenue, and bridge the gap between their Run Free Project e-commerce platform and offline channels.
The Impact of Cart Abandonment
Cart abandonment is a common phenomenon in e-commerce, where shoppers add items to their online shopping carts but leave the website before completing their purchase. Abandoned carts represent lost revenue. However, they also present a unique opportunity to leverage email marketing and entice customers to finalize their purchases, either online or in-store.
Data-Driven Insights: The ROI of Abandoned Cart Email Campaigns
Revenue recovery: One of the most compelling reasons for implementing abandoned cart email programs is their ability to recover lost revenue. According to recent studies, abandoned cart emails have an average conversion rate of 10% to 15%, meaning that for every 100 abandoned carts, businesses can potentially recover 10 to 15 sales that would have otherwise been lost. This translates into a direct increase in revenue.
Increased sales: Not only do these campaigns recover revenue, but they also drive additional sales. Many customers who receive abandoned cart emails often return to the website or visit the physical store to complete their purchases. This not only boosts online sales but also generates foot traffic to brick-and-mortar locations, especially in the run specialty channel where in-store experience and fittings are so important.
Customer behavior: Understanding customer behavior is crucial for the success of abandoned cart email programs. At Upper Quadrant, the analytics tools from the Blue Shift customer data platform combined with the API connection to Run Free provide insights into when and why customers abandon their carts. Retailers can then tailor their email campaigns with personalized incentives, such as discounts or free shipping, to entice customers to complete their purchases. This data-driven approach significantly improves the chances of conversion.
Over 70% of online shoppers abandon their carts, with that number increasing to 86% for mobile users. To avoid missing out on potential revenue from those customers, run specialty stores can utilize data they have at-hand from their Run Free e-commerce site coupled with abandoned cart campaigns from Upper Quadrant to reach customers, calling out the specific items left behind and incentivizing shoppers to return to their abandon carts.
For more information, go to https://www.upperquadrant.com/products/integrations.
Some content and resources may not be visible because you're not logged in. If you are a current member, use the login form below. Not yet a member? Join today!