Gone are the days when managing an e-commerce store meant adding new products to the website and shipping orders on time. The New Year is here. And, the competition is more intense than ever. What’s the use of quality products and efficient shipping when customers do not finish the checkout process?
According to Baymard.com, 69.57% is the average online shopping cart abandonment rate (last updated September 10, 2019). The rate was calculated after a meta-study of 41 different research studies. Such a high number indicates something wrong with the online checkout process. If you want to ensure the success of your Magento store, you need to optimize your store and keep the abandoned cart rate in check.
Now, you may find several Magento Abandoned Cart Extensions to recover lost sales and tackle the problem effectively. Once you install the extension, you will be able to track the abandoned carts on the website. But, having the information is not enough, what you will do with it is far more important.
Strategies to create a Successful Abandoned Cart Email
Want your Magento e-commerce store to succeed in 2020? You need to act now. Check out how you can win back lost sales in the form of abandoned cart email strategies.
1. Building Trust
(Create a single CTA. Focus on the need and not the sale.)
In 2019, the world saw multiple email scams that left customers doubting any communication via email. If you want to build a trusting relationship with customers in the new year, mention the name of your business clearly because people don’t pay attention to emails from total strangers. Address the customer in the subject line. Keep the overall tone friendly and personal to prompt action.
Now, coming to the call to action (CTA), make sure it is clear and appealing at the same time. Do not add multiple CTAs to confuse potential customers. Address the latent needs instead of just focusing on increasing the sales number. It will show the reader that you have taken the time to understand their needs and that you are truly interested in their happiness.
2. Highlight the Product/s
(Create urgency. Also, reviews give you results.)
Adding to the discussion in the previous point, begin by telling how the product/s can change the reader’s life. Show what it does and address the buyer's needs. List down the reasons why the customer should finish the purchase. This will differentiate you from run-of-the-mill retention emails. You can nudge the customers by informing them about the limited. It can convince them to make the purchase. Another way is through reviews that help the reader understand the benefits of using the product. There are customers who rely on product review and user feedback to make the final decision. Displaying 5-star reviews can definitely persuade them to come back to your store.
3. Tempting Discounts
(There is more to abandoned cart emails than discount codes.)
Other than convenience, discount is the one thing that attracts customers to online shopping. If you want to win back lost sales, you can offer incentives and discounts. Remember that customers can quickly abuse the discount strategy especially when you use it to convert each and every abandoned cart. Use your Magento 2 abandoned cart email extension to create rules for providing discount coupons. You can set up criteria depending on the cart value and create an expiration date to encourage customers to place orders quickly.
There is no need to reduce the price of a product every time someone abandons the cart. Here are a few strategies to help you convince customers to make the purchase:
- Offer free shipping on the purchase.
- Offer free shipping on related products.
- Remind customers of using loyalty points to reduce the order value.
- Tell them about limited product stock.
4. Time the Email
(Timing and consistency matter. Also, create opportunities for further communication.)
Email marketing delivers incredible results when you send the message at the right time. For example, if someone is checking out the products, you shouldn’t send them an abandoned cart email immediately. The idea that you’re tracking customers’ each and every move can be quite off-putting for them. There should be a gap of 1-4 hours between the decision to abandon the cart and the act of sending a reminder email.
Once you send the first reminder email, wait 3 days to send another one. If the second email doesn’t evoke response from the reader, you can send a final one and request them to sign up for a mailing list. This way you will also be able to send regular emails and encourage them to make the purchase in the future. Another tip: Do not forget to add social media links to the email. It will help you to communicate with the reader in a more informal setting.
5. Get Feedback
(Don’t give up; improve.)
In the age of online shopping, abandoned carts are a part and parcel of life. However, if your website has a high cart abandonment rate, it pays to get feedback from prospects and work on improving the Magento e-commerce store. You can send an email to learn more about why the customer abandoned your cart. Is it because the prices were too high? Did the shipping cost prove to be a spoiler? Was the compulsory account creation process a turn-off? Or do you need to optimize the checkout page? Provide a survey and seek help.
Smart Email Wins you Customers
In the e-commerce world of 2020, you need to stand out from competitors. Remember that simply installing a Magento abandoned cart email extension is not enough. In order to get robust results, you need to make the most of the extension. Make use of the above-mentioned five strategies to send retention emails.
Work out a good retention email template, write down a clear-cut message with a single CTA and hit the send button at the right time. It’s time to win back lost customers and build a successful business online.