Fight Basket Abandonment With Personalisation
Though online retailers may have lost $4.6 trillion in 2016 as a result of abandoned carts, 60% of that is recoverable using customer personalisation.
How shopping has changed over the past decade.
Thanks to the internet, we don’t even have to leave the house anymore to buy a new pair of shoes or that special something for our nearest and dearest. From flowers to fridges to frocks – any such desire is but a click away.
Naturally, with such a plethora of choice comes a mountain of competition for retailers. No longer are merchants solely competing within their local markets; now they have no choice but to compete in a global setting.
60% of Basket Abandonment is Recoverable
With so many distractions and so much competition out there, it is no wonder that cart and browse abandonment have become the bane of online retailers.
According to Fresh Relevance, around 65% of shopping carts are abandoned before a purchase is made, while 88% of online shoppers never even reach a cart in the first place.
Abandoned Carts - $4.6 Trillion of Merchandise Lost in 2016
As drastic as these numbers may sound, what’s far more shocking are those rates converted into lost revenue: BI Intelligence reported that a whopping $4.6 trillion of merchandise was lost in 2016 due to abandoned carts.
As disheartening as these figures are, BI Intelligence estimates that 60% of that is recoverable.
For example, a Kibo study from February of this year found that personalised home page promotions can convert 85% of browsers into actual customers. Moreover, recommendations can influence around 92% of browsers to make purchases.
Personalisation a Way to Stand Out
Essentially, personalisation is the only way to stand out from the noise these days, making it the most viable option for reducing shopping cart abandonment and thus increasing sales.
One cost efficient and highly effective method for engaging with online shoppers and improving conversion rates is through Personalised and Interactive Videos.
Improving Conversion Rates with Personalised and Interactive Videos - Example:
VideoSmart offers e-commerce firms the opportunity to communicate directly with potential customers, reminding them of the specific items they had viewed, while offering a convenient way to resume the transaction with a personalised promotional code.
For more information about our video solutions, get in touch with us at hello@videosmart.com
