Every once in a while while you're browsing Youtube, you find a gem. This video from Listrak was published in February when they launched their shopping cart abandonment solution, but I wanted to publish it here for a couple reasons. First, it's a nice overview of what shopping cart abandonment is… next, it's a beautiful video and I hope Listrak is producing more of them.
Here's some highlights from the Listrak product information page:
According to Listrak's site, online abandoned shopping carts are an issue costing online retailers 71% of their conversions equalling over $18 billion a year. Listrak's site has an abandoned cart recovery calculator so you can quickly estimate your losses.
Listrak's shopping cart abandonment remarketing solution re-captures abandoned shopping carts and provides opportunities to re-engage shoppers through personalized offers and relevant messaging. Utilizing their software, a re-engagement campaign may be a single email or you could develop a stream of emails to nurture the conversion.
Shopping cart abandonment isn't just a factor with eCommerce. Any corporate site that is utilized for inbound marketing efforts typically has a weakness where visitors are lost in the conversion process. At times, it's simply because a poor layout doesn't provide any incentive to engage further. Other problems might be an extensive form, slow pageload times, or other issues.
If you can develop a means to re-engage that audience, you'll typically find that your conversion rates will exceed any conversions that you are getting on new visitors.