Case Study: How Myntra Recovered Abandoned Cart

Do you leave money on the table? The abandonment of carts costs eCommerce businesses billions in lost sales every year. But don't worry—there are simple and actionable strategies that can help recover abandoned carts, improve conversion rates, and even boost customer retention. Dive into this blog and learn proven cart abandonment strategies to reclaim sales and grow your business!

Introduction

You may lose $18 billion in sales every year without a proper strategy to recover abandoned carts. According to a report by Statista, almost 80% of shopping sessions on online platforms end without giving a sale to the forum.

This sounds nuts, but think about it: how many times have you filled up your carts with clothes or accessories and left the store without buying anything? Almost every time? Now this is an abandoned cart.

As a brand, you should aim at making a sale out of the recovered abandoned carts. The customer has put a particular item in the cart. This directly shows that they are interested in the product. All you have to do is remind them that they need that product. This is how you can do customer retention too.

Congratulations, as long as you recover sales made from carts.

Why People Abandon Cart

You cannot heal your stomach unless you know the reason behind the issue, right? In the same way, if you do not get a panoramic view of why the carts are being abandoned, it will be a long shot trying to understand how cart abandonment strategies will help you recover the abandoned carts.

Here is a list of reasons:

Low Speed

Specific reports reveal that around 24% of customers abandoned their cart because the website had crashed and 15% of customers abandoned it when the timed-out messages message from the website appeared, thus, websites need a good speed to keep the consumer on their purchasing session.

An Application That Is Not Friendly to Mobile

Almost everyone prefers to use a mobile when it comes to online shopping. If your website or app is not mobile-friendly, people might face issues and leave an abandoned cart.

A Long Checkout Process

A lengthy checkout process is just a turn-off for consumers. Your checkout process should be short and crisp.

Price Transparency

Sometimes the customer finds a different price when they make a payment. It results in unpurchased items in the carts.

Now, these are the reasons for abandonment. It results in heavy losses for any e-commerce brand, but you can recover sales through simple abandoned cart recovery strategies.

Cart Abandonment Strategies

The company is an already well-known eCommerce brand. Well, with such a huge audience comes significantly more abandoned carts. Here is the approach they can use for customer retention by using recovered abandoned carts.

Conversion Optimization Through Data-Driven Approach

It simply optimizes your conversion, and there is no necessity to convert every abandoned cart; instead, one needs to optimize the customers themselves. Strategies could be prepared for that purpose, and you must make customer segments based on the RFM principle.

That implies categorizing the customers on the basis of profit made by them along with the time through which they keep purchasing from the platform.

This way, you can create specialized content and develop a workflow that targets them. The most important part of this is data. When you have determined that your customers are exclusive to you, then this step becomes rather easy.

Customer Retention

One of the biggest steps toward getting the abandoned carts recovered is customer retention.

How will you make your customers come back to your site? This can be done by ensuring that they do not face any issues the first time they visit your website.

Assume that a customer had added some products to his cart and left the site. How are you going to bring them back? The first and most obvious is reminding them that they have an abandoned cart. You can do this through email. However, such an email should be personalized, crisp, and tempting. The other way is through a pop-up notification. However, the frequency of these emails and messages should be limited.

Retargeting Campaigns to Bring Back Customers

You followed your customer with pop-up notifications. But then what? You can continue to remind them about their abandoned carts indirectly.

Retargeting Campaign

Retargeting is another cart recovery technique by which a brand can grab the attention of its customers via paid advertisements. The whole process relies on the browser cookies for tracking the IP addresses and visitor activities to be displayed about those activities.

There are various tools that can lead you in the process of creating a retargeting campaign for your consumers. Almost 30% of the brands believe that the campaigns have a positive effect while 11% feel it is ineffective.

With such strategies, the brand in question has experienced sales recovery. You can apply it to your business and watch it grow.

Conclusion

Abandoned carts could be one of the best investments you can make in your business. The recovered abandoned carts are like that sale you've almost lost. All these strategies follow to see for yourself. Recovering tools could be approached through excellent platforms like GoNukkad.