7 August, 2023
Last updated on 30 October, 2023
Written by Content Team
Title: Myntra's Case Study: Recovering Abandoned Carts
An e-commerce owner already knows the pain of abandoned carts. Not anymore! Have a deep understanding of how a well-known brand recovered abandoned carts.
You might lose $18 billion in sales yearly 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.
While this sounds insane, ask yourself: how often have you filled your carts with clothes or accessories only to leave them without making a purchase? Almost every time? Now this is an abandoned cart.
As a brand, your purpose should be to make a sale out of abandoned carts. The customer has put a particular item in the cart. This action directly indicates 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.
If your customers make a sale from their abandoned carts, you have successfully recovered abandoned carts!
You cannot cure your stomach if you do not know what is causing it, correct? Similarly, it would be best if you had a complete outlook on why cars get abandoned to understand cart abandonment strategies.
Here is a list of reasons:
Specific reports claim that almost 24% of customers abandoned their carts because of website crashes, and 15% abandoned them because of website timed-out notifications. This means brands must have a good-speed website to ensure consumers stay in their purchasing session.
A Mobile Unfriendly App
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.
Sometimes the consumer 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.
The business in question is a well-known eCommerce brand. Now, with a vast audience comes a lot more abandoned carts. Here is the approach they can use for customer retention by recovering abandoned carts.
Conversion Optimization Through Data-Driven Approach
Optimizing your conversion means you do not need to convert all abandoned carts. Instead, you need to optimize your customers. You can make your strategies accordingly. Make customer segments based on the Recency, Frequency, and Monetary (RFM) principle.
This means categorizing them based on the profits they will bring and the time they purchase from your platform.
This way, you can generate specialized content and set up a workflow to target them. The key to this approach is data. Once you know your customers exclusively, this step is relatively easy.
One of the most significant steps in recovering abandoned carts is customer retention. How will you convince your customers to come back to your site?
One way to achieve it is to ensure they avoid any issues the first time they visit your site. But imagine a customer added a few products to their cart and left the platform. How will you bring them back?
The first and foremost way is to remind them they have an abandoned cart. You can use email for this. However, the email should be personalized, crisp, and tempting. Another way is to send a pop-up notification. However, the frequency of these emails and messages should be limited.
Retargeting Campaigns to Bring Back Customers
You have followed your customer through pop-up notifications. But what after that? Well, you can keep reminding them about their abandoned carts indirectly.
A retargeting campaign is a cart recovery strategy through which brands can bring attention to their customers through paid advertising. The process depends on browser cookies to track IP addresses and visitors' activities and display relevant advertisements.
There are several tools to help you create a retargeting campaign for your consumers. Almost 30% of brands believe that retargeting campaigns have a positive effect, while 11% believe it is ineffective.
Through these strategies, the brand in question has witnessed sales recovery. You can apply it to your business and watch it grow.
Investing in abandoned carts could be one of the best investments for your business. A recovered abandoned cart is like the sale you have almost lost. Make sure to follow these strategies and see the difference yourself. For recovering tools, you can approach excellent platforms, such as GoNukkad.
Q. What is a Recoverable Cart?
A. Recoverable carts are the number of carts where customers added the products, logged up or signed up their customer account, added the details, and left the cart for 24 hours.
Q. How to recover abandoned carts better than your competitors?
A. Data could help you beat your competitors in the cart abandonment process. You can send them personalized emails and notifications if you have better consumer data. You can also target ads accordingly.
Q. How can we reduce cart abandonment?
A. The best way to reduce cart abandonment is to give the best experience to your visitors during checkout. If your checkout process is quick, with minimum requirements, multiple payment options, and price transparency, there is less chance of an abandoned cart.
Q. How can I improve my abandoned cart email?
A. Keep the subject line on-point. Your email should remind customers of an abandoned cart and tell them they need that particular product.
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