Is business dropping the ball on abandoned baskets?

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Russell Kenyon 29th April 2019 5 minute read

Is business dropping the ball on abandoned baskets?

Retailers are losing vital revenue when customers abandon online purchases before reaching the checkout. Perhaps it’s because they worry too much about traffic and not enough about conversion, suggests Russ Kenyon, MD of Capita Trading’s Optilead solution. Find out more in our whitepaper, 'Are You Paying the Price for Customer Abandonment?'.

Today people have a degree of choice in online shopping that would have been unimaginable even ten years ago. Almost every single retailer has moved into the ecommerce arena and this has transformed the nature of how people shop via the Internet.

They may be looking at a product on your site, but have windows open on another two, three or four others, trying to beat your price. Money is tight and everybody is looking for a bargain to save a few extra pounds – and it’s happening worldwide.

What we see in the industry is businesses investing huge marketing budgets trying to get traffic to their websites, but then not spending anything on converting the people they have into customers.

What they are doing is misfilling the funnel. You get a 1000 people to your website on a Monday and you convert a few of them. Then on Tuesday you need to find another 1000, and on Wednesday another 1000 after that.

What businesses should be doing is thinking, ok, how many of those people on Monday didn’t actually buy anything, what was the reason, and how can I put that bit more effort into converting them?

Converting your abandoned visitors

Customer abandonment – the classic abandoned cart – is a big part of this and is only going to become more prevalent. It’s a massive challenge for online retailers and one they need to address. Industry research shows they could be losing more than 75% of customers this way. Globally this could equate to two hundred billion pounds in lost revenue, and it’s a problem that’s not going to go away.

There can be a number of reasons shoppers abandon their visits. They could be checking the price somewhere else. It could be a distraction like someone at the door or taking a call. It might be they have a ten-page form to fill in, they don’t reach the end, and the website times out.

So how do you recapture those customers and rescue that potential sale?

Offering facilities like a save basket is great because it means that as a business you can see what customers had in that basket then drive deals and support to guide them through that journey. But that’s only part of the story. Our Optilead software dives much deeper into what you can do with that information, how you can recontact and reengage customers, and the approaches that work best at getting them to pick that basket back up again and take it to the checkout.

Re-engage at a deeper level

The Voice channel in particular is great for this, especially in those first 15 to 20 minutes, which is the most critical time for re-engagement. That’s when a lot of people pause and stall because they are out there looking for more information. If you can come back to them via the Voice channel – which is always warmer and more engaging – you have the chance to answer those questions yourself, maybe throwing up a detail or benefit their own research wouldn’t have spotted. You can help reassure them that this is the right purchase for them.

It’s one of the reasons that Optilead’s closing rates tend to be higher in Voice than any other channel. In fact the realistic recovery rate for our multi-channel solution is as high as 47%.

Keeping to the best channel

That multi-channel element is important too. Nobody’s technology should be driving people from one channel to another. You should keep people within the channel they chose, be it voice, webchat, email, SMS or chatbot, for as long as you can, then only when they are about the leave the site do you switch to another contact method.

Right channel, right time, every time. A short, seamless journey to a quick purchase is always best, there’s no doubt about that. But again I’d say that if you do have to go back to those customers because of a dropped cart, just saying “we see you were on our website” isn’t enough these days.

It has to be: “we see you were on our website, we know what page you reached, we could tell what you were interested in, we know what was in your basket… so is there anything else we can help you with, or would you just like us to process that for you now?” And that’s what Optilead helps organisations do.

Optilead is the Capita Trading solution for dropped baskets and customer abandonment, retargeting customers who have dropped out of an online journey. It helps businesses:

  • profile and prioritise leads
  • gather additional customer intelligence
  • streamline the lead handling process
  • maximise return on investment from existing online abandonment
  • Improve customer contact and conversion rates.

For more information see our latest whitepaper, 'Are You Paying the Price for Customer Abandonment?'.

 

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