Fixing abandoned carts to boost revenue

Fixing abandoned carts to boost revenue Business illustrations by Storyset

Summary

To succeed in the digital marketplace, reducing latency in identifying the root-cause of your abandoned cart is a must, and gaining meaningful insights from your data to boost conversion rate goals is any data-driven company’s dream.

I love window shopping, and lately my loyalties have been skewed towards “e-window-shopping”; thanks to the new COVID influenced era. I have spent hours browsing through product pages, looking at their details and sometimes I even go as far as adding a few items to my cart. But why do I never finish the check-out flow? Maybe I am lazy, maybe I am cheap (quite likely) or maybe something just didn’t click for me on the website – broken payment, price disparity, inventory sold-out, page latency, incorrect details compared to what was advertised on the ad campaign….and the list goes on.

According to published reports, there were more than 2 billion total digital shoppers in 20201, generating $791 billion in revenue for US retailers alone2. But the most alarming statistic is that 70% of internet shoppers never convert, abandoning their full shopping baskets behind3. These customers are an ecommerce retailer’s worst nightmare. Even if we exclude casual browsers like me, Baymard’s research shows that 41% of online visits fail to convert due to a system glitch or bad experience as they navigate through the checkout process3. That’s 820 million potential revenue-generating shoppers!!

More often than we would like to admit, aggregate and average KPIs obscure granular conversion drops. Monitoring at the micro-level as customers move through the checkout process can assist teams in identifying patterns in the shopping funnel where users tend to drop off, often revealing previously unknown insights or triggering a warning for revenue teams before the problem becomes massive.

BoostKPI automates the mammoth task of micro-level monitoring of checkout funnel data.

Once operational, the tool tracks each of the events in the checkout funnel- view product, add to cart, check out started, payment initiated, shipping info, payment processed, order submitted across all product categories, marketing campaigns, customer demography, geographic location, seasonality, device type – at granularity that can easily exceeds millions of combinations. Without running any customized reports, or manually digging through the data, BoostKPI automatically alerts your team if it detects a statistically significant or meaningful anomaly in the conversion rate. It identifies key trends and isolates segments (combination of dimensions) within your data that are contributing to change in conversions rate on that day, that month or that year, all within seconds.

To succeed in the digital marketplace, reducing latency in identifying the root-cause of your abandoned cart is a must, and gaining meaningful insights from your data to boost conversion rate goals is any data-driven company’s dream. Contact us at www.boostkpi.com to schedule a demo and let us show you how we can bring you closer to your dream.

References:

  1. https://www.statista.com/topics/871/online-shopping/#dossierKeyfigures
  2. https://www.digitalcommerce360.com/article/us-ecommerce-sales/
  3. https://baymard.com/lists/cart-abandonment-rate