Research from Baymard shows that 68 per cent of consumers will abandon their online shopping carts this year. While the reasons for abandonment are endless, failure to capitalise on these lost sales opportunities is projected to reach a staggering USD 3 trillion in lost revenue for companies across the globe.
So are you ready to accept the cart recovery challenge?
This year, online spending is forecasted to exceed USD 1.4 trillion and with the majority of retail industries seeing abandonment rates well above the global average, more brands are realising the huge marketing potential that abandonment provides.
After all the money and effort put into getting people on your website in the first place, customers who have found their way, told you the products they are interested in and demonstrated they are considering a purchase are red-hot prospects! Making remarketing campaigns a goldmine for retailers looking to recover lost sales online.
The proof is in the pudding. Nearly all retail industries are seeing abandonment email open rates well above 50 per cent and more importantly, conversion rates around 30 per cent across the board (that’s over 3x the rate of traditional marketing emails!)
With ecommerce set to grow year on year, the value of abandoned carts will soon exceed USD 3 trillion. And it will be the businesses that innovate and build effective strategies to both prevent and respond to abandonments that will win the race!