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TLDR
If you’re an e-commerce business owner, you know it can be frustrating to see a high percentage of website visitors add items to their cart without purchasing. With the right strategies in place, you can retarget these visitors more effectively and convert them into paying customers.
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How Often Does Cart Abandonment Happen?
According to a study by Baymard Institute, the average cart abandonment rate for e-commerce stores is 69.57%. This means that nearly 70% of website visitors who add items to their cart do not end up purchasing. While there are many reasons why cart abandonment occurs, such as high shipping costs or unexpected additional fees, e-commerce businesses can still take steps to retarget these visitors more effectively.
What Can I Do About It?
One way to tackle cart abandonment is by using an identity graph. An identity graph is a data structure that connects various data points about a user, such as their email address, browsing history, and purchase history, to create a comprehensive profile of the user. By using an identity graph, e-commerce businesses can gain a deeper understanding of their visitors, including those who have abandoned their carts.
Here are the top 5 ways an identity graph can help e-commerce businesses retarget visitors who have abandoned their carts:
- Personalized retargeting: An identity graph can provide e-commerce businesses with a wealth of information about their visitors, including their browsing and purchase history. This information can be used to create personalized retargeting campaigns that are tailored to the specific interests and needs of the visitor.
- Lookalike modeling: An identity graph can also be used to identify patterns and common characteristics among visitors who have abandoned their carts. By identifying these patterns, e-commerce businesses can create lookalike models, which can be used to target similar visitors who are more likely to convert.
- Dynamic pricing: An identity graph can be used to track a user's browsing history, purchase history and other behavior. With this information, e-commerce businesses can offer dynamic pricing to visitors who have abandoned their carts, which can entice them to come back and complete their purchase.
- Abandoned cart email: An identity graph can be used to track the visitors who have abandoned their cart. E-commerce businesses can then send abandoned cart emails to those visitors with a special offer, such as free shipping, to entice them to complete the purchase.
- Re-engagement campaigns: An identity graph can be used to track the visitors who have abandoned their cart, but also to track their behavior after leaving the website. E-commerce businesses can use this information to create re-engagement campaigns that target visitors who have not returned to the website in a while.
By using an identity graph, e-commerce businesses can gain a deeper understanding of their visitors, including those who have abandoned their carts.
Bottom Line:
While cart abandonment is a common and frustrating problem, you now know a few potential solutions that can convert these visitors into paying customers.
Revenue Roll’s cutting edge identity graph allows our subscribers to reach users (such as cart abandons) that were previously considered unreachable, increasing ROAS for the long-term.
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