There's is much to be said about cart abandonment .. and we have! We recently wrote about some interesting facts and figures here, and also in our 3dcart university, as well as posted an interesting infographic here . While there is much to be said, there are 3 facts that every merchant must know to understand cart abandonment.
FACT: Price is crucial.
Studies by MIT showed that cart abandonment rates spike at specific price points: the $100 spike is the most significant and there are similar spikes at $250, $400, and $500.
WHAT YOU CAN DO ABOUT IT: If you have products at these pricing points, consider dropping a products price $2-$10. Pricing is psychological so by dropping your price from $100 to $98, you may loose two dollars on one sale but gain 3 others in the process.
FACT: Real-time remarketing is your best friend.
SeeWhy's studies of abandoned cart remarketing showed that on average only 8% of abandoners returned without any form of remarketing. BUT when merchants employed a real-time re-marketing campaign, the total return rate increased to 26% with the impact on the return rate being greatest the first 12 hours following abandonment.
WHAT YOU CAN DO ABOUT IT:Create intcing and creative remarketing emails using programs like 3dcarts free autoresponders to strike while the iron is hot and capture the sale!
3. FACT: 2nd-time abandonment is more deadly than its predecessor.
According to ComScore, almost 75% of users who abandoned a page at the point of purchase returned to the site. BUT when those who abandoned a cart return and then abandon it again, only 53% of them will not return again within 28 days.
WHAT YOU CAN DO ABOUT IT: Its vital to get it right during the 2nd go around, so make sure you save user data ( like 3dcarts ..) to make the checkout process even easier the second time around