A source of highly valuable leads
Each of these abandoned transactions when captured creates something so special to any ecommerce site – a source of highly valuable leads.
During the last few months, we have tested 90 ecommerce sites to see how well they engage with leads developed from online abandonment. Unfortunately, this survey shows most don’t have adequate solutions in place to effectively capture online abandonment the moment it happens and engage with consumers while they are still in buying mode.
Our own experience shows that if you engage with an online visitor within the first 15 minutes of abandonment, you are three times more likely to convert the sale than leaving it for an hour.
What did we test?
We tested each of the sites for abandonment 3 times – so we carried out 270 tests at a total value of $270,588.34. Each of the tests involved loading the shopping cart, completing required order data such as name, email, shipping address and telephone or cell number then abandoning the order just before completing the payment page.
How well did the companies respond to tests?
Each of the 3 tests was completed at different values, with the overall average value for our tests being $1,002.18 – so we aren’t talking small amounts in these tests.
Out of the 90 tested, only one in ten companies engaged with us following all three tests. 4 companies responded only to our first abandonment test even though tests 2 and 3 were of higher values. 2 companies engaged with us on tests 1 and 3 but failed to respond to us at all on the mid value test.
Of the total $271,588.34 that we tested for abandonment, we only received responses for $30,205.77 – which means abandonment of $240,382.57 was totally ignored.
How long did they take to engage with us?
In total, from the 270 tests we received a response from 47 of them. But, what concerned us was the fact it took on average 23 hours and 12 minutes to respond to our online abandonment. The highest response time was 7 days and 35 minutes – which to be honest, has next to no chance of converting to a customer, as they are more than likely to have bought from a competitor after that length of time. The lowest response time was 24 minutes – we believe this was through an automated system as all three tests were responded to on exactly 24 minutes.
How did they engage with us?
Even though we provided a telephone number and email address, not one company chose to engage with us through the telephone. Our experience shows, conversion rates for engaging with abandonment leads through a telephone call, which we recommend for leads of higher values, range from 21% to 47%. Whereas, email campaigns which can work for lower value leads, normally achieve conversions of around 2%.
What happened with the call back tests?
We also looked for the option to receive a call back from each of the 90 ecommerce sites.
Not one of the stores offered us the chance to request a call back from their friendly customer service teams. You’ve been there, browsing online, ready to buy something, but the store you’re on doesn’t show a contact number, you can’t find it anywhere. This gives you no confidence so you look at other sites and end up purchasing elsewhere.
This is a major concern in ecommerce, consumers like to be able to engage with stores at their own convenience. Stores that offer call backs will see significant increases in customer engagement, customer satisfaction and closed sales.
Each lead you generate from online abandonment is an opportunity to close a sale.
If you are going to have a call back feature ensure that it is fully automated – calling prospects within the first 15 minutes will ensure you reach 9 out of 10 decision makers. The quicker you engage while the consumer is still in ‘buying mode’, the higher the chance you have of closing the sale.
Our test included 90 ecommerce stores within the US across retail, travel & insurance. Each of these online stores would gain significantly from connecting instantly to the huge number of visitors that abandon their sites each day. Sending an email out might satisfy the needs of a marketer looking to show action is being taken. But, by truly engaging with customers that abandon, while they are still in ‘buying mode’ and before they go to a competitor, will significantly increase sales and enhance your brand.
Our experience shows that a real-time multi-channel approach consisting of phone, email & SMS, will enable you to truly enhance the customer experience and enable you to see recovery rates from abandonment of around 47%. By engaging instantly you will enhance your brand and the repeat or referral rates will be phenomenal.
What would we recommend?
By applying a multi-channel approach to shopping cart abandonment, companies can take advantage of calls, texts and emails to engage with customers instantly and be seen as a proactive and supportive company that cares about assisting the end consumer. Assisting consumers and understanding their issues inevitably increases revenue.
Here’s what we would do to ensure your ecommerce store makes the most of each lead opportunity and ultimately closes more sales:
- Track all abandonment in real-time
- Capture leads from abandonment instantly
- Connect you with abandonment leads through a multi-channel engagement solution (Phone, Email & SMS)
Once you have Optilead’s solution in place this is your opportunity to Convert these valuable leads into more sales.