Cart abandonment is like a longing pain in the neck for online retailers!
Every day, 69.23% of online carts are abandoned, which means that your sales numbers may only be one-third of what they could possibly be.
You, eCommerce merchants, lose your potential orders, and sales numbers just stay still. However, while cart abandonment is a nuisance, it also offers excellent opportunities to understand your customers, learn from their behavior, and in turn, helps us to bring out the solution to all of this.
We’re giving you the fact that many ShopBase sellers have been applying this method into practice with their business. And the results are worth the effort as the recovery rate has doubly increased from 1.39% to 3.27%.
Know what’s even more awesome? The spending is only $232 using ShopBase abandoned cart recovery SMS to earn up to $18.000 in total revenue. Such numbers to be mindful of! So in today’s post, I want to show you how to nail your abandoned cart SMS automation with ShopBase and zoom in why this strategy is one of the most effective ways to drag the cart abandonment rate down to the ground.
CHANGE YOUR MINDSET TO REACH THE TARGET!
First thing first, when encountering a problem, you need to come up with a know-how mindset and think of the most suitable approach to address the problem quickly. At ShopBase, we stick to data-driven decision making rather than just making decisions that are intuitive or based on observation alone. Here’s the flow that we’re currently working after:
What can’t be measured, can’t be improved. That’s why the most important thing to make yourself think of is to determine a specific goal for your business to achieve. From which, you can gradually write down the to-do list and put them into practice.
Hypothesis: Based on the key data sets, the next step is to identify all the factors and elements that might affect your results in the end and give out all the hypotheses you can think of to achieve that goal you set.
Test: With all that said, it’s time to put everything to A/B test A/B in order to know which ideas suit the best with your business.
Analyze: Based on the metrics that present the project efficiency or how they might work, you need to analyze whether the numbers have improved or not. And if it’s not showing the result you’re expecting, then it’s time to figure out the reason why.
Optimize: Continue testing your strategy, track where customers drop off, just make sure that your method is running the best it can and everything is fully optimized to make the most out of it.
Repeat until it hits the goal: Repeat the whole process even when it’s time-consuming but good things take time so try it until you make it.
BREAKDOWN AND OPTIMIZE ALL RELATED ELEMENTS
So enough for theory, it’s about time to analyze everything and let the number do the talking.Below is the SMS indicator when ShopBase first received the request from our customer for the optimal advice.📷 – 2
The rate from Feb 17 to Mar 17, exactly one month long, was only at 1.39%, which was pretty low. Now, let’s do the math:
At a cost of $ 0.02 per one SMS, which means, ShopBase seller has spent a total of at least $80 for nearly 4000 SMS sent to earn $2470 sales.
Let’s say the cost of for goods and advertising accounted for 70% of this revenue, the net profit was at about: 2470 * 30% = $741.
The Return of Investment (ROI) number, therefore, was: $741/80 * 100% = $9.26.
This means, for every $1 spent on SMS, this store earned only $9.26 in net profit.The goal set is to at least double this ROI. So what are the suggestions that ShopBase has for you to minimize the checkout abandonment rate?
>> Read full article:$232 in exchange for $18000 sales: Here’s how ShopBase helps online merchants to optimize their abandoned cart recovery SMS to find out!