Online retailers can significantly improve revenue by targeting sales from abandoned shopping carts in an automated fashion, according to a white paper from Listrak. Before they launch on such a campaign though, marketers need to make sure their privacy policies are up to date so they don't violate CAN-SPAM.
Listrak's findings from its paper, "Recovering Lost Sales Through an Automated Shopping Cart Abandonment Strategy" show that some sort of recovery strategy does need to be implemented: shopping cart abandonment is a significant problem with 45% of US online shoppers reporting abandoned shopping carts multiple times. The best way to stop leaving these revenues on the table, it said, is to automate email retargeting of customers who abandon shopping carts. Specifically, Listrak advises that an email sent within 24 hours of the abandoned cart reaches customers when they are still considering the purchase, and can prompt them to take immediate action to complete the sale.
Listrak studied the sending habits of the Internet Retailer 500 companies to look at their shopping cart abandonment email messages. It found that about 24% of the messages received linked directly to the abandoned cart, roughly 45% included an incentive with over half of them offering free shipping, and 60% were personalized with the shopper’s first name.