For online shops, abandoned shopping carts do not just mean missed sales. In the medium and long term, online shops fail to build up existing customers and strengthen the image of their own brand due to an excessively high shopping cart abandonment rate.
Potential for shopping cart abandonment
About 70% of the visitors of an online shop stop shopping with a full shopping basket. For online shops this means that marketing activities and the associated costs do not unfold their full potential as long as the customers are not regained.
Abandoners are characterized primarily by the fact that they have already shown interest in the purchase. They therefore do not have to be made aware of the online shop at great expense, but only convinced of the purchase. Consequently, at no other point in the customer journey is it easier, cheaper and more promising to significantly increase the conversion rate through appropriate measures.
Increase customer value
Contact with shopping cart abandoners leads to the build-up of existing customers and thus to a considerable increase in customer value. Since the segment of repeat and regular buyers accounts for 41% of sales despite its relatively small size, an investment in this segment is extremely worthwhile. The Customer Lifetime Value (CLV) measures the customer value realistically. This measure looks at the business relationship as a whole, taking past and future revenues and expenses into account.
Learn more about the potential of abandoned shopping carts and how the recovery of abandoned carts affects customer value in the first part of the series “Shopping Cart Abandonment in Online Shops”.