Abandoned Cart Email Stats You Need to Know
If you’ve been reading this blog for any period of time, you know we think there’s a ton of opportunity around abandoned cart emails.
Creating good abandoned cart email campaigns can re-engage your customers, get more sales, and boost your bottom line—all good stuff.
But, sometimes, in order to really see the power of something, you want to look at the numbers.
So, that’s what we’ve got for you—the stats you need to know to see the power of abandoned cart emails.
The numbers you need to know
Let’s start with the most eye-opening stat. Statista found that the world-wide shopping cart abandonment rate in 2018 was 74.58%.
Yikes, that means basically three-quarters of the people who put something in an online shopping cart don’t complete the purchase. Now, multiply that by all the online stores in the world, and experts estimate over $4 trillion dollars in sales are lost due to abandoned carts.
Now, obviously, not every potential shopper came to your site because they wanted to buy something. A lot of people spend time virtual window shopping, and it’s hard to convert everyone into customers. But, realize that you can still get a significant portion of these people to complete their purchase.
There are ways to get at least some of that money back. Experts cite over $200 billion would be recovered more easily if brands improved their checkout process. In fact, Baymard found that the average large e-commerce brand could see a 35% increase in conversion rate by designing a more efficient way for customers to complete their purchase.
The same study also showed that the primary reason why American customers abandoned their cart was because of high shipping costs.
This is another area where brands should pay attention. If you’re not making checkout easy for mobile devices, you can lose customers.
Abandoned cart emails work
So, you can see how much abanonded carts are probably costing your business. That’s not great. But, here’s the good news; data also shows that abandoned cart emails make a difference.
One study found that over 40% of abandoned cart emails are opened. Of those who opened the emails, 21% of brands saw click-throughs, with half of those customers completing their purchases.
Brands that are effectively sending good abandoned cart campaigns are seeing somewhere between 8 and 10% conversion rates. Those aren’t small numbers to ignore, and those sales can certainly add up over time.
Estimates are that just over 28% of all e-commerce revenue comes from converted customers from abandoned cart emails. And, if you want a little trick to really get people back, lower the price a bit.
It turns out 54% of shoppers will buy the product in their cart if it’s offered at a lower price. So free shipping or a discount code on that last abandoned cart email you send could make the difference.
Multi-email abandoned cart campaigns work too. Check out this stat:
“Sending three abandoned cart emails results in 69% more orders than a single email. This type of e-commerce email is one of the most effective for boosting revenue.”
Even sending just one email can make a difference, but a three email series can often offer you the best bang for your buck.
You might not realize it, but safety is something shoppers care about too, they don’t want their card information stolen online. Research found 35% of shoppers will leave a site if there’s no security badge. That’s something you can think about highlighting or including in your abandoned cart emails to reassure customers.
Data doesn’t lie
As you can see, there are some pretty compelling numbers behind the success of abandoned cart emails. The brands that are all in on these emails are able to convert shoppers into customers over the long term.
You can do the same. All it takes is developing a solid abandoned cart strategy that connects with your potential customers. Are you ready to give it a shot?