James Critchley, CEO and Founder of cloud.IQ, writes …
Whilst it’s fantastic that online retailers posted record sales yesterday, the busiest online shopping day ever, there’s still a massive opportunity for them do even better and to convert the huge number of abandoned carts into sales.
From our own research we know that as many as seven in ten UK internet shoppers abandon carts prior to purchase and we estimate that at least £1 billion worth of goods is sitting in carts waiting to be converted into sales.
With Deloitte predicting that UK shoppers will spend £5bn online this Christmas, if internet retailers adopt a ‘cart recovery’ strategy – offering assistance to visitors who leave a site by following up with well-timed and helpful emails – they can maximise sales at this critical time, converting one in five cart abandonments into a sale.
Our research also shows consumers are 25% less likely to abandon their online carts over the weekend, so retailers should look to remarket to prospective customers at the end of this week to stand the best chance of success.
A typical consumer will research around five retailers and products, looking at everything from price to delivery charges, return options and stock availability before buying and retailers just need to be in those five. The trick is to engage with a customer during this period and not be disheartened if they don’t convert straight away.
About cloud.IQ
cloud.IQ offers simple, low-cost cart recovery tools. With a low, fixed rate cost to pay, retailers can benefit from increased conversions and grow their revenues without negatively impacting margins. cloud.IQ’s technology has been developed using experience gained from over 10 years of delivering cutting edge digital marketing solutions to the world’s leading brands. The company is backed by Bridges Ventures, a private investment firm and has offices in London and Sydney. www.cloud-iq.com