Shopping cart abandonment is a huge problem that leads to lost ecommerce sales.
Shopping cart abandonment is when a prospective customer who starts the process of buying a product or service online, but then drops out before buying.
Shopping cart abandonment can be as high as 80 percent. In one study by Barilliance, shopping cart abandonment rates were 77.24% in 2016 and 78.65% in 2017. That’s over three-quarters of consumers that land in the shopping cart. The rate is over 80 percent among mobile users.
There are many reasons why consumers abandon shopping carts. Unexpected shipping fees, long and confusing process, too many clicks and pages, plus website errors and crashes.
Yet all is not lost if you have a downsell campaign. In fact, a downsell campaign with good sales offers can help you recover these lost revenues and get the consumer back to buy.
A downsell campaign occurs after a prospective customer abandons a shopping cart or order page. It involves a series of emails each with a link to a distinct landing page with a new offer. This new offer fulfills the customer’s needs and wants while lowering their perceived risk. In some cases, it reduces the price of a product or service.
While you can have downsell offers for all types of contacts, they are best to use to convert a lead into a new customer than an established customer. That’s because some customers will take advantage of your strategy, causing you to lose profits.
Here are 9 downsell campaign sales offers you can present to consumers who abandon their shopping cart.
Downsell Campaign Strategy #1: Free Trial Offer
A free trial sales offer lowers perceived risk of buying. It enables the customer to experience the benefits of the product or service. Then when the trial period is over you charge their credit card if they did not previously cancel. The two drawbacks are NOT getting paid in advance and potential loss of sale if the customer cancels. At least you’ve got them back to try it.
Downsell Campaign Strategy #2: Offer Same Product at Same Price Plus Add a Bonus
Adding a bonus to your offer increases the value of the deal. The customer can feel they are getting more from you, so their perceived value is higher. The thing is you can be creative with the types of bonuses you offer. It can involve a complimentary product or service, a consultation, educational product or event.
Downsell Campaign Strategy #3: Offer the Same Product or Service at a Lower Quantity
By offering the same product at a lower quantity, such as size, the customer wins by getting what they want for less cost. You win by earning a customer and lowering the quantity you give for a lower price, so you can earn a profit. This strategy enables you to develop a loyal customer rather than losing them entirely.
Downsell Campaign Strategy #4: Coupon For Next Offer
Offer a coupon for their NEXT purchase if they buy now. For example, if you have an eBook you sell for $30, then offer the contact a 10% off next purchase of any product if they purchase the eBook for $30 now. There is little risk to you because you get full price for the first product sale.
Downsell Campaign Strategy #5: Offer Same Product For Less at Prompt Redemption
You could offer the same product at a lower cost. But with a twist that they must take you up on your offer now or it expires. The customer wins by getting a better deal. You win with a new customer. You’ll gain profits by selling to the customer in the future.
Downsell Campaign Strategy #6: Offer the Same Product With Discount Plus Bonus
Here you give them two things they did not have before. First, they get a discount on the same product. Plus, they receive a free gift. The customer gets a double win. Greater value at a lower price. You win by getting a happy customer who can buy again from you. If your sales offer is a digital product bonus, then there’s no added out of pocket cost after the first creative fee.
Downsell Campaign Strategy #7: Offer a Different Product or Service at a Lower Quantity
You could have a sales offer for a different but less costly product that may satisfy the customer. The customer wins by getting a product at a lower cost. You win by getting the customer.
Downsell Campaign Strategy #8: FREE Shipping
FREE shipping is a cost saver to the customer if you sell a physical product. The cost of shipping is an expense that can offset your tax liability. The upside is you get a customer with potential for future sales and repeat orders. Shipping costs are among the biggest reason for abandoned shopping carts. A sales offer with FREE shipping can get the customer to buy.
Downsell Campaign Strategy #9: Double the Offer Plus a Bonus
This strategy appeals to customers who want greater value, rather than lower price. Not every prospect walks away from an initial offer because the price is higher than what they want to spend. Some prospects have money, but want greater value. Doubling what you sell – or increasing quantity – can boost customer perceived value. When you add a bonus on top, they see they get more than what you offered the first time.
In summary, an abandoned shopping cart is very common in ecommerce. But you can recover some of these lost sales with a compelling sales offer that gets these contacts back to buy.
Source by Jeff Traister