Curb cart abandonment and unfinished payments
Overview
As many as 70% to 80% of customers abandon online shopping carts. On top of this, issues preventing successful transaction finalization can impact the shoppers sticking with their order until the end of the purchase funnel. This leaves your business facing the harsh reality of converting only approximately 2 out of every 10 visitors into paying customers.
Follow-up emails for monetizable leads
Instead of settling for only $20 out of every potential $100 of revenue, you need to reach out to untapped leads. Follow-up emails can help you recover up to 20% of your lost customers. The 2Checkout system continually harvests monetizable leads, and it’s up to you to use them to:
- Increase the conversion rate for the customer acquisition stage
- Boost subscriber retention with dunning management for recurring billing
Follow the best practices below to curb cart abandonment and collect unfinished payments.
Shopping cart abandons
Shopping cart abandonment is a common issue and happens for various reasons: comparison shopping, lack of money, undecided shoppers, pricing research before trial & buy. A surprising number of shoppers return within a few days to continue shopping, and it's up to you to ease their conversion into paying customers. Here is an easy way to adopt the abandoned cart follow-up configuration:
|
Type |
When |
Why? |
|---|---|---|
|
Basic follow-up |
1 hour |
Speed is of the essence. Short attention span plagues online shoppers, so the sooner the lead management system can generate and send a follow-up message the better. As a rule of thumb, the first follow-up should reach potential customers within one hour to be as efficient as it can. Make it easy for customers to return to the shopping cart without having to go back through the purchase process. |
|
Basic follow-up |
1 day |
|
|
Promotional follow-up |
3 days |
A little incentivizing goes a long way. Offer discounts to make it very hard for an already interested customer to say no. For ConvertPlus and InLine cart initiated orders, promotions supported are product level promotions (regular and special price promotions) managed directly in the Promotions area. |
Unfinished payments
Placed orders for which the payment process was not finished - reasons can vary: expired cards, insufficient funds, authorization declined, etc.
|
Type |
When |
Why? |
|---|---|---|
|
Instant payment methods |
1 hour 1 day 3 days |
Configure follow-up messages for unfinished payments and increase order recovery rate to as much as 25% from all transaction failures.
|
|
Offline payment methods |
1 day 3 days 7 days |
|
|
Direct Debit |
3 days 7 days |
|
|
Dunning management |
Instantaneous |
2Checkout sends out email notifications to subscribers in danger of churning out because their recurring charge failed with a hard decline, an irrecoverable transaction error. Hard declines recovery with Dunning management, leading to a 15% recovery rate. |
Customize follow-up emails
Target your subscribers granularly for each of the scenarios detailed above. Differentiate the lead management emails sent to customers based on the types of unfinished payment, cart abandonment, or dunning events, building custom strategies to target failed recurring transactions effectively.
Contact 2Checkout directly to customize follow-up emails to increase their success rate.
