Black Friday and Cyber Monday set off a frenzy of email offers to your inbox, some of which are hard to resist. Consumers look forward to this time of year because it’s when they can score the best deals. But most consumers also have over 90+ passwords to remember at any one given time, and those are hard to remember. In fact, 21% of users forget passwords after two weeks.
Retailers care about shopping cart abandonment, but would it pain you to know that 33% of shopping carts are abandoned because they can’t remember their password? (source: MasterCard and the University of Oxford joint study). And, 18.75% of cart abandonment is due to password reset issues such as password reset emails not arriving on time or quickly enough, yikes!
In addition to password reset issues, retailers should be sending cart abandonment emails. The average open rate for cart abandonment emails in Q1 2018 was 48% with a CTR of 6.5 percent, according to SaleCycle. That’s huge.
Cart abandonment emails work and often have a really low unsubscribe rate. If properly timed, they can make all the difference as to whether or not the consumer comes back to complete their purchase. For example, when SaleCycle looked at an aggregate of their customer’s data they found that sending cart abandonment emails around an hour after the person has abandoned their cart was most effective. Let’s face it, everyone likes to shop around for the best deal and realistically it takes a bit of time to research and find a better price. However, retailers who waited past an hour to send a cart abandonment email found that conversion dropped in half. And waiting beyond 24 hours dropped the conversion rate down to almost nothing.
Some tips to help ease your cart abandonment issues this holiday season:
- Everyone likes EASY. Make it easy to log back in from the email and put them directly into their shopping cart.
- Be clear with your CTA. Make sure the email has easy to read call-to-action buttons that stand out.
- A picture’s worth a thousand words. Or in this case $1000, so show them a picture of the item(s) they left behind to tug at their purse strings a little harder.