Solving For Cart Abandonment
Have you ever started online shopping and put an item in your cart but then never completed the purchase? Don’t worry, you’re not alone. According to industry experts “cart abandonment” happens over 70% of the time (not a typo), which means a whole lotta purchases are left on the screen. As you can imagine, retailers are working hard to close the abandonment gap.
One of the more interesting tests to solve for cart abandonment is being run by Target right now. Target is tracking items left in carts, and then emailing customers letting them know when that item goes on sale. They even offer a special promotional code for extra savings which can be redeemed online or in-store. Of course, the code helps Target determine if the follow up offer has been successful in getting the consumer to complete the purchase.
If this test works expect to see many more follow up offers from Target and its competitors. Even if they can figure out a way to convert 10-20% of their abandoned carts into sales it would represent a huge increase to their eComm revenue.