The Cart Abandonment Problem
Cart abandonment has been a problem for online businesses from the beginning of ecommerce. Thousands of dollars are lost every year when potential customers do not follow through on their purchases. Fortunately, there are ways to use video engagement to reduce this number.
88.05% of online shopping orders are abandoned and not converted into a purchase. – Statista
That’s a lot of money left on the table!
One way to combat this high number is through point-of-intent video engagement. This means that potential customers will be shown a video as soon as they add an item to their online cart. The video is short, usually only 15-30 seconds long, and provides a quick summary of the product or service. It also showcases customer reviews and testimonials to help build trust and can even offer opportunities for follow-up human engagement if there are open questions.
This type of video has been shown to reduce cart abandonment rates by up to 50%. Customers who view the video are more likely to add additional items to their cart and are more likely to complete the purchase.
Abandoned shopping carts cost online retailers 4 trillion dollars a year.Baymard Institute
Here are some things to try:
1. Use video to encourage customers to add items to their carts.
2. Use video to show customers the content of their cart and remind them what they’ve added.
3. Use video as a point of intent, or as a way to ask customers if they’re ready to check out. This can help reduce hesitation and result in a completed purchase.
There are a few other ways to reduce the number of abandoned shopping carts as well. One is through live chat. This allows online retailers to connect with potential customers in real time. If there are any questions or concerns, the customer can be addressed immediately. This can help build trust and reduce the chance of abandonment.
Live chat outperforms chatbots in terms of customer satisfaction by a wide margin. As much as 83% of shoppers are more satisfied with live chat.
Another great method is leveraging retargeting. This is when online retailers show ads for their products to potential customers who have already visited their website but did not make a purchase. Remarketing is a powerful tool for keeping your product at the forefront of customers’ interest. With solutions from Temasys, you may go one step further by not only providing them with static retargeting advertisements, but also the opportunity to ask questions and obtain product assistance.
Temasys helps e-Commerce platforms and storefront owners offer tools to help reduce the number of abandoned shopping carts and increase positive perception of online shopping and vendor preference.
Why Temasys makes the solution better.
Temasys is a leading real-time solutions provider, powering millions of interactions every day with video, voice, messaging & data-sharing.
Skylink SDK developer solutions and Skylink Cube ready-to-use components for non-developers allow you to assist your customers in new ways on the platforms you already use. Customers get help with their decisions and access to answers to their immediate questions, resulting in less time spent deliberating and a smoother checkout process.
Users who abandon purchases for a lower price and monitor the market, much of this is due to a lack of vendor preference. Temasys technologies allow you to develop customer loyalty through personalized attention. Customers are frequently ready to accept a higher price point if the customer service levels are superior. The video sales process may help prevent price shopping and loss of sales, even when it’s as little as a few cents.
In conclusion, online retailers should consider using video engagement to reduce the number of abandoned shopping carts. It not only builds trust but can also provide an opportunity for human engagement if needed. Additionally, live chat is a great way to connect with potential customers and enhanced remarketing can help keep products in front of interested buyers. Temasys provides the technology to make all of this possible.