Have you noticed that many visitors to your Magento store add products to their shopping cart, but then abandon it before completing their order?
If so, you are not alone. It is one of the biggest problems facing online stores. Recent research shows that the average cart abandonment rate on ecommerce sites is approximately 67%. This means that more than six out of every ten people who add your products to their shopping cart will then go on to abandon it.
There are many reasons why this might happen - and it's not necessarily because they are no longer interested in buying your product. According to a report by Forrester Research Inc, 41% of customers abandoned their shopping cart because they weren't ready to purchase the product. And another 24% simply wanted to save products in their cart for later.
So just because a shopper has abandoned their cart, it doesn't mean you have lost the order. But how do you go about saving those ecommerce sales?
A simple solution is to send them an email reminder. However, constantly checking the abandoned cart report on the back-end of your Magento store can be time consuming and inefficient.
That's why a new feature called Abandoned Cart could be the perfect solution to help you with this.
Abandoned Cart - is part of the latest version of the MageMonkey Module. It sends an automated email to shoppers who have added your products to their shopping cart, but didn't complete the checkout process. This reminder may then encourage the shopper to return and place their order.
There are two ways in which this feature can retrieve the information to send a reminder email:
Customers - When a customer adds products to their shopping basket but then leaves the site. Guests - When a guest add products to their basket, begins the checkout process but leaves without completing it. (Provided they have passed Step 1 on the Checkout and entered their email address.)
Once you have enabled the feature, it will send out the Abandoned Cart Email which has been set up by default as a custom template.
You can select how soon after the cart abandonment to send the email. And choose how many times you would like it to be sent.
Discount Coupons - As an additional incentive to your customers, you can also opt to include a discount coupon. This can either be a fixed amount or a percentage off their order. You can even select which number in the email sequence to send it. So for example, if after two reminder emails, the customer still hasn't responded, you could offer them a discount as extra encouragement.
If you enable this option, the coupon will be created automatically with a unique random code and an expiration date specifically for that user.
Analytics - A custom dashboard called Abandoned Cart Dashboard will give you useful statistics including the amount of orders and revenue the feature has generated. In addition, if you enable Mandrill (included as part of the MageMonkey package) as your smtp gateway, you'll also be able to see data about the emails themselves. Find out how many were sent, opened and clicked on.
Free - Abandoned Cart comes as part of the new release of the MageMonkey extension and is free to download.