Shopping Cart Abandonment: A Challenge for E-Commerce
Published on 11 August 2021
Unfulfilled shopping carts are rampant in the retail industry and represent a significant source of additional revenues. Too many sales are left pending due to the lack of a smooth process and relevant options presented in real time to the consumer. To “tighten the weave” of these abandoned sales, retailers need to manage unique and omnichannel baskets. Here is an analysis of best practices.
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According to Baymard Institute, 55-75% of initiated shopping carts are abandoned. Despite these statistical findings, shopping cart abandonment is not fatal to retailers. Retailers like Cultura and FNAC have been demonstrating this for several years with a dynamic, 360° approach to their customers' selections. Their strength? Ensure an overall view of the product selection and associate additional offers and advantages in real time, regardless of the customer channel (at home, on the move, in store).
Distributors: Aim for the Top!
“This 'seamless' connection between physical and digital channels is the first prerequisite for better basket completion" explains Philippe Petit, product marketing manager at Generix. “The second element relies on the retailer's ability to analyze, in real time, the nature and value of products, and to trigger personalized offers in correlation, which improve customer satisfaction and the retailer's margin.”
According to a study by AB Tasty, a personalized e-commerce customer experience can increase the revenue generated by 15%.
To turn this promise into reality requires a software suite capable of transforming "static" shopping carts into dynamic allies for retailers. "Omnichannel Sales ensures this mission by integrating 'sales gas pedals' that offer customers discounts, additional products, advantages or loyalty points depending on the products they select," says Philippe Petit.
- A high-performance shopping cart is unique, omnichannel, and seamless
- It is managed in a personalized, contextual, and real-time manner
- It is a customer relationship and satisfaction tool
- It improves sales, margin, and loyalty
The customer in search of omnichannel fluidity
Consumer journeys are made up of constant back and forth between several spaces (physical and digital), several terminals and several moments (information searches, price comparisons, analysis of comments, delivery conditions, etc.). In networks that combine in-store and online sales, too many baskets turn into a trap, due to a lack of management that is in line with this "mosaic" of expectations and behaviors.
There is also the case of franchised stores, which do not always have the same management systems as branches, resulting in a discontinuity in customer relations. In marketplaces, the rate of completion of baskets varies greatly depending on the costs and delivery conditions of each supplier.
The unified basket, a factor of recurrence, recognition, and valuing of customers
"The absence of a unified shopping cart, managed in real time, penalizes the brands. Between two distributors that are apparently equivalent, customers always choose the one that offers them the most simplicity and recognition," continues Philippe Petit. To reverse this trend, Generix Omnichannel Sales aggregates data into a single basket, thus freeing retailers from the problems of re-entering or merging files.
The solution integrates the entire spectrum of information including the basket (items, value), the customer journey (physical and digital), the transaction, promotions, loyalty, and history (recency, frequency, value). This makes consumers feel known, recognized, and rewarded for their loyalty. "This is a strong element of differentiation, with a purchase act that is supported from start to finish, regardless of the channels and paths," emphasizes Philippe Petit.
The statuses can be configured (pending, abandoned, or cancelled). The customer, the sales advisor, and the after-sales service can find, in real time, the shopping cart created via an e-commerce site, a wish list prepared on the phone, an order placed on a salesperson's tablet.
The retailer can create and instantly distribute discount codes sent by SMS, encouraging consumers to go to the store or online. Omnichannel Sales even offers web services for VAT processing and legal collection of shopping carts generated via a salesperson's tablet or an in-store kiosk.
According to a study by OpinionWay and iloveretail 48% of French shoppers use their store while in a store.
Clear and efficient returns management: An important decision factor for e-customers
Returns are the third most important decision factor for e-customers, after price and delivery terms. The clearer the brand is on the conditions of return (deadlines, logistics), the more it encourages customer trust and commit to purchasing.
"Generix uses the complete information of the registered baskets in the case of a partial or complete return of a purchase", underlines Philippe Petit. Whether it was generated in store and/or online, the single basket kept in Omnichannel Sales facilitates the management of returns, with the same level of information whatever the origin of the order (mobile, web, store, call center, etc.).
Generix hopes to eventually offer an analysis of the reasons for basket abandonment, whether it's due to a product line's pricing policy, an over cost between the product's value and its delivery cost, or a lack of clarity on the return conditions. The result is a significant reduction in the number of unfulfilled shopping carts in consumer e-commerce.
As omni-channel driven demands become the norm, with resulting customer satisfaction harder to achieve, supply chain professionals need to leverage advanced WMS technology to keep their operations nimble, efficient, and scaling - especially in these volatile times. Given Generix Group's completeness of vision and ability to execute, as recognized once again by the Gartner analyst community, their Solochain WMS is well positioned to help companies needing a modern, flexible and agile solution that can easily adapt to their changing needs. We invite you to contact us to learn more.