A recent study performed by Free the Grapes! proved that 35.4% of your DTC sales occur during the last three months of the year. That’s likely not a surprise to you. It’s September, and you’re already seeing more and more sales pour in. But, are you seeing your lost sales opportunities?
Baskets of money are just sitting out there.
Currently, 77% of online shoppers abandoned items that they had placed in their shopping cart. That means, they saw something they liked, decided to buy it (even clicked the “add to cart” button) and then changed their mind before completing the purchase.
77 PERCENT. You are losing 77% of your online sales. 77 PERCENT!
Let’s think about that for a second…Do you know how much your monthly revenue would be if you increased it by 77%? Even if you were able to reclaim a small fraction of that revenue, it would make an impact on your bottom line, right? This is why it (literally) pays to invest in cart abandonment technology.
Why cart abandonment happens.
Before we talk about how to do that, let’s discuss how this happens in the first place. Business Insider’s 2014 study highlights the top reasons that people abandon their shopping carts. Here are the top 6 things folks said:
58% - Shipping costs made the total purchase more than expected
57% - I was not ready to purchase but wanted to get an idea of the total cost with shipping for comparison against other sites
55% - I was not ready to purchase, wanted to save the cart for later
50% - My order value wasn’t large enough to qualify for free shipping
37% - Shipping & handling costs were listed too late during the checkout process
28% - The estimated shipping time was too long for the amount I wanted to pay
Especially in the DTC wine business where shipping is unavoidably expensive, it really does take a lot of work to overcome these objections.
The Road to Recovery.
The first step to abandoned cart recovery is admitting you have a problem. It’s hard to believe that you're leaving 77% of your revenue just sitting out there in a basket, But, it's the truth. No matter how big or small your business is, or how great you think your website is, you’re leaving online sales on the table.
So, how do we solve this?
Relationships. Yep, you heard me. Relationships.
vinSUITE offers an Abandoned Cart Recovery solution that will help you nurture these lost sales and get your customers bought-in to the relationship you want to build with them. Ultimately, you’re building a better relationship with them so that they’ll come back and complete their purchase.
Crafting a series of well-timed, automated emails based on their shopping behavior is a key element to recovering these lost purchases. A great recovery campaign sends personalized messages, buying suggestions and sometimes even promotions or discounts. Ultimately, it’s about the touchpoints and keeping that purchase top of mind.
On average, vinSUITE customers have been able to recover 15 percent of those baskets full of money. Some recover more than 30 percent!
You can learn more about how vinSUITE Abandoned Cart Recovery works here, or give us a call and we’ll give you a quick demo.