You must be wondering, “I used to have customers. Now they have vanished. Have aliens abducted them?” Well, this isn’t a Sherlock Holmes novel. And you do not need to play detective to work out the ‘Mystery of Vanishing Customers.’
It might come as a shocker to you, but almost 70% of eCommerce shopping carts are abandoned, resulting in a whopping $18 billion loss of revenue each year. Vanishing customers include abandoned carts and existing customers who decide to leave due to various reasons and, in turn, enhance the churn rate. To our horror, a mere 43% of profits are being drawn from retained customers for most eCommerce stores. And on top of that, only 42% of these eCommerce companies know how to measure the customer lifetime value accurately. What is more devastating is that companies are losing $1.6 Trillion every year due to customer churn.
So, if your valued customers haven’t checked out their carts or haven’t made any recent appearances, the reasons might not be a mystery after all. The numbers speak for themselves. These customers still exist, but for one or many reasons, they have decided to leave you.
Many companies think that their success depends on the quality of their product yet still falls flat on their face. What is wrong? Why do companies have such high churn rates or high cart abandonment issues? Why do so many customers leave? These are some of the reasons that might help you answer these ‘whys’.
You need to remember your competition and analyze the market before you step into the game. Yours probably isn’t the only business providing that service or product. Customers are fickle-minded. They can be easily lured in with better offers and deals and probably take their business elsewhere. That’s sad, but life isn’t fair.
Either your customers have to create an account before the checkout mandatorily, or the checkout process has too many steps and is confusing. Both the reasons are sufficient to drive your potential customers away. If they find unexpected and unnecessary steps to move forward for a single purchase, they will abandon the order without a second thought.
Customers who are neither buying multiple products nor bulk buying find high shipping costs very expensive. Moreover, paying an increased shipping cost for something shipped after a few days is not acceptable by any customer today. This urges them to leave your website and go looking for better deals or free shipping options.
This often happens when customers are browsing through products. The website either collapses or gets irritatingly slow. This can be poor server performance which ultimately leads to poor customer experience. Did you know around 57% of users would abandon your website if it takes 3 seconds or longer to load? A hassle-free shopping experience is what the customers are looking for today.
Being ignored or disrespected is the last thing a customer wants. No customer is going to stick around for lousy customer service or, worse after-sale service. If a customer is being treated with brusque responses, they are unlikely to have a reasonable opinion about your business and will eventually end up leaving.
Everyone in today’s business world understands the value of marketing to attract new customers. But have you ever thought of having a consistent eCommerce marketing strategy in place? Remarketing is the strategy to remind your past and current customers about your growing business and encourage them to revisit your business.
You want your past customers to return to you. But there is a very fine line between reminding them about existence and seeming too desperate. Constantly spamming them with emails, texts and social media messages might be counterproductive. They might get frustrated and either mark you as spam or block you.
Now, as we know how and why your customers would decide to leave you; it is a million-dollar question with a million-dollar at stake! How can Adobe help you control your vanishing customers?
The industry says that it is not only about getting customers but keeping them. Once your customers have left, the onus is on you to make changes to your business and bring them back. Adobe commerce partner can help your business in the following ways.
Deliver customized experiences to potential customers using website personalization based on user behavioral data. You need to provide tailor-made experiences catering to their needs. Here, Adobe Target helps you in targeting, measuring and optimizing personalized web experiences. Facilitates you to get better engagement metrics and enhance value through the customer cycle.
To achieve your business goals and attract your customers, potential or existing, you need to optimize and enhance every customer experience from start to end. Comprehensive web optimization is a reality with Adobe Target. Let it be anything on your website, from hero banners to signups to checkout processes; all you need to do is deliver only the best. You can boost conversion rates, enhance customer retention and reduce cart abandonment rates by optimizing across every experience on every device.
The mantra here is to create and deliver personalized and dynamic content to each customer, based on the rules you set for each genre of recipients. A single message can be delivered in countless ways. But that doesn’t imply manual creation of each emailer. Instead, use Adobe Campaign. You can send relevant content to every customer across every channel. You can create personalized and responsive emails in a number of ways.
Targeted banners, rich and attractive media and focussed messaging campaigns are all a part of display advertisements to drive marketing goals from awareness to conversion. The Adobe Advertising Cloud provides a one-stop solution to campaign tracking, analyzing, bidding, impression-level insights and much more. Not only first-time visitors but using the ad retargeting capabilities of Adobe Advertising Cloud, you can leverage cart abandonment and product page views to deliver relevant content to reconnect with the customers and move them towards purchase.
Key consumer behaviors can be identified, defined and monitored using Adobe Analytics. It lets you leverage real-time consumer data and pair up with Adobe Campaign to re-engage potential customers. You can now reduce your cart abandonment and customer churn rate by configuring fast marketing campaigns. Set up action triggers to facilitate newsletter signups, email subscriptions, loyalty-rewards programs and more. Also, you can integrate Adobe Analytics and Adobe Campaign to fire up your marketing strategies.
An eCommerce business and customer dynamics are more or less like a romantic relationship. You need to woo the customers into your business. You cannot expect to pull off all the big gestures at the beginning like flowers, dinners, free ebooks and let the product do all the heavy lifting once you have made it official. Now, these paying customers have already subscribed to you and love what you offer in the first place. You need to make sure that they never think of leaving you. After all, all relationships need constant work and rework.
Krish Technolabs is with you through and through your eCommerce business journey. Being a Gold Solution partner of Adobe, Krish has extensive experience in implementing, maintaining and supporting better customer experiences and marketing solutions. Leveraging Adobe Experience Cloud, Krish empowers you to engage with your customers throughout their customer journey seamlessly.
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Minal Joshi is a content marketer at Krish with a flair for eCommerce and Digital Commerce aspects. She is a MarTech fanatic with a knack of writing with which, she helps brands to curate, create, & commence digital brand positioning. Sharing insights via articles, case studies, eBooks, Infographics, and other forms of content creation is what she lives for. Being an ardent traveler, when not writing, you'll find her sipping coffee into the mountains or petting a stray.
21 December, 2022 After WooCommerce, Shopify is the 2nd most loved and used eCommerce platform worldwide. Shopify is an entirely feature-rich eCommerce platform. It offers many drag-and-drop options, and its apps work tremendously for store owners. In addition, Shopify is easy to use as it doesn't require depth coding.
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