How to increase Cart/Checkout recovery rate

What if I tell you one small step that can increase your cart/checkout recovery rate by at least 20%?

It’s a clear understanding that we want users to go to their cart to go through with the Purchase and this Process is Called the Recovery Rate. The recovery rate is a funnel that is coming from the Abandoned Cart Rate which is nothing but the number of people who add items to their online Cart but don’t check out this Process is termed as Abandoned Cart Rate.

Let’s say 500 users came to the website and 100 shoppers abandoned their cart. You emailed, texted, or WhatsApp them as a gentle reminder to complete their purchase, and out of those only 30 people returned and made a Purchase then your Recovery Rate is 30%

Now, in order to increase this Recovery Rate lets Summarize this with the below Example which will help you to understand better.

• Imagine you went in a wedding.

• While enjoying the music, you start interacting with people.

• There, you meet person Ram, with whom you had a very short conversation, where he told you that he is a "Digital Marketer".  Within seconds into the conversation, you got called by your friends, so you cut the conversation short, took his contact information, shook hands, and went to your friends.

• After some time, you meet person Mohit, who also told you that he is a "Digital Marketer". In this scenario, the conversation went ahead, and Mohit told you how He has been fascinated by numbers, Social Media Reach, and an Analytical mindset since childhood. During the conversation, he also told you how he has helped businesses and Brand Owners Scale their Business in Ecommerce Market. While in the Conversation, you also shared some insights of your business.

• After the conversation, you took his contact info as well, and left

• Now imagine after a week from that wedding, your Role Marketer left your company and now you need someone to manage and scale your business in Ecommerce Market. Whom will you call first? Person Ram or Person Mohit?

• Now replace yourself with your customers and the people Ram & Mohit as brands.

• Customers also incline toward the brand for which they have more information, who gives them value, and, who gives them trust which makes a user more familiar with the brand.

Why? 

• A simple psychological principle called "Illusion of Control", which means subconsciously, we feel that we are more in control with more information (even a tiny bit).

Actionable tip for your business or Brand

In your cart/checkout abandon automation sequence, send an email, Retarget them on Social Media such as Insta, Facebook or any other means of the platform, (24-48 hours of abandon) with 

- the story of your brand

- why you started it

- what is the vision and core principles/values

- how you want to change lives/add value to the customers through it

- persuade them to share their story

- What is the unique thing about your product or service which customers are missing 

- How you are different from the rest of your competitors

- what is the value you are giving in exchange of the price 

Along with the "Illusion of Control", it also 

- Provides an opportunity for the brand to establish trust and credibility with the customer

- Gives the customer/consumer a deeper understanding of the products or services offered and how they can take benefit from them.

- Helps to build an emotional connection with the customer

- Reinforces the customer's decision to purchase by aligning their values with the brand's

- Helps customer to see the value of their purchase

Do share with me your comments or thoughts on the aforementioned share strategy. Please add some value in the comments if you have any suggestions and do share them with the needy ones.

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