One industry that has seen significant technological advances is commerce, where more buyers are shifting towards online platforms for their shopping needs. While online companies have expanded to become the top earners globally, one persisting problem to e-commerce is the tendency of customers to abandon their shopping carts before checking out.
A study shows that 60%–80% of customers abandon their carts before making their purchases. Put in perspective, for every ten potential clients for your e-commerce business, only two will end up actually buying your product. How do you solve this?
Extensive studies have been conducted by organisations such as IBM and Comscore to try and curb the rate of abandonment to increase online sales. One effective method is remarketing/retargeting.
Remarketing and retargeting involve showing ad content to users who have visited your website before. While customer targeting is useful in ensuring your product ad is relevant to your audience, retargeting is even more helpful as prospective clients who have already shown interest in you will be reached.
Below are three remarketing basics that will drive in more sales to your website.
1. Abandoned cart emails
Abandoned cart emails serve to remind your prospective customers that they are yet to complete their purchase. By keeping in mind the primary reasons for shopping cart abandonment such as shipping prices or payment methods, these emails could encourage the customers to ask for assistance in any areas they find challenging.
2. Google remarketing ads
These Google ads enable your ads to be shown to audiences that have had previous interactions with your mobile app or website. Some of the ways to remarket using Google Ads include standard marketing which shows prior site visitors your ads on the Display Network, video marketing which pushes ads to customers who have viewed your videos on YouTube, and many more.
3. Facebook and Instagram retargeting ads
Have you ever, during your social media browsing experience, come across an ad that made you wonder how they knew you were interested in such a product? Well, that is how efficient social media retargeting ads can be. These ads are shown to people who once visited your website on their social media to remind them of your product.
Using the three remarketing techniques provided above, you will be able to reduce the rate of abandonment and effectively convert more customers, increasing your brand awareness and driving in more sales.
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