With the rise of digitalization, it is essential for companies to elaborate a well-planned digital strategy to outsmart competitors and boost sales. To help your company find the optimal marketing strategy during the biggest sales event of the year, the Black Friday and Cyber Monday weekend, we have conducted a survey with over 300 participants worldwide to collect insights into consumer attitudes and shopping behavior.
The results gave us valuable insights into what products consumers are expected to buy, what channels they will use to find deals and what the optimal discount is.
What Are Consumers’ Preferred Channels to Find Discounts?
With online sales expected to rise by over 30% this year due to COVID-19 and with over 57% of our respondents indicating their intention to shop online this year during Black Friday and Cyber Monday, you should be ready to adapt your online marketing strategy accordingly. As Brand Google Search is the main channel used by customers (23%) to find deals, we recommend you ensure your brand shows at the top of the search engine’s results thanks to SEO and SEM. Social media like Instagram (18%) and Facebook (10%) are also popular platforms to find sales, meaning you should prepare an aggressive marketing strategy on these channels as well.
What are the Ideal Discount and Delivery Time?
Other findings include the ideal discount, which according to our respondents lies around 30% and delivery time, which should not exceed 1 week as an excessive waiting time could prevent your clients from purchasing your products.
A recent research by the Baymard Institute that summarised outcomes of over 41x studies, shows that the average cart abandonment rate is 70%, which means that the vast majority of online customers abandon their shopping carts without making a purchase.
Considering the competitiveness of the e-commerce industry, when users add items to the cart they are very close to a purchase and very valuable, but most will not come back to it on their own. These customers are in the lower funnel action phase of the sales funnel so they know the brand and its products so they just need a small incentive to convert.
This can be done with several strategies, following we will look at how you can reach your customers after an interaction on Google, Facebook and by Email.
To start remarketing on Google, you will first need to install a Google Ads remarketing tag, otherwise, you can use the Google Analytics tag if your accounts are linked with each other. Once the tag collects enough information, you will be able to target specific user interactions with your website, like cart abandonments or product page views. We recommend doing remarketing on the Google display network, as it is the most effective channel for this bottom of the funnel campaign.
The process of creating a remarketing ads campaign on Facebook is quite similar to Google, with a few differences. Here is how to do it:
The first thing you need to do is downloading and installing the Facebook Pixel. This piece of code is placed into your website and it allows you to track user interactions by triggering cookies.
When creating a new ad set, you can select your audience based on data from the Facebook Pixel, which tracks specific events on your website. There are 17 standard events, following are the most relevant: purchases, add to cart, initiated checkouts and registrations. Additionally, you can create custom events which are based on specific URL rules.
Abandoned Cart Email Remarketing
The email channel is a very powerful one for remarketing. On average, 45% of users open an abandoned cart email and almost 11%convert and become customers. A success factor for email remarketing is automation. We recommend automating these campaigns to a trigger-based or automated campaign, which is a viable option on many email marketing softwares. You should set it up so that users automatically receive an email 3 to 6 hours after they abandon the cart.
Now that you know why you should send abandoned cart emails, let us look at what you should include in them:
What to Include in an abandoned cart email
A clear Call To Action: It is the most important part of the email, as it will bring your customers back to your website to finalize their purchase. The CTA needs to be very visible and clear.
Relevant information about the products and the brand: including bits of information in the email can help users make more informed decisions, and they might learn about some product features or brand identity that they did not know yet.
Related products: by adding a section with similar products to the ones in the cart (or in different color variants) could lead users to find products that they are interested in but were not looking for.
Give a small discount code: giving an extra 5 to 10% discount might just be the incentive that your potential customers needed to complete a checkout with your products.
If you provide free or fast shipping, this is the right time to remind users about it.
What it means for your business
If you are currently not doing at least one of the three remarketing strategies that we suggested above, you are missing out on a big revenue flow. In fact, just by recouping 10% or 15% of your abandoned carts, you could see a good increase in sales volume, considering that 70% of the value is left by users in abandoned carts.
Do you want to learn more about remarketing for abandoned carts? Get in touch with us now by filling out our contact form and learn more about our Media Buy and Email Marketing services.