According to the Baymard Institute’s research, around 67.5% of eCommerce shopping carts are abandoned before a customer purchases the product. The constant abandonment of shopping carts directly affects the profits of a business.
The common question often comes to us from our clients is why do businesses face cart abandonment? The reason is simple: An improper marketing strategy that may work for some customers but not all. The cart abandonment can be reduced with proper marketing strategy like providing more personalized offers based on customer search results, users behaviour, preferences, and more. To make you understand how a personalised marketing strategy works we have listed the differences between a good marketing strategy and improper marketing strategy:
RFM (Recency, frequency, monetary) analysis enables businesses to plan the marketing strategy for different customers. We at Grey FOX AI use Hyper-personalized marketing strategy based on RFM analysis to enable eCommerce platforms create personalised offers for individual customers and reduce cart abandonment and improve sales.
Before we move ahead first let’s find out why do your customers abandon carts
According to the Baymard Institute, the most common reasons for cart abandonment are represented in the bar graph.
Read more: http://bit.ly/2vILK8q
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