Retargeting and abandoned cart recovery are two of the most powerful strategies for ecommerce stores to prioritize. According to recent estimates, nearly 69% of online shopping carts are abandoned – the lost revenue from these abandoned carts can be staggering. Fortunately, retailers can use retargeting and abandoned cart recovery strategies to recapture this revenue.
What is Retargeting? Retargeting is a form of online advertising that allows retailers to “follow” people after they’ve visited their website. Retailers will run an ad on a third-party site, such as Facebook or Google Ads, that will display items from their store that the visitor may be interested in. By doing this, retailers can target these customers with the specific items they’ve viewed with the goal of getting them to return and purchase them.
What is Abandoned Cart Recovery? Abandoned cart recovery allows retailers to target customers who have shown some level of interest in their products by adding them to their shopping cart, but didn’t complete the purchase. This strategy operates similarly to retargeting, but it’s focused on targeting customers who’ve already taken the first step of engaging with the store.
Strategies for Effective Retargeting and Abandoned Cart Recovery
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Identify Your Ideal Customer – Before you can effectively retarget, you must first identify your ideal customer. Defining who your target audience is will help you to create more effective ads, and make sure those ads are being seen by the right people.
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Use Personalization in Your Ads – Personalizing your ads to customers’ purchasing history or browsing behavior can help create more effective ads, as customers will see something that is more relevant to them.
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Utilize Automated Tools – Utilizing automated tools, such as email automation or retargeting tools, can be an effective way to ensure your ads are reaching customers who’re likely to convert.
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Offer an Incentive – Offering incentives, such as a discount, free shipping, or an exclusive bonus, can help to motivate customers to complete their purchase.
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Monitor Your Results – It’s important to measure the success of your retargeting and abandoned cart recovery strategies. Doing so can help to optimize your campaigns and improve your results.
By utilizing retargeting and abandoned cart recovery strategies, retailers can recapture lost sales and increase their revenue. With the right strategies in place, retailers can drive customers back to their site and complete their purchase.
