Customer Experience Analytics Formula Blog

Customer Remarketing on Abandoned Carts

Posted by Steven Perry on Mar 10, 2017 1:25:30 PM

Introduction

While it is important to understand why customers abandon carts and to proactively focus on improving customer experience and conversion rates on your site, it can be equally as important to identify customers who abandoned carts and to implement remarketing tactics as a means to increase your online sales and build customer loyalty.

 

Analysis Overview

This customer experience analytics (CXA) formula will help you to capture customers who have abandoned their carts on your site, enabling you to effectively remarket to those customers as a means to recoup lost business and increase customer satisfaction.   

 

Business Benefits

  • Recognize lost sales through identification of customers who abandon their cart and do not purchase on your site
  • Provides foundation to effectively target and remarket to customers who didn’t complete their purchase with targeted marketing messages
  • Recoup lost sales and gain customer loyalty by remarketing to customers who abandon carts

 

Abandoned Cart Report image_1.png

 

Analysis Formula

Identify customers who abandoned their carts without completing a purchase.   To do so, you will want to generate a report that identifies the customers who have placed items in their cart, but then did not move on to complete their purchase or checkout transaction (i.e. did not receive the completed purchase or receipt page.) 

In order to properly extract this information for remarketing efforts, you will need to do the following:

  1. Create Hit Attributes to scrape the customer name, email address, and cart value captured from the checkout page or the particular page on your site where you collect the customer data.
  2. Create Events to record the Hit Attribute values you have defined (i.e. customer name, email address and cart value) Note:  Setting the appropriate condition for when the Events should record takes consideration for the type of remarketing campaign you would like to launch.   Will you plan to remarket to those that abandon carts before submitting payment information for check out (i.e. customers who changed their mind or decided to shop the price on an item, etc.) or will you remarket to those customers who had difficulty completing their order (i.e. encountered issues with their payment method, for example) and then abandoned their carts?
  3. Create dimensions with the three defined parameters – customer name, email address, and cart value – and add them into a single dimension group, allowing you to view the dimensions in the same report.
  4. Build a report populated with the dimensions and the abandonment rate metric, and customize the report with the appropriate dates and time ranges relevant to your business and best aligned to the objectives of your remarketing campaign. Once the report is complete with the key information required to identify customers who abandoned their carts, you can pin the report to your dashboard or export your report to share or send as a file.

 

Added tip:

You can set an alert for this event to help you meet the needs of your business.  For example, if your business relies on a responsive customer call center, you may want to be alerted immediately if you have excessive cart abandonments, so that your customer care team can reach out to customers quickly.

 Su

Topics: Cart Abandonment, Customer Experience Analytics Formula

About this blog

The CXA Formula Blog is designed to provide formulas or recipes in using IBM Watson Customer Experience Analytics and Tealeaf CX on Cloud. This includes formulas in digital analysis, customer experience analytics, journey analytics, and Universal Behavior Exchange. These formulas are designed to provide you insight and best practices in customer analytics.

Watson, Can you help improve digital experience ebook
 
Read the Shubert TIcketing CXA Case Study

Recent Posts