Cart abandonment rates in online transactions exceed 75%.
This piece recommends that brands should use paid remarketing strategies to retain customers and increase their overall value. It allows businesses to direct ad spend to people who have shown interest in the brand and may require a final reminder to make the purchase.
Marketers can display specific ads to people based on their prior interactions with the brand, and then customise special offers for these customers to encourage the transaction. Discount coupons can also be used to encourage customers to come back to the site.
If applied properly, these tactics can reduce cart abandonment rates for both first-time and repeat customers. The author also says, depending on the industry, organisations can include an image or photo instead of text-only layout to “stand out from the crowd.”
[4 minute read]