Measuring your email marketing conversion rate is a good way to get an insight into how your campaigns and flows are performing. Any that aren’t quite meeting the mark should be acted on swiftly because email marketing can bring with it huge rewards, but only if it is done well.
To give you an idea of what an ideal email marketing conversion rate would be, on average they usually peak at around 15% for standard personalized emails and newsletters. However, if you’re in eCommerce, it is possible to bump that number up to around 20% by introducing abandoned cart emails.
The Power of Abandoned Cart Emails
The abandoned cart email conversion rate is high for a reason. Shoppers on your eCommerce website add things to their cart because they are interested in the products and genuinely want to buy them.
Still, though, it probably won’t be news to you that lots of people back out of their purchases at the last minute, with the cart abandonment rate sitting somewhere between 69% and 77%.
This happens for all sorts of different reasons, ranging from unexpected extra costs to overcomplicated checkout processes. But, that doesn’t mean that the desire for your products is no longer there.
Capitalize on non-buyer’s remorse by reminding people that the items they chose are still available. Then, make it easy for them to navigate to a checkout page. This is a hugely effective sales recovery tactic. In fact, around half of all abandoned cart emails are opened by consumers, and more than a third of those convert to a sale.
So, it’s clear to see that abandoned cart emails are effective. But, how exactly should you approach them if you want to achieve the best possible abandoned cart email conversion rate?
Making the Most of Abandoned Cart Emails
There are a few things you can do to maximize your abandoned cart email conversion rate. Some of the most effective measures include:
- Setting up automations or flows
- Timing your abandoned cart emails just right
- Sending out more than one abandoned cart email
- Incentivizing your shoppers
- Looking at the analytics
Setting Up Automations
When you set up automations, you trigger an email to be sent out to your shoppers as soon as they abandon their shopping cart. Do so, and you’ll never miss a customer, making it far more likely that your success rate when sending out abandoned cart emails will be better.
Attempt to manage them manually, however, and you’ll struggle to reach every customer at the exact right time.
Timing Your Abandoned Cart Emails
Make it so that the first abandoned cart email sends within an hour of your customer exiting your site. You want their longing for your products to be fresh and, ideally, for them to still be at their computer or smartphone when the email comes through.
Send it too late, and your conversion rate won’t be anywhere near as high as it could be.
Sending Out More Than One Abandoned Cart Email
Consider setting up abandoned cart email flows so that if your first reminder email doesn’t have the desired effect, you have more opportunities to get their attention later on. Just make sure to leave 24 hours between emails, or you run the risk of bothering your customers and being marked as spam.
Incentivizing Your Shoppers
In addition to acting as a reminder, any follow-up emails should offer an incentive. Let your shoppers know, for example, that their cart is about to expire, or that they’ll receive a discount if they buy now. If they didn’t bite in the first email, chances are they’ll need more of a reason to make a purchase further down the line.
Looking At the Analytics
Always keep an eye on the analytics to get a feel for what’s working with your customers. Keep tweaking as necessary and you should experience a big uptick in your abandoned cart email conversion rate once you get the balance right.
Measuring Your Abandoned Cart Email Conversion Rate
Working out your abandoned cart email conversion rate is relatively straightforward, and it will be necessary if you want a consistent metric against which to measure your success.
All you have to do is divide the total number of conversions by the total number of emails that you sent in any one campaign or flow. Then, multiply this number by 100 to get a percentage.
So, if 200 people went on to make a purchase from an email that was sent out to 1,000 people, you would divide 200 by 1,000 to get 0.2. That means that your abandoned cart email conversion rate would be an impressive 20%.
The Importance of Abandoned Cart Emails
Abandoned cart emails make it increasingly likely that you’ll entice uncertain shoppers to make a sale. With the cart abandonment rate being so high, eCommerce businesses of all types could benefit from a well-coordinated and considered abandoned cart email strategy.
To keep track of your success, you will need to measure your abandoned cart email conversion rates. It’s pretty easy to do so with a quick calculation and will give you a consistent metric against which to quantify your success and make decisions about the future of your strategy.