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4 Ways To Reduce Cart Abandonment | Greyfox AI

Posted by greyfoxai on February 19th, 2020

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:

Good Marketing Strategy (Hyper-Personalized Marketing Strategy)Improper Marketing Strategy (Generic Marketing strategy for all customers)
Hyper-personalised Marketing strategy is designed for different age groups and gender. It is based on user preferences and likes and dislikes, their interests etc. Eg Marketing of Protein shakes can be successful to a specific target audience. Like the marketing of protein shakes can be done to a person interested in strength training. It will be invalid to a person who is not at all dedicated to building muscles or resistance training.Designed for all age groups. In this type of marketing strategy no likes, dislikes, users preference is taken care of. This marketing strategy works on only a few customers.
Designed based on customer purchase patterns. This is one of the most successful marketing strategies. Here customers are targeted with offers based on their purchase patterns to entice them and generate immediate sales. Eg: Amazon follows a hyper-personalized marketing strategy that makes it the number one eCommerce platform across the globe.Offers are not created for the customers based on their previous purchase history. The offers are usually the same for every audience. This marketing strategy fails 80% times.
In a hyper personalized marketing strategy businesses use RFM (Recency,marketing,monetary) analysis to identify best customers on the basis of recency(Recent purchase) frequency (Often purchasing), monetary (how much a customer spends)No personalized marketing strategy is followed on the basis of frequency, monetary or recency to boost sales.

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.

Also See: Reduce Cart, Cart Abandonment, Strategy Increases, Personalized Marketing, Reduce, Marketing, Cart

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