by Aditya Bhamiditpaty, CEO of FirstHive
Cart abandonment is one of the biggest challenges facing eCommerce marketers today. Data from The Baymard Institute shows that an average of 69.57 percent of online shoppers leaves their digital carts before completing their purchases. At FirstHive, we offer real-time data, single customer view, advanced segmentation, and hyper-personalization features that encourage your customers to complete transactions.
During each interaction with an online customer, FirstHive gives you the ability to:
- View and track customer interactions with your brand on a real-time basis.
- Send out accurate messaging and offers through a marketing automation system pre-set with triggers to tap on each customer’s mindset.
- Follow up with your customers after checkout abandonment with cart recovery emails through hyper-personalization.
- Add a feedback loop via an exit-intent pop-up that can clarify why your customers are abandoning their carts or offer them a promotional discount.
The effectiveness of features like these to minimize cart abandonment is impressive. For example, FirstHive enabled retail marketers of a leading women’s clothing brand to increase return on investment 20 times through our targeted and personalized email campaigns. Let’s take a closer look at what these features could do for you.
How to minimize cart abandonment through real-time data
Your primary goal as an e-commerce store owner is to gain a comprehensive understanding of your customers. To serve them best, you must be aware of their online shopping habits. Real-time advanced data will help you:
- Analyze the shopping behavior of your customers.
- Track the checkout behavior and patterns of your customers.
- Obtain a detailed glimpse at your product and sales performance.
- Deploy marketing campaigns to nudge your customers through the sales funnel.
A robust real-time customer view will allow your brand to build loyalty as well.
Through FirstHive, you can use data from multiple touchpoints to drive your upsell and cross-sell campaigns. We have 100+ product integrations across CRM, mobile analytics, web re-targeting, voice/customer care, cloud telephony, CMS, ad networks, programmatic ad tools, and social media. By deploying this third-party aggregated data from FirstHive, you’ll obtain access to invaluable information concerning your anonymous customers.
How to minimize cart abandonment through single customer view
A single customer view allows you, as a marketer, to capture and view all the interactions a customer has with your brand and present it in a single dashboard. The information on this dashboard allows you to:
- Create more agile and smarter customer segments.
- Deploy omni-channel campaigns.
- Run hyper-personalized campaigns.
A single customer view eventually leads to an enhanced experience for your customers. Over time, they come to feel that your brand knows them and understands them. This familiarity will foster brand loyalty and drive brand sales and growth.
How to minimize cart abandonment through advanced segmentation
Advanced segmentation allows you, as a marketer, to get the right message at the right time out to the right audience. This communication makes customers feel recognized on a granular level by your brand and allows you to up-sell and cross-sell other items based on your customers’ preferences.
How to minimize cart abandonment through hyper-personalization features
Hyper-personalization features allow you, as an eCommerce marketer, to remind your shoppers they haven’t completed their purchases. You also can give them the ability to pick up where they left off. Receiving emails with content and recommendations that show you know and care about your customers’ business goes a long way toward recovering lost sales. At the same time, embedded personalized recommendations can cross-sell or give your customers ideas for alternatives to the products they decided not to purchase.
How to minimize cart abandonment through loyalty programs for high-value customers
Loyalty programs ensure your customers feel recognized by your brand and help to guarantee their loyalty in the future. These referral programs can also become an excellent opportunity for word-to-mouth publicity for your brand. Brands deliver on customer experience by running loyalty programs and benefit from upsell opportunities that arise.
As an eCommerce marketer, you’ve worked hard to offer enticing products or services and bring customers to your website. FirstHive can equip you with real-time data, single customer view, advanced segmentation, and hyper-personalization features to ensure that your digital carts make it all the way through check out.
Aditya Bhamidipaty is the founder and CEO of FirstHive. His stewardship of FirstHive has empowered it to be among the first to incorporate machine learning into customer data profiling. Founded in 2016, FirstHive has customer deployments in some of the leading BFSI, FMCG, and manufacturing enterprises across the US and the Indo-Pacific region.