A common headache for any eCommerce business owner is dealing with abandoned carts. This happens when someone shops on your site, fills their cart, then leaves before finishing the purchase. With these incomplete purchases, you’ll face abandonment revenue that will never hit your bottom line.
Luckily, identity resolution can help you re-capture this abandonment revenue and boost your overall sales. In this piece, our team will teach you how these two topics intersect, and how you can identify your anonymous abandoned carts.
What Is Identity Resolution?
Identity resolution is the process of looking at an array of data with a single goal: to figure out who the user is. For eCommerce businesses, identity resolution is all about finding out who your buyer is, what they’re looking for, and what they value.
This concept is typically part of larger retention marketing efforts. If you can learn how to appeal to your target customers better, then you have a higher chance of converting them and making even larger sales.
Issues with Anonymous Abandoned Carts
A lot of shoppers will fill their cart without making an account or giving you their information. The issue with this is that you cannot follow up with them through abandoned cart campaigns. These campaigns entail sending personalized emails and incentives to persuade the shopper to complete their purchase.
If it’s a returning customer who filled up their cart, their identity is already attached to their cart. When that happens, you can easily reach out to them and initiate your campaign.
Without this, their cart may stay full as they leave your site and forget about it.
Since they’re anonymous, there’s no way of reaching out to them. This is abandonment revenue that you can’t reclaim. At the very least, it’s a sale that you can’t make, but it can also interfere with your inventory as you hold items for a cart that might not be purchased.
How Identity Resolution Can Help You Increase Abandonment Revenue
The good news is that you can use the idea of identity resolution to help you deal with abandoned carts. This will boost your abandonment revenue, and help you avoid issues with abandoned carts in the future. Here’s how it works:
Enhance Your Abandoned Cart Campaign Reach
Your abandoned cart campaign works better when you have a longer list of people to reach out to. If 90% of your abandoned carts are anonymous, then your campaign’s reach is severely limited.
With identity resolution, you’ll be identifying more abandoned carts. Instead, maybe only 40% of your abandoned carts will be anonymous. This equates to more people that will receive your abandoned cart campaign, more people that finish their purchase, and more money in your pocket.
With a lot of marketing campaigns, it’s simply a numbers game. With more recipients, an unchanging conversion rate equates to more money.
Increase Your Ability to Retarget the Shopper
Sometimes an abandoned cart campaign revolves around retargeting the shopper while they browse the internet later on.
Identity resolution adds a lot of extra context to each shopper. Their hobbies, lifestyle, and interests are all added to their identity in your system.
This means that you can use tangentially related interests to draw them back to your site. If your ecommerce site sells jackets, you can target a potential customer’s interest in skiing to bring them back to your site to complete their order.
This is only possible with a robust identity profile of the customer.
Unify Your Customer Data
Using cookies and a cache of data, you can learn a lot about people who shop on your site. The more data you have, the more you know about your shoppers.
With a high-quality identity resolution program, you can unify all of your customer data in an effort to boost your chances of converting them. You can target them specifically, using historical data you have on them and comparing it to market trends.
More specifically, you can learn the behavior of your customers right before making a purchase so you can play into those ideas. You might learn what makes them abandon a cart in the first place, so you can avoid those practices.
It’s easier to sell to your best friend than it is to sell to a complete stranger. This is the governing concept behind identity resolution and its role in your ecommerce business.
This also helps when it comes to re-engaging customers and boosting your sales.
With extensive customer data, your abandonment revenue is just the tip of the iceberg. There are countless other ways to boost your profits, increase your sales, and convert even more shoppers.
Automate Your Marketing Campaigns
You might not realize this, but retention marketing experts like Retention.com have tools to help you automate your marketing campaigns. These campaigns won’t help unless you know the identity of your shoppers and can link identities to different abandoned carts.
However, this goes beyond abandoned carts. The idea of automated marketing campaigns can do anything from helping you convert prospective sellers all the way to building a base of loyal customers.
When you introduce automation to your marketing campaigns, you have an opportunity to make more money without spending extra time and energy building a personalized campaign. Instead, you can pull from databases and let software do the work for you.
Target Bottom-of-Funnel Shoppers
If someone went through the effort to visit your site, shop your store, and fill their cart, they’re so close to being converted. These are considered bottom-of-funnel shoppers, since they’ve already gone through most of the purchasing decisions.
These potential customers have the highest chance of getting converted into a customer, as opposed to a random person scrolling the internet.
As a result, it might make sense to target these bottom-of-funnel shoppers to push them to complete the purchase. That’s exactly what happens when you use identity resolution.
You’ll learn who the shopper is, and what might convince them to finish their purchase.
With identity resolution, you can convert an anonymous abandoned cart into profits and a more favorable abandonment revenue. To get started, consider learning more about CartID technology from Retention.com. It will help you identify your anonymous shoppers, automate future campaigns, and convert them into lifelong customers.