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Chargebee, a secure billing and subscription management solution, recently launched the ability to track abandoned carts, a remarketing feature that tracks and reports checkout failure. The abandoned cart reporting and recovery feature acts more than a mere nudge to buyers dropping a purchase during checkout. It aims to work as a recovery mechanism for potentially lost revenue.
When a customer adds items to the cart and leaves the page before completing the checkout or leaves a hosted page or checkout page unattended for sometime, it is counted as an abandoned cart. The global cart abandonment rate for Q3 of 2017 was 78.4%, which is 1.5% more than the previous quarter, which means that more money is left on the table. Reasons for drops in checkout are plenty. These include technical glitches resulting in a drop in the checkout flow, closing the checkout tab by mistake, payment failures or declines, changing mind about the purchase due to potential hidden charges, or friction due to complex checkout flows. Understanding the primary drivers that lead to cart abandonment and following up on customers can help businesses increase sales conversion rate and establish better relationship with customers.
The abandoned cart reporting in Chargebee is a comprehensive source for tracking lost revenue and dropped checkouts. The report includes details of the customer, product, and total value of the abandoned carts, which makes it easier to plan remarketing activities. The feature is complemented by abandoned cart email notifications or follow up emails to customers who abandoned their carts during a purchase, urging them to complete the purchase.
Checkout failure or a drop during checkout, also known as cart abandonment, is a common phenomenon. What makes cart abandonment so important is the fact that your potential customer showed an intent to buy, and dropped off during checkout due to some form of friction. Tracking this allows businesses to reorient their strategy and plan their next outreach accordingly. The abandoned cart email is one such way you can win back lost customers and boost potentially lost revenue
Nithin Rangarajan, Product Manager, Chargebee.
The results can be outstanding. SaaS doesn't pay much attention to this metric, focusing on failed payments rather than failed checkouts, or in SaaS terms, checkout abandonment. As a way to plug up any holes in the revenue recovery pipeline, it can be surprisingly effective.