08/26/2020 New In depth
It’s one of the major issues for webshops, consumers add products to their cart and proceed to checkout, only to decide not to complete the purchase. The reason for ending the purchase prematurely can vary between users, but it’s detrimental to your conversion and it can result in your webshop missing out on important turnover - not to mention the investment already spent on acquisition of the consumer.
In this article we’ll delve deeper into several options you have at your disposal, so you can keep your consumers on your website and have them complete their purchase. But first, let’s start with the customer acquisition cost, one of the main statistics involved in the profitability of your webshops sales.
Customer Acquisition Cost (CAC)
The CAC can be defined as the costs related to convincing a consumer to purchase your product and/or service.
To give an example of CAC; say your company spends € 1000 on a marketing campaign through which a total of a 100 consumers purchase your products, the CAC for these customers would be € 10 each. Whether or not that’s a good CAC, depends on your product. Some products have an inherently higher CAC due to various components of their end product.
Even if you are offering a product/service where your CAC is innately higher, you should still strive to keep it as low as possible (for your industry). In order to improve CAC, MultiSafepay has various in-house developed solutions. These solutions will allow you to recoup costs already spent on consumers, by providing them with a second chance to complete their purchase and improve their experience in your webshop.
Second Chance is developed specifically for MultiSafepay’s merchants. As the name suggests, it provides consumers with a second chance to complete their purchase. It’s one of the primary conversion tools offered by MultiSafepay, easily integrated and managed in your backend.
Once a consumer abandons your checkout and leaves your website, they will be sent an email with a link, which will prompt them to step back into the payment process that they previously exited. If your consumers follow this link, they will be guided right back into the payment flow.
Second Chance ties into the CAC metric exceptionally well, it’s a feature that gives you another chance to recover revenue that’d otherwise be lost. Results have shown an increase in conversion rates of up to 35%!
If you’d like to know more about Second Chance in specific, read our case study here.
Another important part of our Second Chance feature, is the complete customizability of the communication that is sent to your consumers. To help your website's perceived trustworthiness, we implemented various customization options, such as colours of the layout, fonts and the option to add your logo to the email. This allows your corporate identity to shine through to your consumers, so they have that instant recognition when they open the Second Chance email.
‘Keep Cart Alive’
Next to Second Chance, another important feature we offer is the ‘Keep Cart Alive’ feature. Through this option for your webshop, you will be able to keep your consumers shopping carts alive throughout their entire visit to your webshop. When your consumers proceed to the checkout and start the payment process, yet decide to back out for whatever reason, their shopping cart will not reset. Added benefit, if a consumer leaves your website completely but returns later on, our ‘Keep Cart Alive’ feature will remember their shopping cart’s contents. Allowing them to pick up right where they left off.
Besides improving your conversion, the shopping experience and giving you a chance to retrieve lost revenue, our anti-shopping cart abandonment feature is a great way to lower your customer acquisition cost.