According to Baymard Institute an average of 65% of all shopping carts are abandoned without online shoppers ever completing their transaction. It’s also believed that overall website abandonment is right around 70%-90%.
Visitor abandonment is one of the most frustrating obstacles for online merchants.
Businesses spend a great deal of time and money building their online presence and bringing in traffic. In fact, the trend of spending more on online marketing continues to rise. This makes it even more discouraging to know that you’ve peaked visitor interest, paid to get them to your site, and persuaded them to add an item to their cart—only to have the cart abandoned and to never hear from the visitor again.
The numbers are staggering and a great deal of research is being done to better understand how, when, and why visitor abandonment occurs.
Other than using re-targeting techniques, it’s been very difficult for merchants to keep visitors from abandoning their websites or to get them back once they have.
The statistics are discouraging, but one technology is changing the game for merchants who are losing sales to visitor abandonment.
Introducing Exit Intent Technology
Exit-Intent is a relatively new technology that is able to detect the moment visitors are about to abandon a website. It detects mouse movements and the velocity of those mouse movements and presents a last moment incentive just as visitors are about to leave.
This last moment incentive gives merchants one final chance to re-engage abandoning visitors and to bring them back on board.
Without exit-intent in place, visitors disappear permanently. With it, merchants get a second chance at closing a sale.
Even prominent names in online marketing understand the effectiveness of getting one last opportunity for a call to action in front of abandoning visitors. Neil Patel, for one, used a last moment exit-intent incentive and increased his contact conversions by 46%.
Without it in place he would have completely lost the opportunity to make contact with those visitors.
The tactic worked, helping visitors to understand the medical benefits of being barefoot which turned abandoning visitors into buyers.
2.5% of those who were abandoning Steven’s site went on to download the report. Out of those who downloaded the report, 28.4% went on to make a purchase on the Xeroshoes website.
Exit-Intent can be used in multiple ways to re-engage abandoning visitors and to convert them into sales. Presenting discount codes, free ebooks and courses, social media sharing, and shopping cart reminders are just a few ways merchants are using the technology to keep visitors from leaving. Any creative idea you dream up can be used as a strategy to help re-engage visitors and to save the sale from being lost.
Before exit-intent, there was little online merchants could do to keep abandoning visitors from leaving. Today, merchants have one last chance to re-engage abandoning visitors and to convert them into a sale.
With the increasing amount of money merchants are investing with their online marketing efforts to drive traffic, it only makes sense to try and retain these visitors because losing them forever is costly.
Rather than just watching a high percentage of visitors walk away, it’s definitely worth implementing exit-intent technology to keep visitors on your site a little bit longer in order to close more sales.
Do you have any questions about how to implement exit-intent technology to increase conversions on your site? Leave a comment, and we’ll be happy to answer any questions you might have.