Predictive address capture and validation may not seem the obvious path to increasing online sales or reducing cart abandonment – but if you are an eCommerce retailer you may already know that the cart abandonment rate average is just over 68% ( reported by the Baymard Institute).
There are many reasons why shoppers abandon their cart, but 21% of people polled by Worldpay say they abandon the cart because the checkout process took too long or it was too difficult to enter information into the site.
This is where predictive address capture can help!
Address capture solutions are specifically designed to simplify capturing an address by predicatively listing possible addresses as the user types.
When the user spots their address in the list – they click on the desired address and the address fields are automatically populated for them. It’s quick, easy and speeds up your checkout or sign up process.
Address capture technologies can lower your cart abandonment by 15%.
Imagine the increase in sales that could generate!
Work out how much cart abandonment is costing you!
If the average cart abandonment rate is 68% you can work out your estimated annual loss with the following formula:
((Average monthly number of checkout visits X Average order value) x 68%) x 12 months Estimated Annual Loss
e.g. If your Average Monthly Visits =1,000 & Average Order Value =$50 then your estimated annual loss would be: ((1,000 x $50) x 68%) x 12 months = $408,000
Now work out how much address capture can help you…
Considering address capture technology can lower cart abandonment by 15%, you can estimate your annual gain with the following simple formula:
(Estimated Annual Loss x 15% improvement) = Estimated Annual Gain
e.g. using the above annual loss example ($408,000 x 15%) = $61,200
For a comparatively small investment in address capture technology you can reduce cart abandonment and increase your sales by $61,200 per year.
To see predicive address capture technology in action visit the DataTools Kleber Address Capture showcase.
How address capture reduces cart abandonment
- The predictive search makes it quick and easy for your customer to enter their address.
- This reduces their frustration and makes for happier customers.
- Happy customers are often repeat customers.
- The added bonus of a validated address is reduced lost deliveries and less time taken to chase them up. It also allows for improves geodemographic segmentation and profiling for improved targeted marketing.