In our prior post we tried to evangelize the depth of the cart abandonment problem. To put it in perspective, we analyzed it as 4D problem where the key dimensions that should be considered are – visitor, journey, experience, and time.
Another objective of the prior post was to put the spotlight on the 4th dimension: the time. This is the least talked about aspect of the cart abandonment problem. Visitor preferences are always changing. Any solution that assumes that what worked in the past (aka, during the traditional A-B or MVT test) will continue to work in the future, can be more harmful than helpful.
Let’s now focus on the ways to reduce cart abandonment rate.
Hopefully, after we have managed to evangelize you about the complexity of the cart abandonment problem, you will ask the logical question: how do we then untangle this monstrosity so we can win?
VALUE Optimization™ Strategy
The answer to this question is in two parts.
The first part is the optimization technology. We will skip this topic in this post other than to tell you that you need to use an optimization solution capable of dealing with all the 4Ds of the cart abandonment problem at the same time. In simple terms, to be viable, the solution must be able to optimize the entire checkout funnel as one optimization campaign so it can produce directly measurable, end-to-end results through the ability to detect and adapt to preferences of different visitors in real time.
However, the technology cannot do it alone. No optimization solution can turn bad input into gold.
That is why the second part of the answer is the optimization strategy, that will guide you with the design of the cart abandonment optimization campaign.
To help e-Commerce professionals with the design of the optimization campaigns, we have developed what we call the VALUE Optimization™ strategy framework.
This framework is designed to link the key dimensions of the 4D cart abandonment problem with the corresponding optimization options.
We visualize this strategy as a periodic table of optimization elements:
For easier remembering each letter of the VALUE stands for a key optimization concepts:
Your optimization analyst has to gain an understanding of the relevancy of different buying personas while also assessing the content on each web page in relation to visitor expectations. In the design of the campaign, you should be concerned about the strength of your value proposition, and you should explore persuasive content variations.
Convincing a web visitor to purchase a product or service is a delicate dance. The campaign design should focus on the visitor’s consideration logic. It should experiment with various micro conversions that ultimately lead to a purchase at the end of the funnel.
Look and Feel / UX
Every aspect of the web page content, design, and functionality can have a significant impact on the visitor’s reaction. Most of this is driven by the nature of the human eye, which notices the most visible elements first and then other elements later. The goal of campaign variables should be to create results that reduce friction and anxiety.
Indiscriminate incentives to motivate your visitors to take action can quickly erode the profit margin. Your goal should be to make incentives available only to the types of visitors who are less likely to transact with your company.
It is critical to keep the visitor engaged with the site. The longer the engagement, the higher the probability of success. Consider using supportive content, e-mail sign up, and other options to extend the visitor journey.
One can argue that the VALUE Optimization™ concepts are logical and well-known concepts and that there is nothing new here. We agree. That is the beauty of the VALUE acronym. Everybody can easily remember these concepts.
The real value of the Value strategy is actually in formulation of the individual elements. Each individual element is the actionable concept.
For example, here are some of elements in the V column of the table above:
Va. AUDIENCE (Visitor) Is your value proposition relevant to a target audience in mind?
Vu. UNIQUE (Visitor) Does the value proposition communicates uniqueness of your offering?
Vv. VISUALS (Experience) Do your visuals reinforce your value proposition?
VALUE Optimization™ strategy, together with associated periodic table of the optimization elements is designed as effective tool for any e-commerce professional who wants to optimize the customer experience and drive more results. In future posts we will step further and shed light on how specific optimization elements apply to cart abandonment optimization problem.