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IgnitionOne Finds That Consumers Abandoned $24 Billion of Merchandise in Online Shopping Carts on Black Friday and Cyber MondayNEW YORK, Dec. 05, 2017 (GLOBE NEWSWIRE) -- IgnitionOne, a global marketing technology and data analytics provider with a focus on the retail industry, announced the release of data insights related to cart abandonment following an unprecedented Black Friday and Cyber Monday. Even as online retailers like Amazon hit company records for Cyber Monday sales, consumers across the web abandoned $24 billion worth of goods in their shopping carts during Black Friday and Cyber Monday, according to the IgnitionOne study. While this represents lost revenue, retail advertisers still had reason to smile this year, as their campaign efforts converted at a higher rate on Black Friday this year than in 2016. Nearly all tracked categories saw a lift in conversion rate (+56% on average) during Black Friday 2017, while only about half of categories saw a lift in conversion rates on Cyber Monday. “The sales records set by Black Friday and Cyber Monday this year show that retailers and consumers are both growing more accustomed to the online shopping experience,” said Christopher Hansen, Chief Product Officer of IgnitionOne. “However, there’s clearly a huge opportunity for retailers to extract even more revenue from visitors already on their sites and to continue to improve the conversion rates of their ad campaigns. In some retail segments, capturing just 5% of abandoned merchandise would result in more than $100 million worth of incremental revenue. IgnitionOne will continue to work with these retailers to help them improve their holistic ad experience and convert these lost opportunities.” Methodology and Summary of Findings Apparel ($3.7 billion abandoned) and home goods & furniture ($4.3 billion) saw the highest total value of abandoned merchandise. Had apparel retailers optimized their digital strategies to capture even 5% of cart abandoned revenues, using techniques such as onsite, website personalization and triggered email, the incremental sales opportunity would total $183 million. IgnitionOne’s analysis also found that:
On the advertising side, Black Friday fared better than Cyber Monday when comparing year-over-year growth. Again, while performance was good nearly across the board, there was plenty for advertisers to learn when deciding how to invest in media and which audiences were best to pursue with discounts and offers. IgnitionOne found that:
“The trends across our study reveal consumer patterns but more importantly an opportunity,” said Dave Ragals, SVP Customer Success, at IgnitionOne. “Knowing what we know about cart abandonment factors, consumer intent signals and online behavioral patterns related to crossing channels, there are options used by our most successful clients to minimize drop-off like website personalization, triggered email, tailoring messaging to channel attributes, marketing on a more personalized level and following through with advanced re-targeting methods. We expect that armed with the learning of this season, even more marketers will undertake these strategies to maximize ROI.” About the IgnitionOne Retail Data Driven Marketing Solution These retail data intelligence findings represent their category expertise. Read more about the data analysis on the IgnitionOne website. About IgnitionOne For more information, please visit http://www.ignitionone.com or follow the company on Twitter @ignitionone. Contact: |