On average, 70 percent of online shoppers who place items in their shopping carts do not complete their transactions, making shopping cart abandonment a pain point for many eCommerce sites. Amagi Metals, an eCommerce precious metals dealer that sells gold, silver, and other precious metal bullion to investors, collectors, and institutions worldwide, was no different. After transitioning their online store and launching with Magento in January, Amagi Metals needed a way to encourage prospects to complete their purchases. After discovering Springbot on the Magento Connect Industry Gold Partner page, Amagi Metals reached out to us to help them recover lost revenue from cart abandonment.
The first step was to set up a system that would invite people to come back and complete their orders on items that were left behind in their carts. “Our goal was to have campaign that was easy to launch and manage, cost effective and, of course, increase revenue,” said Stephen Macaskill, president of Amagi Metals. To reclaim this lost revenue, Springbot suggested automating the process for cart abandonment retargeting by starting with an email sent three hours after abandonment. The email lists the product(s) left behind, has a single button for a call- to-action, and has Amagi Metals’ logo prominently displayed for branding purposes.
“One of the greatest benefits of working with Springbot is the ability to reach customers at the point where they are still likely to buy,” Macaskill stated. “Automating our campaigns and being able to easily adjust them as needed has delivered an amazing return on investment and enabled us to reach customers more effectively.”
The campaign has an average open rate of 34 percent with 51 percent of the site’s revenue now coming from abandoned cart emails. “This program has worked so well for us because it reminds our customers that they liked something enough to add it to their carts and provides them with the nudge they need to complete the transaction. Even better, it is also a great way to stay top-of-mind in a highly competitive market.”