How to use post-purchase platforms like Givego to reduce abandoned shopping carts.
eCommerce is all the buzz in today's marketplace. With an estimated reach of $5 trillion in sales worldwide by the end of 2022, many companies are starting to invest heavily in eCommerce platforms like Shopify, Wix, and Big Commerce.
The number that isn’t highlighted is the number of abandoned shopping carts. In fact, in 2022, online shoppers abandoned 66.5% of all shopping carts.
So how are companies trying to reduce such a high number?
Marketers generally only pull the same levers to attract customers to convert them from leads to sales. Some examples include discounts, BOGO, cross-selling, and free shipping. And although we’re all suckers for a great discount, does that really add value to your customer’s shopping cart?
On more than half of those levers, the brand is losing potential revenue. Therefore companies often turn to post-purchase platforms to subsidize the risk and rewards of new customers.
Post-purchase platforms are experience-based software that enables eCommerce stores to provide a meaningful experience to their customers after purchase. These include shipment tracking systems like Route, up-selling services like ReBuy, and return management software like Return Logic.
However, all these systems focus on the product and not the customer. Why are customers buying products in the first place? That’s the question many companies need to answer.
Which is what Givego is trying to answer.
Givego is an on-demand marketplace, that connects world-renowned instructors & experts to customers post-purchase with the goal of product adoption. We believe it's a company's obligation to provide a meaningful experience after the delivery of a product.
Currently, Givego operates in the sports, fitness, and wellness spaces. Offering a Givego Performance Plan that seamlessly integrates into the brand’s shopping cart experience. At checkout, the customer will receive a credit to connect with 1 of the 1000+ experts in their field.
“Customer A1 buys a new golf club set and is offered a Givego session credit to virtually connect with a golf coach. The customer can chat message with the expert about their new purchase, upload a video of their golf swing, or follow along in an interactive course about the elements of a swing.”
At the end of the session, customers are offered a subscription to gain more credits to continue connecting with experts in their field and progress with their new products. Brands that convert customers to subscribers are entitled to a percentage of revenue as an MRR model. Returning the marketing dollars it took to acquire new customers, back to the brand.
When customer service ends Givego begins. Companies are becoming more obligated to their customers after a transaction is completed. Those that provide an emotional connection with customers outperform the sales growth of their competitors by 85%.
In turn, this leads to more revenue and brand loyalty. Loyal customers are 5X more likely to purchase again and 4X more likely to refer a friend to the company. Thus reducing abandoned shopping carts and providing meaningful value to new or existing customers.
The best way to improve your post-purchase experience is with Givego. Our proprietary technology offers customer insights, interactive brand communities, and the resources your customers need to excel.
Check out Givego’s Shopify integration today to learn more.