Catalogers

Abandoned Carts

Abandoned Carts

Everyone is familiar with them: You know when you visit that web page because you want something but then get cold feet? That's considered an abandoned cart.

According to the Baymard Institute, the average abandoned cart rate is hitting almost 70% of the time, which accounts for trillions of dollars left uncollected. While this looks to be a huge missed opportunity, there is a light at the end of the tunnel. The good news is, over 63% of these carts can be converted, and lucky for you, we are driving the train.

While many solutions for abandoned carts revolve around the ease of checking out, it is also extremely important to quickly maintain the conversion.

Did you know that if you were to follow up with a direct mail piece to those shoppers who have abandoned their cart and lure them back to your site, they will likely spend on average, 55% more than they were originally going to spend?

3 Reasons Millennials Prefer Print Media

Born somewhere between 1981 and 1996, millennial’s are a complex and famously hard to define generation. Common traits include being civic-minded, unconventional, digitally savvy, and, more often than not, overcommitted. Based on those traits, one might assume that these 22-38 year-olds prefer watching snippets of the latest national and global news, but, according to recent research by the Pew Research Center, that may not the case. 42% of the people surveyed between the ages of 18 and 29 prefer reading the news than watching it or listening to it. To take that one step further, in 2015, Naomi Baron, a professor of linguistics at American University, surveyed over 300 university students around the globe and found that 92% prefer reading print material over smartphone, tablet, e-reader, or laptop. Why is that? The reasons millennials prefer print news have a lot to do with the fact they were born just before the dawn of the internet.

1. Nostalgia

Unlike the generation that follows them (Gen Z), who have had access to the internet since childhood, many millennials grew up with more traditional forms of media. As a result, they have a soft spot for reading, what professor and author Naomi Baron refers to as the “physical, tactile, kinesthetic component to reading.”

2. Information overload

In today’s world, people are inundated with information on a daily basis. That’s particularly true for younger generations, who have adapted to evolving technologies. While convenient, the pace of digital news can be overwhelming, which is why it can be a relief to slow down and read an article in a magazine.

3. An escape from distractions

When you consume news on a digital device, it is easy to be distracted by pop-ups, social media, texts, and emails. Reading a hard copy of the news allows you to focus on the information you’re consuming.

Help millennials unwind and stay up-to-date on the latest news by continuing to print magazines.


Sources:

Pew Research, Younger Adults More Likely Than Their Elders to Prefer Reading News
New Republic, Naomi Baron's Words Onscreen Fate Reading Digital World
Forbes, Millenials - A Generation of Page Turners

Remember Direct Mail? It's About to Become A Disruptive Marketing Tool

By: Lewis Gersh

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Maybe you’ve heard Megan Brennan, the 74th Postmaster General of the U.S. Postal Service, discuss the agency’s efforts to modernize and meet the challenges of the 21st century. If you haven’t — and let’s face it, postal mail flies well below today’s tech-targeted radar — you might be surprised to learn that the Postal Service partnered with Amazon.com to deliver groceries in San Francisco, built an augmented reality app to enhance what’s in your mailbox, and created an online hub that allows customers to give their carrier specific delivery instructions. In other words, neither rain, nor sleet nor technological disruption will interfere with the mail, and that’s good news because as Brennan put it, direct mail is “the most direct pipeline to the consumer.”

The question is: What can retailers do to make sure they’re capitalizing on this new, tech-spirited innovation at the Postal Service and lead the charge to marry digital technology with direct mail? As it turns out, there are plenty of opportunities. Direct mail is at the beginning of a renaissance that’s already begun to transform shopping.

Catalogs Gone Wild
A few years back, the conventional wisdom was that the internet would kill the catalog. The catalog didn’t die, however, and retailers like J.C. Penney, which had given up on a physical mail presence during The Great Recession, have actually resurrected the catalog, citing both consumer preference and an omnichannel strategy.

Of course, the catalog’s renaissance isn’t just about rehashing an old concept. Retailers have had to evolve the medium in order to speak to today’s connected consumers. Anthropologie, which calls its catalog a journal, views its catalog as an opportunity for content marketing that’s on par with, or better than, what you would see in a magazine. A growing number of retailers take a similar editorial approach to their catalogs, with Ikea going so far as to produce a tongue-in-cheek video for the company’s “bookbook.” And then there’s Restoration Hardware, which is legendary for its 17-pound, 3,300-page catalog that takes content marketing to encyclopedic proportions. But the catalog isn't only getting better, it’s getting smarter.

A number of retailers are using web analytics to customize catalogs. L.L.Bean is just one example. As the company’s chief marketing officer recently explained, L.L. Bean can create multiple versions of its catalog based on a consumer's online browsing habits. Therefore, instead of sending every customer the largest book, Bean can send a custom edition targeted to each customer’s interests. Meanwhile, online retailers like Bonobos are discovering that a physical catalog gives the brand more latitude to grab shoppers’ attention while at the same time deepening the data around customer purchasing habits.

Mail-to-Store Conversions
Like the catalog, physical retail was also supposed to die, thanks largely to the threat of showrooming. As it turns out, the fear of showrooming was overblown. A recent IBM report showed that while the number of consumers who go to the store and then use their phone to check prices on the web ticked up slightly, the amount of money those shoppers spent dropped drastically. At the same time, retailers have seen the rise of a trend known as “webrooming,” which is when consumers start the shopping experience online but go to the store to complete their purchase. What’s going on here? We’ve arrived at our omnichannel future, and it looks nothing like we predicted it would, largely because of direct mail.

A few years back, when everything was supposed to be about mobile, there was this idea that direct mail would go away because retailers would use real-time data to shoot customized coupons to shoppers’ phones as they moved around the store. It was geo-targeting on steroids. Eventually retailers came to understand that the concept was probably a better fit for "The Jetsons" than a real life brick-and-mortar store. What happened instead was that direct mail turned out to be the ideal tool for geo-targeting, not to the specific store or aisle, but to the ZIP code. Instead of driving consumers crazy with offers in-store, retailers figured out that they could use direct mail to drive their customers to the store in a given area. More importantly, retailers discovered that they could use direct mail to achieve "presence."

What do I mean by presence? Look at the experience of a retailer like Nordstrom: customers who have a multichannel relationship with the brand spend four times more than those who don’t. Direct mail in the form of a catalog can drive consumers into the store, but direct mail post store visit can also retarget consumers back to the website. Direct mail is the conduit retailers use to move customers between channels, and as such it's the method by which retailers remain present in their customers’ lives between store, home and digital.

‘Smart’ Cards (and Envelopes)
Intelligent Mail Barcode reporting technology makes it possible to sync up direct mail with online channels and capture attribution between online and offline. Meanwhile, new tools like Real Mail Notification allow retailers to align email marketing with direct mail campaigns. And, of course, improvements in printing technology combined with CRM and other real-time data tools have dramatically reduced lead times to the point where it’s possible for retailers to deliver a customized direct mail offer immediately after a store visit.

While some of these applications are new, the technologies that drive them have been around for several years or more. In that sense, what's old is new again. And just as the first iteration of direct mail disrupted retail, so too will direct mail 2.0 disrupt and transform the future of retail.


Author: Lewis Gersh

Source: pubexec.com URL: https://goo.gl/Yp4pTN