Online travel is missing out on more revenue due to a problem known as shopping cart abandonment. Potential purchasers are compiling cart activity online only to leave the site without completing the transaction. Boxever compiled a travel trend series called The Habits of Travel Bookers. Of this information gathered, Boxever concluded that almost $1.78 trillion dollars are not being acquired due to solely unfinished cart purchases. Currently, travel companies are earning around $446 billion. However, the amount left in the air from abandoned carts would lead travel companies to make over three times more than their current revenue. Online travel resources are wondering how they can convert the funnel and turn the would-be travelers into actual customers.
According to Econsultancy, the entire travel industry‘s rates of cart abandonment are higher than other industries. The rate at which consumers leave their cart purchases unfinished is 81% while online retail is only at 68%. Car rental services, hotels, and cruises are in the same predicament, as their rate of abandonment lies slightly below 70%.
Boxever is a marketing service geared toward assisting online travel companies to engage at a higher level with their audiences. This goal is achieved through exploring customer insights and how that relates to different methods of communication. Some communication channels explored include web, mobile, and email. The bottom line is that Boxever helps companies drive their revenue by increasing conversions due to better customer experiences. Cart abandonment, for example, could be greatly reduced by implementing instant communication with the consumer. This may come in the form of very personalized messaging through email.
Companies who realize the opportunity presented through started cart purchases will begin to see why losing revenue in this way is not necessary. Whenever a potential customer begins to formulate an order, personal information is given. These details can be utilized to stay in touch. Offers may be presented in a personalized way, for example, to get these individuals to convert.
To learn more or to view the full Boxever report, visit Skift online here.