Did you know the typical shopping cart abandonment rate for online retailers varies between 60 and 80%? According to Shopify, the average cart gets abandoned 67.91% of the time. That’s a lot of rejection.
But we all do it. We add products to our cart, get to the checkout, and have a change of heart for whatever reason. So we exit. And we don’t give a second thought to the cart we’ve left behind with a full belly and a broken heart.
As a consumer, that’s fine. Cancel your purchase and move on with your life.
But as a business, your cart’s abandonment is important to track. Because all is not necessarily lost when a customer clicks that X button.
Can I recapture those heartless cart abandoners?
Yes, you can. And with Facebook, of all things.
Facebook gives you the opportunity to recapture cart-abandoning users with Facebook Dynamic Product Ads.
What are Facebook Dynamic Product Ads?
As advertisers, we can dynamically serve ads based on the specific product a user has viewed or added to their cart online. So someone will be scrolling through memes on their newsfeed when suddenly they see the exact item they were so close to buying before.
And now they have a chance to change their mind. Again.
Sounds great! How do I make it happen?
The setup process is quick and easy if you’re an e-commerce business with an online product feed.
Just follow these simple steps:
- Go to Facebook Business Manager and upload your product catalogue (feed) file to Facebook Business Manager. This data file must have each column representing the specific information about the product (i.e. Name, Description, Price, Availability, Image, and so on).
- Ensure the Custom Audience Pixel is uploaded or updated – this will allow you to see custom data events that report which products are viewed, added to a cart, or purchased.
- Set up the template for the dynamic product ad and finalise your campaign (it’s best to keep the messaging for this fairly generic as you’ll be targeting different products to various users).
StitcherAds has created this excellent diagram to show the Facebook Dynamic Product Ads process:
Are there other good reasons to try these ads?
There are plenty.
Here are some of the key advantages:
- Time saver – Before we had Facebook Dynamic Product Ads, advertisers had to manually create each ad for each different product. Now all you have to do is create your generic template and Facebook will pull in your product catalogue and the relevant information itself – so simple and easy!
- Remove out-of-stock products – All advertisers know the struggle of ads showing out-of-stock products to customers. Well, Facebook Dynamic Product Ads provide a solution for this. The product catalogue feed actually notifies Facebook when a product has availability or is out of stock, and it will automatically remove the relevant ad if a product is unavailable. So yeah, it’s pretty smart and a great way to avoid unhappy customers!
- More flexible and relevant targeting – These ads give you the opportunity to target an audience based off their website behavior and tailor a specific ad targeting only them (i.e. someone that views a particular website page but not another, or someone that hasn’t viewed the website in a certain amount of time).
- Greater reach of people – When Facebook exchange was running, we didn’t have the option to reach people on multiple devices. But with Dynamic Product Ads we can reach users on mobile, desktop and tablet – a definite win for advertisers!
A Couple of Tips to Boost Performance
- Capture a wide audience. Don’t only stick to people who have abandoned their cart; go for customers who haven’t visited the website in a while or have viewed a particular product without actually adding it to their cart.
- Offer a discount or run a promotion. Remember: your main goal is to get sales from users who have shown an interest in your products. Try offering a “10% off” promo code at checkout to entice users to come back and finish their purchase.
So, if you’re an e-commerce business, we’d highly recommend you take advantage of Facebook’s Dynamic Product Ads. It’s an easy-to-set-up process with great advantages. And if you’d like some assistance with this (and other aspects of your Facebook strategy), just get in touch!