Problem Statement
Shopping cart abandonment is common among online shoppers and is an issue faced by all industries. However, compared to other sectors, the insurance industry has the highest cart abandonment rate, which stands at a whopping 84%. While there could be several reasons why consumers behave this way, insurers can craft “smart” customer journeys to prevent hesitant customers from abandoning their carts and even win back lost prospects.
Use Case Overview
Decrease the likelihood of cart abandonment by encouraging customers to complete their purchases. In real-time, concentrate on their browsing behavior (from their webpage visits to keyword searches), and use these to derive insights about their life challenges or stages and personalize content recommendations. For any signal indicating a display of abandonment intent, you can trigger an incentive to entice customers to complete their purchase. During the post-abandonment phase, recapture lost prospects with a bit of push on their journey to purchase with properly timed campaigns and carefully targeted ads.
Solution Approach
With the IEP’s advanced real-time analytics and decision-making capabilities, you can analyze browsing behavior to detect interests, propensities, or abandonment intent and use this to ensure relevancy in selecting offers presented to the customer in real-time. The recommender in the IEP also allows the insurer to automate and strategically retarget cart abandoners with personalized content through their preferred touchpoints.
