Customer acquisition and CRO
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The best cart abandonment solutions for Gen Z

A Gen Z woman sitting at a table with a laptop.
Written by
Izzy Hall
Published on
June 13, 2024
Last updated
June 13, 2024

What this article covers

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In 60 seconds… 

  • Addressing cart abandonment issues can increase retention rates and foster long-term customer relationships
  • 44% of Student Beans users search for discounts at the checkout stage of their purchase
  • Pion’s verification can help you increase conversions and reduce shopping cart abandonment

There are a few things that are the bane of every marketer’s life. The TikTok algorithm. The fickleness of Gen Z. Google’s constant updates. Cart abandonment.

Today, we’re here to help you face your fears. Social media? We can help with that. Gen Z? We’ve got the insights to prove it. Google’s updates? Okay, not that one. We’re not wizards. 

Let’s talk shopping cart abandonment and conversion rate optimization. We’re going to dive into the problems (including any recent diagnoses of ‘offer leakage’...) and provide you with the solutions. 

That’s right: we’re tackling those paint points head on. 

Offer leakage and low conversions: Addressing your pain points

  1. Offer leakage 

There are some words in the English language that have a beautiful ring to them. Phrases that give you a rush of pleasure. 

‘Offer leakage’ is not one of those phrases. 

Offer leakage is when someone who legitimately has access to a discount shares the offer with someone who doesn’t have access. For example, a student sharing their discount with a cousin, or family friend. It’s a common concern for brands, who want to ensure that their discounts are being used correctly.  

  1. Low conversion 

So a potential customer has their items in their virtual basket and is ready to checkout. They’re dreaming of all the things they’ll do with those new products. The problem is, they’re a potential customer. And with no urgency to commit, they’ll remain just that. 

The problem with cart abandonment

Cart abandonment is a curse on the eCommerce world - after all, each abandoned basket represents a loss in revenue. And while a single failed transaction may seem like a minor inconvenience upon isolation, it can turn into a big deal when we look at the bigger picture. Your average conversion rate can take a huge hit. 

Addressing cart abandonment issues can increase retention rates and foster long-term customer relationships. The answer to all your problems. 

If you’re looking to reduce cart abandonment, verify discount holders, and improve conversions then you’ve come to the right place! Pion can help, thanks to our verification, Beans iD. 

Boost your product or service with Pion’s verification 

Verification is the process of checking the status of eligibility of your customer - for example, a student or healthcare worker - to ensure they meet the criteria for your gated offer. 

Whoever your target audience, be it students, grads, healthcare, or military personnel, we’re here to help. Dare I say it: ensuring your discounts are safe and secure is our speciality. 

Here’s how our verification, Beans iD, can help you overcome those pesky pain points, increase conversions, and reduce shopping cart abandonment.

Increasing conversions 

Did you know that 47% of students look for a student discount every time they purchase? That sweet % off is the thing that keeps them going, people. To quote Gen Z student Sandrah: “Anywhere with student discount, I’m gonna check it out!”. 

With Beans iD, brands can offer discounts on their sites which will only be accessed by their intended audience. 

Case study: Houston Astros 

The Houston Astros, an American professional baseball team, partnered with Pion as they wanted to increase brand affinity and appeal to the student demographic. 

Solution 

The Houston Astros were already a step ahead of the (baseball) game: they knew that offering an incentive would increase conversion rates amongst Gen Z. So, they decided to set up their student discount program, offering up to 70% off tickets. 

A collaboration with our dedicated customer success team ensured continuing great performance (spoilers, the proof is below), and it was suggested that they could take to their Instagram platform to promote their student discount during key periods. 

Results 

  • 229% MoM uplift in revenue 
  • 220% MoM uplift in tickets sold 
  • 3,000 codes in a month 

Reduce cart abandonment 

Ensuring your gated offers are secure is a winning shopping cart abandonment solution. As is Beans iD.

Did you know:

  • 46% of users abandon checkout and leave the site if they don’t see a discount option at the checkout
  • 44% of Student Beans users search for discounts at the checkout stage of their purchase

The Beans iD button on cart makes discounts available on the checkout page when a user is about to purchase, reducing the number of users who abandon at this stage due to not having a discount. 

In layman’s terms, a button that appears on your checkout page, creating a fast, secure, and seamless verification journey.

This magical button gives customers instant access to their exclusive offers without having to leave the checkout page; testing with our partners has shown a 16% uplift in conversion rates. 

More about Beans iD

Some FAQs to fill any gaps…

What consumer groups can I create offers for? 

The more the merrier! 

At Pion, you can run gated targeted offers for students, graduates, health service workers, first responders, military personnel, teachers, parents, those with a disability, and those on a low income. 

How do we verify consumers? 

Quickly and efficiently in real-time. 

For students and grads, we use our network of academic portals with institutions around the world to instantly verify a student’s status. 

For other consumer groups,  we just need to upload a piece of evidence to confirm their status (think payslip or badge ID) and our team verifies these around the clock. 

A consumer only needs to verify with us once - after that, they’re in the system, making their purchase journey shorter and increasing their likelihood to convert. 

Consumers need to re-verify once a year to ensure they’re still in that relevant consumer group.

What results can I expect from Beans iD? 

It varies by market and sector, BUT Pion’s brands typically deliver a 25% conversion rate from sessions to code redemptions and a 15% conversion rate from code redemption to transactions. 

How does Beans iD help to avoid offer leakage? 

With our verification tech, we verify a consumer’s status from the established, direct integrations we have with academic institutions or by manually reviewing the uploaded verification document. 

Once verified, our verification tool* facilitates the redemption of your offer by revealing a code for the consumer to complete their purchase via your website or app or their student ID when purchasing in-store. 

*award-winning, we’d like to add. 

Want to know more? Visit our site now to learn more about Beans iD. 

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