As a first-time e-commerce entrepreneur, building an effective funnel and cart experience for your platform can be a daunting task. According to Onesource, the average cart abandonment rate across all industries is a staggering 69.57%. This means that roughly seven out of ten shoppers won’t complete their transaction, leading to an estimated $18 billion in segment-wide lost sales revenue each year.
A Solution Emerges: ThriveCart
In response to this challenge, startup founder Josh Bartlett proposed a solution several years ago with the launch of ThriveCart, a toolkit designed for small- and medium-sized businesses to build e-commerce carts and funnels. ThriveCart quickly gained popularity among businesses, growing to tens of thousands of customers and processing more than $1 billion in sales annually.
Rapid Growth and Funding
The rapid growth of ThriveCart caught the attention of investors, leading to a significant investment round led by LTV SaaS Growth Fund. The company announced that it raised $35 million in funding, its first public outside investment. Kevin McKeand, who was recently named CEO, stated that the fresh cash will be used to further develop ThriveCart’s platform and triple the size of the company’s workforce.
The Rise of Digital Entrepreneurs
McKeand attributed the growth of ThriveCart to the recent surge in digital entrepreneurship. "The pandemic prompted many people to start their own digital businesses," he said. "The recent slowdown in tech has not been seen among small businesses and entrepreneurs, the core users of ThriveCart’s tech."
ThriveCart’s Features and Benefits
ThriveCart offers a range of features designed to help businesses create effective funnels and carts. These include:
- Upsell Funnels: Allow businesses to offer customers additional products or services at checkout.
- Bump Offers: Provide offers for other services during the checkout process.
- Trials: Enable businesses to offer customers a free trial of their product or service.
- Pay What You Want: Allow customers to pay whatever amount they want for a product or service.
- Split Payments: Enable businesses to split payments across multiple products or services.
- Monthly Subscriptions: Allow businesses to offer customers recurring monthly subscriptions.
ThriveCart’s Platform and Integration
ThriveCart’s platform provides embeddable cart codes that can be added to existing websites, as well as backend dashboards that can be connected to third-party fulfillment services. The platform also calculates sales tax rates based on location and product type, tracking totals with reports.
Automation Rules and Notifications
ThriveCart allows businesses to automate rules for various tasks, such as:
- Automatically following up with visitors who abandon their carts.
- Sending customers notifications about new products or services.
- Offering customers personalized recommendations based on their purchase history.
The Future of E-commerce Funnels and Carts
ThriveCart’s growth and success demonstrate the need for effective funnels and cart experiences in e-commerce. As digital entrepreneurship continues to rise, businesses must adapt to meet the changing needs of customers. With its range of features and benefits, ThriveCart is poised to play a significant role in shaping the future of e-commerce.
Investment and Funding
ThriveCart’s recent funding round of $35 million will enable the company to further develop its platform and expand its reach. This investment demonstrates the confidence that investors have in ThriveCart’s ability to drive growth and success in the e-commerce market.
Conclusion
Building an effective funnel and cart experience is crucial for businesses looking to succeed in the competitive world of e-commerce. With its range of features and benefits, ThriveCart is well-positioned to help businesses achieve their goals. As the digital entrepreneurship landscape continues to evolve, ThriveCart’s growth and success demonstrate its commitment to meeting the changing needs of customers.
Sources
- Onesource: Cart Abandonment Rate
- LTV SaaS Growth Fund: Investment Announcement
- ThriveCart: Features and Benefits
