Abandoned shopping carts are an ecommerce problem that will probably never go away. For context, it is said that a shopping cart is abandoned when a shopper leaves the site without purchasing any of the added items. According to several credible studies, as many as 70% of online shoppers abandon their shopping cart at some point. In addition, less than half of these people return to abandoned objects. As a result, e-commerce stores collectively lose $ 18 billion in revenue per year from cart abandonment.
Since customers walk away from initiated trades for a variety of reasons, an abandonment rate of 0% is probably not achievable. Accepting that most buyers do not complete the purchase is a bitter pill that companies have to swallow. However, there are still many changes an ecommerce business can make to keep this frustrating problem to a bearable minimum.
7 points for attention in a row:
ALWAYS INCLUDE THE TOTAL COST
Statistics show that 49% of the customers terminates interest due to high cost. Interestingly, their perception of the high cost stems from the fact that shipping, taxes, and other additional costs are hidden until checkout. When customers notice such a significant increase in their overall costs, it discourages them and leaves you with abandoned carts. Being clear about the total costs upfront mutes the customer from the shopping factor that often makes them forego the transaction.
ALLOW GUESTS TO CHECKOUT WITHOUT ACCOUNT
Creating another account is exhausting and that's why 34% of customers abandon abandoned shopping carts. For most customers, the stress of creating an account isn't worth the purchase. So, no matter how eager your company is to collect customer data, you should consider checking out as a guest. This eases the potential customer's transaction process and drives the completion of the purchase.
OFFERS REGULAR REMINDERS
Sometimes a customer forgets items in the shopping cart. Life happens, and they get carried away, and it's your duty to remind them of their abandoned shopping carts. Fortunately, there are many ways to achieve this.
First, provide on-the-spot reminders as soon as the shopper shows signs of leaving. Second, try to retarget potential customers through ads on social media and other websites. This has been shown to increase sales to 20%. Finally, make shopping cart recovery emails part of your ecommerce strategy. Additionally, be sure to add a sense of urgency to your on-site prompts, retargeting ads, and emails. Trigger them with the number of items still in stock or with people who have it product also view. This could motivate them to return to their abandoned cart.
SIMPLIFY THE CHECKOUT PROCESS
Modern shoppers want quick and easy transactions; 18% from them leave due to complicated payment methods. So if your business doesn't meet that need, the result is abandoned shopping carts. While one-click checkout is the gold standard to aim for, you also need to make sure that checkout forms are easy to fill out. This encourages customers to complete each transaction and even return for more products.
OFFERS MORE PAYMENT METHODS
About 7% of shoppers attribute their abandoned carts to the payment methods offered. While credit and debit cards remain popular, digital wallets are on the rise. Therefore, include options such as Apple Pay and Samsung Pay on your site. cryptocurrenciesBitcoin, in particular, are another emerging payment method to consider. Make sure to offer a wide range of options to satisfy the majority.
OPTIMIZE WEB PAGES
Slow web page loading speed can affect user experience and contribute to abandoned shopping carts. Choosing a new web hosting service provider, compressing images, and caching web pages are examples of strategies to improve loading speed. A smoother browsing experience will improve the customer experience and reduce the likelihood of abandonment.
USE INCENTIVES TO KEEP INTEREST
Offering incentives is sometimes the main motivation for shoppers to complete transactions. Free shipping and discounts on multiple purchases, especially if they're time-limited, can reduce cart abandonment rates. This can be a great way to balance the stress of your checkout process. For example, if you want to make it absolutely necessary to create an account before purchasing, you can offset that by offering a discount. This will encourage customers to go ahead and hopefully complete the transaction.
In short, the scourge of abandoned shopping carts will be with us for a long time to come. Many strategies can help your ecommerce company however, help to work around this problem. The key is to stay innovative and shake up your tactics until you get the right results.
