Don’t allow an interested customer to buy from elsewhere
As per the latest statistics, shopping cart abandonment rates are somewhere around 59%. In other words, around 59% of the time a customer places an item into an online shopping cart, he/she fails to complete the online transaction by checking out from the store. With comparison shopping resources on the increase, this number may end up significantly higher. As per a recent study conducted by PayPal, 45% of customers tend to abandon carts more than once when their average order size is slightly more than a hundred dollars.
Reasons for shopping cart abandonment
What makes customers abandon their shopping carts on more than half of the instances? One of the main reasons given in this regard is the increase in comparative shopping activities. In a recent study, the following results have been found as the prime results behind shopping cart abandonment.
- 57% were averse to the payment of shipping costs
- 48% felt that the purchase cost was more than expected
- 41% simply made use of the shopping cart for research, probably for a determination of shipping costs
- 27% would have preferred a discount coupon
- 24% sought greater number of payment options
- 22% were unable to find their desired result and thus regarded the website to be less credible
- 19% could not wait for the shipment to arrive and instead opted for an offline purchase
- 15% felt the checkout process to be overly completed
- 12% reported a variety of other reasons for their abandonment
Ways to reduce shopping cart abandonment
Shopping cart abandonment usually leads to significant loss in revenue for the online store. So let us now take a look at the measures that may be taken in order to reduce shopping cart abandonment and boost sales for your eCommerce website.
Display shipping charges ahead of time
The shipping costs may be disclosed prior to asking the customer for their payment information. This can be done by estimating the shipping costs and adding an estimated fee to each product, You may also integrate some other type of shipping calculator button that enables customers to calculate shipping costs at any point of time over the course of their shopping process. This is one of the main reasons why people often abandon their shopping carts.
Offer discounts and coupons at the time of “shopping funnel” process
High purchase costs and absence of shopping coupons have been attributed as factors that lead to shopping cart abandonment. These can be mitigated by offering some kind of compelling discount or a special offer. Perhaps you could offer a certain discount on the next purchase made within a specific period of time or free shipping. These are some of the reasons that motivate your customers to check out in the right direction from your online store.
Offer comparative shopping resources on your eCommerce website
Reviews of every possible manner are becoming increasingly prolific and important online. Seldom there arises an opportunity where you are unable to find reviews or individual opinions about any given service or product. This is a well known fact among the average modern shoppers. So ensure that you have it served up to them at the most important point in time, just when they are interested in making a purchase of your product. Similarly, allow for the customers to provide reviews on your website for the services and products that they avail. Not only will it provide some added information for the customers but it will also help you significantly with the SEO rankings of your eCommerce website.
Reinforce the privacy and security of your website
People have been buying for years from eCommerce websites and it is commonplace to find online credit card transactions. Nevertheless, an individual who is new to your website will require that extra bit of nudge to completely agree with the fact that your online store is secure to make an online transaction on. McAfee Secure is an example of a way in which to communicate the extra security features of a website. Also, communicate that your customer’s information will not be made public but be used only for internal processing functions.
Make your return policy very clear
If you can let your customer know that you will be by their side in case any discrepancies occur in the product they purchase, you can get a major obstacle out of their way as far as proceeding towards an eventual checkout is concerned. Just as you include the shipping calculator button, also put a button somewhere in the website that, when clicked, opens up a window to discuss the return policy of your eCommerce store.
represents one of the biggest challenges that online marketers face in the modern e-shopping environment. Being able to improve site performances have an exponential impact on sales and profits. Shipping costs, discounts, comparison shopping, website securities, return policies- all of them contribute towards reducing the abandonment rates. Moreover, marketing to the customer following an abandoned shopping session via search engine marketing and email marketing are good ways in which to eventually get a sale for your product.