On average, over 70% of potential customers are abandoning their shopping carts. So, let us just fix it.
Shopping Cart Abandonment
Let us understand these three words separately first, and then in combination. Shopping is when you buy something and bring home, the cart is where you temporarily store your items which you will be purchasing. The term abandonment means to withdraw. Hence, compiled together shopping cart abandonment refers to withdrawing your buying items in your cart. In a simpler way when a customer moves further for completing the checkout process in buying online but eventually drops out the process before completing. Anything which initially adds up in your cart list but does not reach to you physically is termed as ‘abandoned by the customer’.
There is a formula to calculate the rate at which it is taking place i.e, by dividing the total number of completed transactions by the total number of transactions that were initiated. This metric is very important for any ecommerce site. The high can signal a poor user experience.
Some Reasons of Shopping Cart Abandonment
The first and foremost thing in solving is to identify why visitors are actually abandoning their carts. Basically generating a hypothesis as to what could be the sake. There can be numerous possible ways for a visitor, so let us just discuss some of them in brief.
1. Comparison Shopping - The human brain demand best. Hence, often comparison shopping is done in every bit and spend ample time in comparing before buying. The totals of your and your competitors are analyzed. The least expensive one wins the race toward the finishing process called buying. Make sure your offers are the best in the market.
2. Security concerns - The major concern nowadays is a security issue. The people are not ready to share their details with some ecommerce website, they want to play safe. Consider getting verified by services that shoppers will recognize and trust.
Lack of return policy
3. Lack of return policy - Along with security, you should help your customers feel confident about their purchase. Include a quick mention of your return policy in further proceedings so that the customer does not feel an urge to go to some other ecommerce website.
High Shipping Cost
4. High Shipping Cost - Shopping cart abandonment could be possible when customers a sticker shock of shipping cost. Avoid this by offering shipping promos.
5. Browsing - People generally tend to just browse. They add items to their cart but no buying due to their low intent of buying. On the part of ecommerce development service, incentivize the customers to buy immediately by offering limited period offer or hurry up offers.
There could be many more bring about shopping cart abandonment. The list can go on and on. The power of convincing demands a great zeal of persistence and patience. So, to convince the customers to complete their process requires some call. Call in the form of offers, appealing coupons, advertisements, etc. In the world of competition, your ecommerce website should be unique in its own way. The ecommerce development service can ooze out the best bib and tucker and flourish without abandoning.
So now let us peep in some statistics to figure out, WHY ABANDONING.
According to Baymard institute, these are the most common reason for shopping cart abandoning-
- Expensive shipping fee 55%
- The site wanted them to make an account 34%
- Long or complicated checkout process 26%
- Couldn’t trust the site with credit card information 17%
- The website had errors or crashed 17%
- Not enough payment options 6%
- A slow website can increase the abandonment by 75%
- 81% of customers are just browsing
- 79% look for a free return and 71% evaluate shipping fees and policies.
Hence, we can say that there is much more to be improved, and people generally go for these because they are not judged on this platform.
Generating some ecommerce website solutions can lead us to win the race with all our laps reached. Let us cover some solutions as to why 68 people out of 100 are walking away. Here are some tried- and- true ways to reduce shopping cart abandonment and recapture those customers before they are long gone.
Speed up your ecommerce website
1. Speed up your ecommerce website - Page speed is one of the most important optimization efforts for any website. It should not take longer than 3 seconds to load otherwise you will lose your customers.
Shorten and simplify the checkout process
2. Shorten and simplify the checkout process - As we know 26% of them are leaving due to complicated processes. A one-step checkout process will be best suitable for any ecommerce website.
Consider offering Free Shipping
3. Consider offering Free Shipping - The topmost reason for abandoning is the shipping fee. This free shipping could turn out to be an effective incentive for your site.
Inspire trust with great website security and reviews
4. Inspire trust with great website security and reviews - Along with security badges, incorporate additional website security features, such as password encryption. Your peer reviews can also help your customers to overcome your initial hesitation.
Social Media Retargeting
5. Social Media Retargeting - As we know in this world of social media, your shoppers must be using many social sites so one solution could be that you are calling them by retargeting them on different platforms. Popups are also an effective tactic.
Record shopper behavior
6. Record shopper behavior - Top-grossing ecommerce stores can track their visitors' behavior. Which will help them to understand their activity.
Experience in life gives birth to many more new experiences. If the aftereffect leads to good experience the visitor will try and generate some more new experiences with your ecommerce website. Shopping cart abandonment can be overcome by implying the measures and make people enjoy your best ecommerce services.
We provide ECommerce and Shopping Cart Solutions that will drive your business moving forward, freeing you to do the work of delighting your customers. We have developed delivery methodologies that are tailored to address specific business processes and workflows for our clients.