Shopping Cart Abandonment is a phenomenon when your customers add products to their cart but leave the site before the purchase is completed. There are various reasons why shoppers would so. Some treat shopping carts simply as a wishlist and add products to revisit them later. Some even add products in the cart simply to get last minute discounts from the retailer (some retailer even do this!). But regardless of the reason, shopping cart abandonment is a real phenomenon and even though it has plateaued at around 68% during the three year period from 2014 to 2016 it is still one of the biggest headaches for the online retail industry.
But there is a silver lining here. Just as shopping cart abandonment is a huge menace it is also a huge opportunity. The ability to reduce shopping cart abandonment can be a competitive advantage for many online stores.
According to a report from BI Intelligence:
1.About 63% of abandoned carts are potentially recoverable by savvy marketers.
2.Abandoned cart doesn’t mean lost sale. About three-fourth of shoppers intend to return to retailer’s site to make a purchase.
3.An abandoned shopping cart should be seen as a step in the complex series of steps a consumer takes before purchasing a product. If anything, it indicates a strong consumer interest in a product or a brand.
Tips To Reduce Shopping Cart Abandonment
Online retailers can reduce shopping cart abandonment by streamlining the checkout process and by retargeting customers through email or sms and inducing them to complete the purchase. Here are some tips in this regard.
1.Don’t Force Customers To Register
Forcing customers to register before checkout is a bad idea. According to a research by Jared M. Spool of User Interface Engineering, 75% of customers never try to purchase, if forced to register. So offer guest checkout option and make registration optional for the customer.
2.Show Progress Indicator
Breakdown the whole checkout process in distinct 3-4 steps and show the progress as the customer crosses each step. This ensures that there are no surprises in store for the customer and they know exactly what they are getting into.
3.Include Product Details
Always include a thumbnail image and product page link in the checkout page just to assure the customer that they are paying for the right product. This would also be helpful in the scenario when they want to checkout the product details once again before paying for it.
4.Don’t Hide Shipping Costs
Customers hate surprises in the checkout pages and adding shipping cost in the last step is a major turnoff. Your customers should have to come till the last step to find out they would be charged for shipping. It should ideally be displayed on the product page itself. If not, it should be displayed in the first step of the checkout process.
5.Allow Order Editing
Always give customers an option to edit the order details (like color, quantity, size, etc) during the checkout process also, including going a step back in the process to rectify any error in the previous step. Don’t make your customers go through the whole checkout process once again just because they overlooked something or made a mistake.
6.Add Multiple Payment Options
To ensure maximum conversion add as many payment options as you can. The more options you give the wider range of customers you can cater to. Nobody would to find out at the payment stage that your store doesn’t accept payment from their favourite card.
7.Save Cart At Every Step
This is a very critical step in ensuring higher conversions and reduced cart abandonment. If your customers move away from the checkout page for any reason, they should be able to come back to your website and continue from where they left off. They shouldn’t have to go through the process again.
8.Don’t Add Coupon Code Form Unnecessarily
If customers see a place to add coupon code, basic human psychology says that they would stop the payment process and start hunting for a coupon code just to ensure they don’t “miss out” on a bargain. You definitely don’t want this to happen, especially if you don’t have any bargain to offer. So add coupon code form only if you have an offer and have displayed prominently everywhere on the store or if you also show the applicable coupon code details alongside the form during the checkout process.
9.Prevent Errors At Any Cost
If your website stops working or creates issues during checkout process be rest assured that you will lose that customer. Nobody would buy products from a dysfunctional website, ever. Ask your ecommerce development company to make a robust site that doesn’t crash. If you have built your website in-house make sure you have the technical expertise to handle any issues.
10.Send Reminder Emails
Sending reminder emails asking customers to revisit their shopping cart and finish purchasing the product before it’s gone is one of the best ways to salvage abandoned carts. And one reminder wouldn’t suffice. You should ideally be sending a series of reminders at regular intervals.