One of the biggest and most hard-hitting eCommerce challenges happens to be shopping cart abandonment. Most online retailers struggle to increase their revenue despite witnessing heavy website traffic.
If you are in the same boat, it’s time to ask yourself where you’re losing your site visitors. In all likelihood, this is down to shopping cart abandonment.
What is Shopping Cart Abandonment?
The world of online shopping is riddled with people who browse through websites, add products to their cart, and eventually bounce off the website or ‘abandon’ the website without making a purchase. This is shopping cart abandonment.
As a practice that has left online retailers and eCommerce businesses bewildered, cart abandonment stands as a major hurdle. Which is why you need to rethink your approach to an abandoned cart as an opportunity to offer a better and more seamless customer experience.
But, first, it is important to understand some of the primary reasons why people tend to abandon their cart.
What Are the Reasons for Shopping Cart Abandonment?
As an online shopper, you may have done it as well. You must’ve visited a website that fancied your interest, added desirable products to the cart, and then abandoned the purchase altogether.
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However, this instance of a missed revenue and failed conversion doesn’t bode well for online retailers such as yourself. Given that every eCommerce website is different, here are a few common reasons why shopping cart abandonment occurs:
Lack of trust – If your website comes across as spammy and doesn’t do enough to build confidence, your website visitors may not be comfortable providing sensitive information such as credit card details on your website.
High shipping costs – More often than not, customers end up abandoning their shopping carts when their checkout amount increases considerably due to the high shipping costs.
Website Complexity – Online shoppers have a short attention span and are likely to abandon their cart during or before the checkout page if your website is too complex or time-consuming. A complicated and lengthy checkout process will frustrate visitors.
Passive Browsing – Many visitors have no shopping intent. they simply enjoy browsing and end up adding items to the cart with no intention of completing the purchase. It’s wise to incentivize these passive visitors to make a purchase by offering timebound offers and promos.
Limited payment options – Online shoppers usually have strong preferences regarding how they would like to pay. If you are not offering all modes of payments, you will lose customers as not everyone will be comfortable with the payment modes you have on board.
High Prices – Online shoppers usually browse a bunch of eCommerce websites to search for the best deals. If you offer lucrative prices and special discounts as compared to your competitors, you can curb cart abandonment.
Technical glitches – Since the business of eCommerce is dependent on technology such as your website and payment gateways, ensure that everything works seamlessly and trouble free. Keep a tab on your analytics and regularly test your checkout process to ensure that everything works fine.
To help you cream the competition and win big this year, we’ve compiled a list of emerging eCommerce trends that you should follow in 2019.
How to Control Shopping Cart Abandonment?
According to the Baymard Institute, the average documented online shopping cart abandonment rate is 69.89%. As unnerving and disheartening as this statistic may sound, there are several strategies to turn this situation around.
Several studies have indicated that checkout related concerns are major reasons for shopping cart abandonment.
Here’s how you can fix that:
1. Include incentives
Most cart abandonments happen at the last stage, right before payment. This is mainly because of the final price as it skyrockets due to high shipping costs or handling charges or taxes. To overcome this, include incentives in the form of offers and discounts.
Offer free goodies, free shipping, free gifts, complimentary services, etc. These time-bound offers and discounts will prompt people to complete the purchase.
2. Mobile-friendly checkout
A survey conducted by Skava Consumer Mobile Shopping revealed that 88% of smartphone users have had a negative online shopping experience. Which is why you should consider optimizing your eCommerce website by incorporating responsive design.
Since a major portion of online shoppers uses smartphones, having a hard to navigate checkout page or one that doesn’t work fluidly on a small screen will hamper the customer experience and lead to cart abandonment.
Include neat images, sizeable information fields, and a simple one-step checkout process.
3. Ask limited information only
Asking your customers to fill an elaborate form right before checking out only amplifies the chances of them abandoning their cart. Offer a simplified guest checkout option because online shoppers hate filling out tedious forms that require tons of information.
Ask for logical information such as name, address, contact number, email id, payment information. Or include a quick Facebook or Gmail sign up option. Don’t ask for irrelevant information that will frustrate your potential customers.
4. Offer multiple payment options
Customer convenience is key to curbing cart abandonment. This means including multiple payment options for your visitors. It is advisable to offer credit card, debit card, cash on delivery, PayPal or any other local payment apps. Some eCommerce websites were even accepting bitcoins as a mode of payment!
Bottom line is to offer all forms of payment to your customers as not all will be comfortable with the limited options you provide. Simply put, don’t lose customers and conversions simply because they don’t have a way to pay you.
The end purpose of any eCommerce business is to make a sale and convert passive visitors into loyal customers. This will only be possible if you implement the above-mentioned solutions to overcome the issue of shopping cart abandonment.