Today, the most common problem among e-commerce store owners is shopping cart abandonment. It has become a nightmare for the e-commerce site owners with the ever-increasing rate of cart abandonment.
The Baymard Institute report from more than thirty-seven sources reveals that the average worldwide cart abandonment rate is 69.23% as on January 2017. But there is a good news, out of this, 63% can be recovered as per the reports suggested in the BI Intelligence.
But, before we go further, let’s take a step back and look at why the cart abandonment rate is so high?
Today, customers are very demanding and they settle for nothing less. They want a maximum buck for their money and continue to hunt for the very best deal. Fortunately, cutthroat competition, among e-commerce stores, has led to unlimited options for customer and customer can compare all the e-commerce deals from the comfort of his/her house.
But, let’s look at some other reasons why shoppers change their mind and leave the cart after spending so much researching, comparing and selecting an item or product.
Reasons for High Rate of Cart Abandonment
It is important to understand the reasons for abandoning the cart. While cart abandonment can cost you an opportunity to make a sale and increase revenue, the most important thing is to act promptly and wisely. If you do the right thing, you could make them return to your site and have them buy from you.
By adding the product to the cart, shoppers have provided vital information to e-commerce site owners that can help e-commerce owners to sell and that is, clear need/intent of buying a specific product.
However, there is always a risk of shoppers finding a better deal elsewhere and that is why it is so important to act promptly and wisely.
Other reasons for cart abandonment as per the Baymard reports statistics are-
- Extra Cost
One of the reasons, for cart abandonment, is the extra cost. Extra costs include shipping, handling, or any such additional costs. There are a number of businesses and online retailers that would offer the same products/services without such additional cost. Approximately, 61% of the shoppers leave the cart due to such hidden cost and it is evident from reports that shoppers are happy to choose such businesses over those with extra and hidden costs.
It is a digital world today and more businesses are online than ever. Registering with all business is a tedious and time-consuming process. Shoppers see very less value in registering with all such e-commerce sites and if they are ready, they would register themselves. But until then, the best thing to do is to listen to 35% of shoppers who said they would love to check out as guests.
- Complicated Process of Checking out
There has been more and more study on the importance of designing websites that are user-friendly. Websites those are easy to use and less complicated would have more sales and reduced abandonment rate. This is same with e-commerce store owners.
Store owners need to make sure that checkout process is very simple and hassle-free. 27% of shoppers said complicated checkout process leads to cart abandonment.
- Inability to Predict Total Cost Upfront
Around 24% of shoppers have expressed concern about the inability to predict total cost upfront and this has resulted in shopping cart abandonment.
Shoppers don’t like bad surprises and would love to have the ability to predict the total cost upfront. Failing which, shoppers are left with the option of exiting the website.
There are many such reasons for abandoning cart like website error, an unreliable site which cannot be trusted with credit card details, slow delivery, unsatisfactory return policy, single or limited payment option, etc.
Having said that, all brands – big or small, face cart abandonment and merely few work on convincing the wavering shoppers.
Knowing the reasons for cart abandonment will allow you to strategize best practices to reduce the rate of cart abandonment
Best Practices to Reduce the High Cart Abandonment Rate
Here are some of the best practices to cut down the rate of cart abandonment.
There have been several studies on the importance of the performance of e-commerce websites and most of the studies have concluded that e-commerce stores need to pay attention to user experience. This includes how fast it loads, how easy is the navigation, detail of product description or image clarity and how simple is the checkout process.
Fortunately, there are tools available to make your website fast. While some are paid, you could use one of the free tools available from Google.
If you look at the screenshot below, you will find that the tool does the separate analysis for Mobile and Desktop to come up with a list of potential challenges and recommendations on how to fix them.
2. Check-Out Process Must be as Smooth as the Breeze
Long and complex checkout processes is a big “no”. Right way of checking out can go along to retain customers and increase your e-commerce sales.
Follow these 5 points and you will be okay:
- Follow a liner checkout process and avoid having steps within steps. Have a simple 3 to 4 steps from adding to the cart to order confirmation. You can make it further easy by having all the steps in one single page. Fewer clicks will lead to more conversion.
- Make sure shopper’s progress bar is clearly visible and shopper has the ability to return to previous steps if he/she wants to.
- Allow guest login feature. We have discussed earlier that shoppers will register when they want to register. But, until then allow them to buy as guests.
- Provide multiple payment and shipping option. Shoppers should have the flexibility to either use any of their credit cards or online payment services like PayPal.
- Last but not least. Allow shoppers to add products from the check-out page. A shopper might have forgotten to add a product and you would lose a sale, if shopper has to start again from the beginning.
3. Availability of Promo Codes
E-commerce stores have multiple promos these days and it could become quite difficult for the shoppers to scout through relevant coupon codes. If there is only one promotion at a given point of time, they have the promo codes pre-filled. Otherwise, e-commerce site owners need to make sure that available promo code is easily available and can be applied easily. The more you make it easy for the shopper, the less abandonment rate you will have.
4. Availability of All Payment Options
Many new users are reluctant to share their card details for the cart sites that they have never used before. 56% of the online buyers prefer a variety of payment check-outs as shown in the report by comScore.
Availability of every payment options, especially cash on delivery can help to lock the customer’s faith on the site and thus, complete the transaction without abandoning the cart.
5. Sense of Urgency
Scarcity could bring in a sense of urgency and motivate customers to take a decision quickly. The inclusion of strategies like mentioning the number of products remaining with the retailers can go a long way.
Similarly, countdown clock could also add a sense of urgency and help in increasing sales.
6. Saving the Cart Option and Keeping it Visible
It is common amongst the customers to open several tabs to compare the prices for one product. In such cases, often intentionally or unmindfully if the tab is closed and the items added to the cart is not saved, customers do not have the energy or time to search for the products all over again.
So, autosave option of the cart and the clear visibility of the number of items added to the cart help to remind the customers to move forward to the check-out process.
7. Waive off the Shipping Charges
The customers become the happiest when the shipping cost is waived off on a minimum purchase. Letting the customers know, how much more they need to add on to their existing order to qualify for the waived off shipping charges can create some interest for the customers to move towards cart checkout.
8. Trust Certification Display
The customer becomes apprehensive about the sites when they are required to share their personal information. To ensure customer’s faith, the trust certification display can be of great help. Acquiring a Thawte® Trusted Site Seal or a TRUSTed Websites Privacy Certification can attract customer’s trust on the site, thus, making certain that the cart is not abandoned.
9. Display of Testimonials and Reviews
Often the customer’s decision is based on the user reviews and testimonials. Therefore, displaying both good and bad reviews from the other satisfied customers can build the trust of the new customers. Use of the WordPress E-commerce site and the related plugins like Yotpo Social Reviews for Woocommerce or WooCommerce Advanced Reviews can provide immense help to lead the customers through the checkout process.
10. Exit- Intent Popup Plugin
Encouraging the customer to stay on the site and back to the cart when they are about the leave is possible using the exit-intent pop-up WordPress plugin. When the client is about to abandon the cart, even the pop-up coupon codes can be used to redirect the clients to the cart for checkout.
To ensure the reduction of shopping cart abandonment on your e-commerce site, all the above practices can greatly help, provided all the practices are implemented properly. Retargeting the customers by offering further Google and Facebook ads discount or using services like GhostMonitor to track the abandoned cart and immediately send abandoned cart emails, and discounts are also some great ways to control cart abandonment.