Why Do Online Shoppers Abandon Carts?
Shopping cart abandonment costs eCommerce businesses almost $18 billion in lost revenue each year, with almost 68% of shoppers abandoning carts. If you own an eCommerce store, you want to convert all visitors to your site into customers and optimize the checkout process so that shoppers do not abandon carts.
Why Do Shoppers Leave Without Paying?
Almost 56% of shopping cart abandonment can be blamed on customers being presented with unexpected costs, with 32% of shoppers finding the overall price too expensive. This surely calls for some re-thinking on your overall price in order to make yourself a little more competitive and present strong competition to other brands. Statistics reveal that 37% of customers that abandon carts are just browsing and do not intend to make a purchase, while 36% find a better overall price elsewhere.
1. Bad navigation and slow load times?
Customers can still abandon their carts if the website navigation is too complicated or the website takes too long to load. It is therefore crucial to make easy-to-use eCommerce stores so that exploring your website is a seamless process for shoppers. This might reduce the number of shoppers leaving your store before making a purchase.
2. Too much security?
About 18% customers abandon carts out of frustration due to excessive payment security checks, while 17% prefer not to go ahead with the purchase because of concerns over payment security. Offering a secure payment gateway to your customers is critical for the success of your business, but that does not mean that you brace up your website with too many security checks, making it complicated and time-consuming for shoppers to shop. Do display your website security logos and trust signals to give enough confidence to customers that they are using a secure and reliable eCommerce platform.
How Can You Reduce Shopping Cart Abandonment?
Ever wondered why most customers opt out of your eCommerce store? Well, most eCommerce businesses don’t realize that forcing shoppers to register to complete a purchase isn’t happily acceptable to almost 75% customers, according to User Interface Engineering. The research report reveals that the number of customers increased by 45% when a shopping site removed the register button. Thus it might help to ditch the lengthy registration process and make shopping an easy process for customers.
- Adding at least 3 images for each product and giving shoppers the ability to Zoom into the images gives customers a better view of the product, convincing them to go ahead with the purchase. This increases conversion rate by almost 10%.
- Making editing the cart easy for customers will help create a seamless shopping experience for them. No customer is happy to find a complex process to swap, add, or delete an item in their cart. Remember, shoppers love simplicity when it comes to shopping online, so make sure all of your forms are simple and crystal clear for every type customer. Be it a first time online shopper or online savvy shopper.
- Simplifying the checkout process will increase your customer retention rate and reduce your cart abandonment rate. Having a BIG Checkout button that stands out on the page is one tactic that can lure a customer into making a purchase instantly.
- Offering multiple payment options increases customer retention. Statistics reveal that most online shoppers trust PayPal more than any other payment option. In fact, 83% of eCommerce stores that included PayPal saw a surge in sales by almost 18%.
- Providing free shipping is a great way to encourage customers not to abandon carts. After all, who does not want something for free? A free shipping option could sometimes be the difference between a sale and cart abandonment, with 66% of respondents in a Deloitte survey agreeing that it was a “major factor” in their decisions whether to do business with the online store. You could also use Pricing Psychology to Boost eCommerce Sales.
- Adding a “Save for Later” function to allow shoppers to save their cart for later use will reduce cart abandonment. Almost 24% of abandonment is blamed on the non-availability of a “Save for Later” feature.
- Providing online help by including a live chat option on the checkout page can encourage shoppers to get immediate assistance from the eCommerce store in the event of a problem. A toll-free number always comes in handy when customers want an immediate resolution of their problem.
- Offering a clear refund policy is the best way to attract shoppers and discourage cart abandonment. Here are 3 Tips for Better Returns and Exchanges.
Integrate Social Media Channels and Customer Testimonials
Don’t forget to integrate your social media buttons into each page of your eCommerce store and product pages to establish credibility. Most shoppers still prefer to explore customer testimonials about the store and product before clicking the buy button. So it might help to display customer reviews and privacy policies.
Keeping of track of customer behavior on your site and monitoring the cart abandonment rate will help you understand why shoppers abandon carts. Optimizing your shopping cart and removing unnecessary steps can help increase sales and conversion rate.