8 Proven Ways to Reduce Shopping Cart Abandonment
In this article know 8 Proven Ways to Reduce Shopping Cart Abandonment. If you are worried about abundant shopping carts, these 8 proven ways to reduce shopping cart abandonment will surely help you to decrease the issue.
Each year, $4.6 trillion in eCommerce income is lost due to shopping cart abandonment. We take a look at nine cart abandonment options that can help you regain lost purchases and boost your marketing ROI.
When an online buyer adds things to their cart but departs before completing the transaction, this is known as shopping cart abandonment (or basket abandonment). The average cart abandonment rate is 75% across all sectors, which indicates that 3 out of every 4 visits to your eCommerce site will never become clients.
This is a major missed opportunity for eCommerce sellers, especially when you consider the price and effort required to get customers interested in your product or service in the first place.
Just to get those prospective buyers on your site, you’re spending money on branding, content production, social advertising, referral marketing, SEO, and SEM… Then, using clever UX and CRO tactics, improving their experience… If 75% of visitors depart without making a purchase, all of this has a significant impact on your bottom line.
Industry-specific rates of cart abandonment ( Source Statista )
What is the formula for calculating the shopping cart abandonment rate?
The following formula may be used to calculate the shopping cart abandonment rate:
Total number of completed purchases divided by the total number of carts created
Multiply the figure by 100 to get the proportion of website visitors who indicate their desire to buy by adding products to their basket but abandon the process before completing the transaction.
Calculate the real cart abandonment rate by subtracting this from 100%.
So, for example:
- You divide 100 by 150 to obtain 0.66 if you have 100 completed transactions and 150 total shopping carts created this month.
- Multiply it by 100 to get a percentage of 66%.
- Your cart abandonment rate is 34% when you divide 100% by 66%.
This is a crucial indicator to monitor since a high cart abandonment rate might indicate a bad user experience (UX), a difficult-to-navigate website, or a broken sales funnel.
Reduced cart abandonment helps ecommerce firms to generate more sales and income, which is why optimizing the checkout procedure is so vital. You may predict how many sales you can expect using a sales revenue calculator, and utilize this information for company planning and budgeting.
Shopping Cart Abandonment is caused by a variety of factors.
- Additional expenditures are really high (shipping, taxes, etc.).
- Conducting research in preparation for a future purchase.
- Forcing you to establish a new account.
- Security concerns concerning payments.
- Unable to locate promo codes.
- Checkout is lengthy and complicated.
- There is no option for expedited shipping.
- The return policy is unsatisfactory.
- There are issues, malfunctions, or crashes on the website.
- Customer service is lacking.
- There are insufficient payment choices.
- Prices are shown in a foreign currency.
- Other ecommerce sites have better pricing.
- The website is not mobile-friendly.
- Lack of faith in your company’s brand.
Stopping Shopping Cart Abandonment with these Solutions
Now that you’re aware of the many reasons why consumers quit their shopping carts, it’s time to concentrate on ways to not only prevent shopping cart abandonment but also convert clients who abandon their purchases.
The factors that turn away online shoppers differ depending on the brand, industry, and customer type. As a result, depending on your business, some of these solutions will be more effective than others.
Overlays with Exit Intent.
Exit-intent technology is one of the most dependable techniques to prevent shopping cart abandonment. When a visitor exhibits leave behavior, our clever technology detects it and displays a carefully timed overlay with a message encouraging them to stay.
For example, if a client is about to leave the checkout page because the shipping charges are too expensive, a timely message providing free shipping for orders over a particular amount may not only rescue the sale but also boost the average order value.
Similarly, specific onsite activity might suggest that a consumer is looking to compare pricing with another company. If this occurs, the exit-intent overlay may advise a discount on the things they added.
It’s critical, though, that this technology is used delicately and based on a data-driven understanding of consumer behavior; otherwise, it might irritate customers and cause them to quit permanently.
Make the checkout process easier.
People’s attention spans are at an all-time low. No one has time to go through a lengthy or complicated checkout procedure, which leads to significant cart abandonment rates.
Keep in mind that 70% of people would abandon an online form if it has too many fields. Similarly, with each extra step in your conversion funnel, potential clients will decrease off.
Here are some pointers to help you improve your checkout UX:
- Only request the information you require – To make it faster and easier for visitors to finish their purchases, reduce the number of fields on the form.
- Allow Guests Checkout – This streamlines the process and gives users more discretion over how much information they reveal.
- Make use of a user-friendly cart – When clients are ready to check out, this will assist them to figure out what to do next and direct them down the purchase route.
- Make it simple to locate your shopping basket – Reduce the number of clicks necessary to reach the checkout page, and consider utilizing a cart slider to eliminate extra processes.
- Allow customers to check out quickly – This may aid in the transaction’s speed. Customers having accounts should be automatically identified, and quick-pay alternatives should be available.
- Include a progress bar – If you must have a lengthy checkout procedure, provide a progress bar so customers may see how close they are to finishing their transaction.
- Keep your Call-To-Actions simple – Use “Buy Now” or “Add to Cart” instead of creative phrasing like “Give it to me” or “Get this today.” This style of wording can help you connect with your customers, but it can also damage your checkout process.
Shopping Cart Abandonment is a critical issue that you must not overlook. It has the ability to build or ruin your internet company. With the Christmas season approaching, it’s critical to keep your cart abandonment rate as low as possible.
You can easily minimize your abandonment rate and persuade your internet visitors to become healthy consumers for your business by using the aforementioned suggestions and tactics. Always keep in mind that abandoned purchases do not imply that your transaction has been lost. Email marketing may be used to retarget lost prospects and welcome them back to your business, where you can assist them in completing their purchase.