Shopping cart abandonment is one of the biggest obstacles globally to e-commerce businesses of all sizes and scales. Each day, numerous visitors leave your online store without completing their buying process. Each year, businesses lost trillions of dollars just because customers leave the cart without finishing their purchase.
Do you want to learn how to reduce the cart abandonment rate and prevent your online shopping store from fading away?
Carry on reading to learn the ways to reduce the shopping cart abandonment rate. However, before directly jumping to the solution, take a quick look at shopping cart abandonment and why you should pay attention to it seriously.
What is Shopping Cart Abandonment?
Shopping cart abandonment occurs when your customers add items to their online shopping cart but leave you without finishing the checkout process.
Cart abandonment rate is a critical factor that businesses must monitor as it heavily impacts your site’s conversion rate and revenues.
Shopping Cart Abandonment Statistics
The below graph shows the rate of shopping cart abandonment worldwide from 2016 to 2020.
The graph shows that the average abandonment rate is 68%, based on around 33 different research and surveys done on shopping cart abandonment. The following statistics further clarify the loss of cart abandonment on a business.
- Around 98% of your site visitors don’t make a purchase.
- Due to the cart’s abandoning, brands lose an average of $18 billion in sales every year.
- Improving checkout optimizations can help to improve 36% of your sites’ conversion rate.
Now you can imagine how much revenue businesses generate if they tackle this issue.
The good news is that you can reduce the cart abandonment rate to a noticeable extent by following some tips mentioned in this article.
Ready to learn those proven ways? Let’s get started.
Ways to Reduce Cart Abandonment Rate
The checkout process should never be a hassle for your target customers. Practice the below cart optimization tips to ensure a seamless shopping experience for your customers.
1. Speed up Your Ecommerce Site
The speed of your e-commerce website can make or break your conversion rates. Today’s busy customers can’t wait more than 3 seconds and leave a website if it is loading slowly. A survey from AliExpress has found that reducing the load time of web pages resulted in a 10.5% increase in orders. So, boosting your website speed is a must to reduce your shopping cart abandonment rate and increase your ROIs.
2. Provide a Short and Simple Checkout Process
The more difficult your checkout process means the least customers will finish purchasing from you. A survey done to know the major reasons for shopping cart abandonment has revealed that “21 of customers leave the cart just because of a long checkout process”. Additionally, another research has found that “by working on a better checkout design, the average-sized and large e-commerce businesses can boost their conversion rates by 35.26%”. Thus, to decrease your cart abandonment rate, you must provide your shoppers with an easy and short checkout process.
3. Send an Email Immediately to the Customers Who Abandon You
When a customer leaves your site without completing the purchase process, you have a few hours to bring them back to you. For this, consider immediately sending an email to retarget your customers by encouraging them with a reduction in overall costs. For example, you can offer them to buy that product with some discount using the best discount codes.
4. Allow Multiple Payment Options
The expansion of the commercial web has also given rise to the explosion of payment methods. Some customers like to pay from PayPal; some prefer Stripe, while paying from a credit card is also a preferred choice for many customers. Make sure to open the payment doors as wide as possible and decrease your shopping cart abandonment rate to a noticeable extent.
5. Add a Chat Service on Checkout Page
It sounds an obvious but crucial thing to decrease your shopping cart abandonment rate. Remember that your customers may have a query, question, or issue while finishing their check out process. What will they do if there is no customer support or messaging option available to your checkout page? Of course, they will leave you. To avoid happening, make sure to add online chat support to the checkout process.
6. Ensure an Easy to Edit Shopping Cart
Everyone makes mistakes while shopping online and changes their decisions while ordering anything. Providing your customers with a cart that they can’t easily edit can significantly increase your cart abandonment rate. Your cart must be simple and easy to change. Changing product quantities, deleting items, and modifying other shipping options must be simple and intuitive.
7. Offer Free Shipping
One of the biggest reasons behind the increasing shopping cart abandonment rate is the costs of store owners shipping charges for shipping a product. Depending on exactly what you are selling, you can cover the shipping costs. Free shipping is an incredible way to create a psychological difference for your customers and help them make a buying decision. In short, it works as a selling point for your online business.
8. Create a Sense of Urgency
Another great tactic to reduce your shopping cart abandonment is to create a sense of urgency to excite your customers. Meaning that you need to let your customers know that your customers’ sale and offers will be end soon. One of the best ways to create a sense of urgency is to do with a countdown timer. The countdown starts to avail of a deal is a fantastic way to take advantage of the offer before it expires.
As willing as you are to work on your cart abandoned shoppers, you will automatically start noticing a huge difference in your conversion rates. There is no such thing in the commerce business as a 0% shopping cart abandonment rate. It would be best to accept that some customers would leave you no matter how much you have optimized your site for a seamless checkout process. However, don’t use this fact as an excuse, and keep struggling to win several abandoned customers to skyrocket your revenues.