In the world of ecommerce, shopping cart abandonment is when shoppers put items in their carts but leave the site before completing the purchase.
A staggering 69 percent of online shopping carts get abandoned, leaving marketers wondering why. The answer is complicated and could be the result of any number of variables, including poor site navigation, unexpected costs, and excessive security processes.
Recent statistics show the aforementioned reasons along with excessive security checks, price presented in foreign currency, or a website crash due to poor web hosting as the most common.
The good news is that about 63 percent of the shopping carts abandoned are recoverable if you understand the key issues and how to address them. The five tips will help you tackle the problem head on and boost sales.
Add a “progress bar” to site checkout process
Setting your customers expectations goes a long way. Consider adding a “progress bar” to your site so that shoppers know how what to expect in the checkout process.
This is a major tip across the board when looking for ways to reduce shopping cart abandonment. Showing the steps of the process and where the customer stands in the checkout process gives them the opportunity to see how far they are from buying an item.
Studies today show a decreasing attention span, with many comparing it to that of a goldfish. For ecommerce, this means you need to be strategic and impactful in marketing efforts.
Remove anything that is nonessential to completing the sale to make the checkout process as streamlined as possible. Resist including excessive links or unnecessary navigation options that can possibly lead them away from a sale.
Let them know exactly what they’re purchasing
Continuously remind the customer what they’re buying. A report by Monetate found that placing a thumbnail image of the product in the shopper’s cart increases conversions by 10 percent! Additionally, if an item is on sale, reiterate that in the cart. This increases the average order value by 3.8 percent.
Be upfront about costs
“Unexpected costs” is the leading reason why shopping carts are abandoned. This is because shoppers are often faced with additional fees at checkout, like taxes and shipping, for example.
Shoppers do not have the best attitude towards shipping and most choose the cheapest shipping option. Hiding costs is the fastest way to get on a shoppers bad side.
Set your shoppers expectations from the get-go by being up front about all costs, including shipping. To take this one step further, consider offering free shipping on orders over $50 or $100 dollars. According to Deloitte, 20% of consumers believe “free shipping” is top reason to shop with a particular retailer.
Send “Abandoned cart” emails
Stats show that nearly half of all abandoned cart emails are opened and over a third of clicks lead to purchases back on site. This can have a huge impact on your overall sales. When the customer wants to checkout, first ask them for their email address. If the shopper adds an item to their online cart and then abandons it for any number of reasons, they’ll receive a remind directly in their inbox.