The data support that you're losing money. We haven't even met yet, but this knowledge is clear to me because the numbers agree with it—every day, you are missing out on potential orders on your website.
Cart abandonment causes online retailers a great deal of pain. How much pain?
According to a web research company, U.S. online shopping cart abandonment rate between the years 2020 and 2021 is at 67.45%.
The math is clear. For every 100 potential customers, only 67 will leave without any hesitation or regret - how much more money could be made if you were focused on capturing these leads instead of letting them slip away?
WHY DO SHOPPERS LEAVE WITHOUT PAYING?
It’s no secret that shopping cart abandonment is a huge problem. Now, let’s find out why.
According to Statista, there are 14 main reasons why shoppers abandon their carts.
Let’s take a look at three of these problems in more detail and then we’ll discuss how you can fix the issues.
Presented with unexpected cost.
Have you ever purchased something online only to find out there was an additional fee when checking out? 56% of shoppers said they'd had this experience before, and it didn't make them feel too great about their purchase. What's even worse is how many people leave without completing the transaction because these unexpected costs were so off-putting.
Website crashed or was too slow.
Are you hosting your website with Shopify? Don't worry about performance. You're in luck because this won't be an issue for you! But many online retailers host their sites on poorly performing servers, and as a result - lack of speed or crashing during browsing sessions can occur.
There's nothing worse than starting an online business only to find out your site isn’t performing well. It can make customers decide not to buy from you or wait a while before making their purchase decision, so as long as it doesn't take too much time for them, go onto another website instead.
Price presented in a foreign currency.
Most online retailers now accept international orders. If you do, it’s important that customers can view the price in their local currency before they complete a purchase.
With this service, you can save your customers time by not having them figure out how much it will cost in their local currency.
APPROACHES TO REDUCING SHOPPING CART ABANDONMENT
There are two ways to deal with online shoppers leaving your store before purchasing. I’ve broken them down into two groups below:
1. Before cart abandonment
2. After cart abandonment
Let’s talk about these in more detail.
BEFORE CART ABANDONMENT
The Before Cart Abandonment stage begins when consumers still have time to complete their purchase on your website.
During this stage, many errors happen, which could lead them away from completing a purchase or even registering at all. But if you follow these simple steps, you’ll be sure to increase the number of customers that complete your checkout process.
1. Show images
The thumbnail should show the actual item that's being purchased, not just text. It'll make your listing more enticing and engaging for potential buyers. See the below photo for reference.
2. Make editing the cart easy
Shoppers want to feel in control of their purchases. If they make a mistake or need to edit it for some reason, make it easy for them to do so.
3. Offer different payment methods
Consider giving your customers the option of paying with Visa, Mastercard, or American Express. FreshGigs saw a 15% increase in their checkout process just by enabling this.
4. Offer support
Giving shoppers a toll-free telephone number or chat box on the checkout page gives them confidence and eases any concerns they may have. Plus, if they need help right away, it’s better to get their question answered immediately rather than hoping they remember to ask you and come back later.
5. Avoid registrations
Some people find it off-putting when they are forced to register or log into a site before shopping. A study by User Interface Engineering found 45% more purchases when users were able to complete their transaction without having registration requirements on the checkout page.
6. Offer free shipping
More than three-quarters (76%) of shoppers are more likely to shop with an online retailer that offers free shipping. And ComScore found 61% would quit their order if this option wasn’t available.
7. Add testimonials
Whether you are a small business owner or new to the industry, credibility will likely be an issue. Displaying testimonials and reviews from customers can help alleviate any concerns shoppers may have about your product before they buy it.
8. Offer price guarantees and refunds
Remember that 36% of shoppers don't complete their purchase because of price. By guaranteeing the lowest price and giving refunds with no questions asked, you ensure that shoppers will be more confident in their purchase. They won't need to compare it against other products because they know exactly how much this will cost them.
AFTER CART ABANDONMENT
After implementing these changes on your website and the customer still leaves without making a purchase, it’s time to look at what you can do. Let’s now explore two of the most powerful ways to deal with abandoned carts.
Ad retargeting
Retargeting is a powerful tool that can make your customer more likely to convert. On the first visit, 2% of shoppers will convert into buyers after their initial browse, but retargeting will bring back the other 98%. Retargeting is a great way to ensure your ads are always in front of people who have already visited you as they visit other shops online.
The process is simple. First, the customer visits your site and leaves without purchasing anything. You can then use services like Google Adwords or Retargeter to display ads on other sites that they visit while browsing online for products - which means you'll be able get in front of them at just about every turn. The ads you choose to display can be as targeted or broad in your campaign. For example, if someone visits our website because they're looking for a hat, we could have them see an ad about that same item when browsing news sites like CNN- new stories/culture - music etc., assuming those pages accept advertisements from us (and many top websites do).
Email recovery campaigns
You can also use email recovery campaigns to get shoppers back into your store and finish their purchases. How it works? Simple. Set up personalized emails that get sent to the shopper if they don't complete their purchase. This is an easy way to get their name and email address before they complete your checkout process.
Then, you create a series of emails that are going to be sent out at set intervals after they have abandoned the cart and left your site. The emails should include:
· Pictures of the item they selected
· Reviews or testimonials from other shoppers
· Guarantee and refund policy information
· A strong call to action to get them back to your site
Timing the emails:
· 1st email – should go out within 24 hrs.
· 2nd email – send within 2 days
· 3rd email – send within 1 week
DON'T LEAVE MONEY ON THE TABLE EVER AGAIN
The cart abandonment issue is a serious problem for many online retailers. Fortunately, by implementing the techniques and tools you’ve learned about in this article, it can be solved to your advantage.
If a customer has abandoned their cart, which some always will, you can still get them back to your website with these ideas. Use this knowledge and find ways to increase sales in stores!
Comments