A shopping cart abandonment rate is the percentage of online shoppers who add items to their cart but do not complete the purchase. The percentage of customers that abandon their shopping carts is determined by comparing it to the percentage of customers who completed a transaction.
Why Shouldn’t Store Owners Neglect Abandon Carts?
As a result of abandoned shopping carts, retailers lose customers. If the consumer loved the product, likely, they didn’t make it to the checkout page for other reasons. Despite being able to identify the root reasons for cart abandonment, some businesses cannot devise effective measures to combat it.
Cart abandonment rates are even higher during the holiday season, when shoppers are more likely to make a purchase, as reported by the India Marketers. Cart abandonment statistics abound, revealing that retailers’ return on investment suffers as a result.
Let’s discuss the reasons behind shopping cart abandonment and how to combat them. But before we go into the factors, we can look at a study by the Baymard Institute on shopping cart abandonment statistics to better understand why customers abandon their carts.
What Factors Trigger the Buyer to Abandon Their Shopping Carts?
1. Forcing a New Account
Before letting people put things in a virtual shopping cart, it’s never a good idea to make them sign up or create an account. Adding steps to the buying process will deter specific customers.
Allow customers to check out without creating an account; this should never be required.
2. Inability to Estimate the Whole Cost of a Product
For most internet customers, the price is the most crucial consideration. Customers aren’t given the total cost of their purchases, including taxes and shipping fees, when they’re shopping. Many consumers do this to see how much their order will cost before checking out.
Give customers full pricing details, including services charges and additional fees, before items are added to a shopping cart. It’s easier for customers to move forward if they know the total cost before they get there.
3. Impossible to Afford Shipping
Most individuals aren’t happy about having to pay high shipping fees. For the most part, people shop online since they can have their purchases delivered right to their front door and take advantage of special offers. But high transportation costs make the product more expensive and less appealing to customers. In addition, internet shoppers sometimes buy products on impulse – if they learn that the product will take weeks to arrive, they may search elsewhere.
Lower the shipping costs or offer extra perks, such as If you buy Product A, you will get Product B for free. You can also go for FREE shipping, as 90% of consumers are more likely to purchase if they see FREE shipping.
5. Keeping Products for Later Use
Most individuals leave their shopping carts because of this. Customers who shop online are no different from those who shop in stores. They prefer to “window-shop” and peruse merchandise in their spare time. One of the few advantages internet shoppers have is the ability to save items in their shopping carts or the URLs to the product pages they’re interested in later. Shopping cart abandonment occurs when customers add items to their shopping basket and decide not to complete their purchase.
Focus on the bright side! It’s not a total loss of opportunity, though. After all, you never know what the customer will do in the future. Otherwise, you can retarget the visited customers on Social Media and attract them with amazing offers.
6. A Difficult Checkout Procedure
The importance of a hassle-free checkout cannot be overstated. Ideally, it should include the person’s name, address, and payment information. Shopping cart abandonment is a common occurrence when there are too many obstacles in the way of completing a transaction. Customers may also never make another purchase from the online store or leave reviews or spread the word, resulting in even more missed possibilities.
Creating a positive and seamless checkout experience can help your business succeed. When creating an e-commerce site, keep the user’s experience in mind to maximize conversion rates and return on investment. Follow the checkout page best practices by enabling your customers to complete the whole process in one single step.
7. Checkout Is Not Designed for Omnichannel Shopping
More than 60% of online shoppers use their mobile devices to browse e-commerce websites. This category could encompass a wide range of different types of smartphones and tablets. So it’s not possible to use a single format on all devices.
Customers may abandon their shopping carts because they lack confidence in the checkout process if it is not designed for omnichannel shopping. When making online purchases, the most common fear customers have is that their personal information will be compromised.
Creating a seamless mobile experience, concentrating on the customer first, controlling user data, and engaging customers across all channels is the solution. Checkout is one area where omnichannel shopping can be enhanced.
8. Availability of Fewer Payment Options
Credit cards aren’t for everyone. In fact, by 2020, digital wallets will account for 29.8% of all online payments, compared to just 27% of online payments in 2020. If a customer’s go-to e-store doesn’t offer a variety of payment choices, they may abandon a shopping cart.
Showcase a wide range of payment methods such as Credit Cards, Debits Cards, PayPal, UPI Payments and many more to entice new clients
9. Delivery Time
Every customer purchasing online is in a hurry. Delivering the product in 24 hours can help you decrease the cart abandonment rate. In fact, as per PWC, 41% of consumers were willing to pay an early delivery charge to get their order delivered in the shortest time possible. Now, you can think of charging your customers for the early delivery, knowing that early delivery for your brand is not less than a nightmare.
Looking at other factors that abandoned the customers’ shopping cart. We will advise you to provide early delivery along with the Free Shipping. Take the smarter move, add the early delivery charges to the product cost and offer Free Shipping. There will be fewer chances of the customers abandoning the shopping cart.
Make the Customer Experience a Priority Now!
It doesn’t have to be challenging to reduce shopping cart abandonment. You also need to focus on other factors and strategize to improve your sales. As you cannot always stop the buyer from abandoning the cart, but can provide the solutions to all his queries. Giving the customer a smooth and hassle-free process for making a purchase.