What is Cart Abandonment?
If you’re a retailer, chances are that you have an online store and have been at the receiving end of cart abandonment. Cart abandonment is when your customer adds products to their shopping cart but don’t complete the shopping process by checking out. There are a number of reasons for cart abandonment, varying from customers window shopping to inconvenient payment gateways. Statistics show that the average rate of cart abandonment is a whopping 68%! Even a small percentage of conversion would make a massive difference for online retailers.
How To Avoid Cart Abandonment
Understanding why online visitors abandon their carts is a crucial piece of the puzzle. The numbers make it clear that the most common reasons for cart abandonment are high additional costs (usually shipping), a long/complicated checkout process and the inability to clearly gauge the total cost upfront, among other reasons.
So, how will you avoid cart-abandonment and convert these customers into ones who check out? Here are three simple yet effective strategies that you can follow to convert your abandoned cart to cash.
Strategy 1: Optimize Your Cart Page
The first strategy is to optimize the cart page. To achieve a successful – and completed – order from a customer, she has to go through both the cart and checkout pages. If your customers are led through a complicated or cluttered process, it might unsettle the entire order and they will leave the checkout process without completing their purchase. Here are some ways in which you can optimise your cart page:
- Design carefully! Your cart page must be minimalistic, with focus on the product and clear indicators with respect to checking out., avoiding unnecessary additional details. Transparency helps buyers make a confident and informed decision, so it is important to provide them with clear information in terms of cost, shipping, return policy and delivery.
- Make sure that the checkout process is really fast. Offer them multiple payment options, one-click payment and the option to remember their payment details.
- Reduce the customers’ anxiety by building trust and assuring them that they’ve got the best deal for their price. Include information about how much they have saved, whether you will price match and add social proof such as ratings and reviews can help in reassuring the customers about their purchase thereby fostering trust.
Strategy 2: Create Urgency and Enable Faster Checkouts
Add a countdown clock or display how many units of the products remain. Alternatively, you can drive focus to the products that are low in stock by advertising them under banners that say ‘Last Chance To Grab These!’ or ‘Low in Stock!’ etc. This can persuade your customers to make the purchase. However, during this process, we reiterate that they should have a hassle-free checkout process and should not be forced to have an account in order to purchase. Enticing customers to create an account on your site might be a great strategy for customer retention, however, forcing them to do so before checkout can act like a buzzkill. You can tear down this account creation barrier with a guest checkout that helps them complete their order even when they are in a hurry.
3. Re-Engage customers:
Bring potential customers back by sending them a notification or a pop-up reminding them to complete the order. This can be either an app notification, a ‘hey! we think you may have missed this’ email for registered customers or through advertisements