If you are running an eCommerce store you know that one of the most frustrating issues facing you is cart abandonment.
Shopping cart abandonment is a problem that every eCommerce business faces at one time or another. To fully grasp the prevalence and costly impact of cart abandonment in the world of eCommerce, consider the following statistics:
- The average abandonment rate is 68%
- 99% of visitors will not buy of their first visit, of those that do add to cart approximately 25% will never return to complete the transaction and the other 75% will leave with an intention to return at a later date
- If an online store was making $15,000/mo in online revenue and could turn just 25% of those abandoned orders into sales, revenue would go up by $45,000 each year. — Shopify
Needless to say, cart abandonment is a serious problem for every eCommerce store and one that requires and deserves immediate attention.
Why Cart Abandonment Happens
- #1: Lack of Trust
- #2: Lack of Transparency
- #3: Poor User Experience
- #4: Bad Return Policy
- #5: Not Enough Payment Options, were you can offer a minimum of two (PayPal and Credit card). Also look at utilising either AfterPay or zipPay
- #6: Required Account Registration, offer guest checkout, but explain the benefits of why the customer should register with you
- #7: Found a Better Price Elsewhere
- #8: Visitor Simply Changed Their Mind
One might think that this list is going to be impossible to fix, most of these can be fixed with a little bit of time and attention.
What You Can Do to combat Cart Abandonment
- #1: Add Trust Logos – Almost 61% of consumes will not purchase online if trust logos do not appear on the website they are looking to purchase from.
- #2 – Offer the customer free shipping. Approximately 28% of shopper will abandon their shopping cart if they are presented with shipping charges
- #3: Simplify your checkout process
- #4: Improve Your Website Page Speed
- #5: Offer Express or Guest Checkout
- #6: Follow Up With People Who Don’t Buy
A few ideas you can simply implement to get the customer to return to complete the transaction.
- #1: Send them an email right away.
- #2: Mail them an actual coupon.
- #3: Retarget them with ads. 72% of millennials are favourable to retargeting
How does remarketing work?