How could anyone have predicted the significant shifts in ecommerce sales that the COVID-19 outbreak brought in 2020? The transformation in the shopping habits of digital consumers has been profound, with the global ecommerce market being valued at a whopping $26.7 trillion today!
Yet, most visitors leave without purchasing a single product despite marketers spending significant sums to draw in the targeted traffic. Moreover, the leaky funnel is still a problem for many merchants, as online shopping cart abandonment rates stand at 69.57 per cent, according to Baymard Institute.
This blog will outline the leading causes of shopping cart abandonment and helpful implementation tips for increasing conversion rates.
Shopping Cart Abandonment: What Is It?
Customers who add products to their shopping carts but leave before finishing their purchases are said to have abandoned their carts.
Due to its obvious correlation with customer conversion rates and revenue, the cart abandonment rate is a crucial business measure that online retailers should keep an eye on. A high incidence of cart abandonment is a typical sign of existing hurdles in your checkout experience.
The Most Common Reasons Why Shopping Carts Are Left Unattended
You lose out on a sale, which is the most evident issue with shopping cart abandonment. It does not matter if the value of the shopping cart is large or small. You lose out on any potential sale when the cart is abandoned.
The visitor may have been multitasking and overlooked their purchases. But more often than not, there is another reason for this. A prospect's choice to finish a transaction is influenced by intangible variables like psychological pricing-related issues and website usability.
Cart abandonment is a problem that will never be solved entirely. However, recognizing why customers return from purchases and taking proactive steps to optimize problem areas will help boost your conversion rate.
The Products of Your Rivals Are More Alluring
Competitor products that better suit customers' needs frequently cause abandoned carts. It hurts to admit it, but if a rival provides superior products or services, you're probably losing customers to them. Although every instance of competitors luring customers is unique, it frequently comes down to these particulars:
- Product attributes
The demand for products with cutting-edge technology has given rise to customers. In a world where anything can be bought, high-demand yields with the best features are rising.
Although this is the oldest component in the book, the right pricing strategy will always attract more paying customers. As a result, customers will frequently opt for products that deliver the same quality but at lower prices.
- Better possibilities for shipping
For customers, convenient shipment and handling are crucial. However, approximately three out of every four customers look for free shipping. And if the freight costs more than what they're willing to pay, they'll cancel the entire order.
- No hidden charges
Unanticipated costs are the most frequent culprit if any of these variables are to blame for cart abandonment. Taxes are commonplace, and shoppers are aware of this. However, most buyers may be turned off if service and convenience fees are added abruptly on the payment page.
Tips for decreasing cart abandonment
- Offer free shipping
Offering free shipping is one of the best methods to reduce shopping cart abandonment. Unfortunately, any product's shipping cost can occasionally exceed the item's price. So why would a savvy online customer purchase from that merchant? You can either highlight free shipping on your product pages or offer it just to consumers who have abandoned their carts by sending a follow-up email to them.
- When online shoppers complete their checkout procedure, the shipping charge has a significant psychological influence.
- Make sure to display your shipping policy on your website if you have one.
- It's crucial to be completely upfront with clients about what they must do to qualify for free shipping—for example, a minimum cart value requirement.
- Providing a range of payment options
Most online shoppers remove items from their carts because the retailer doesn't accept their preferred payment method. This makes it apparent that customers value choice.
Offering clients a variety of payment alternatives aids their shopping experience and fosters their trust because they feel safer utilizing the payment methods they are more familiar with. If necessary, you can even integrate third-party payment processors.
- Exit-Intent Pop-ups usage
When you notice that your online visitors will depart your website, exit-intent pop-ups serve as bait. You can activate your exit intent pop-up and present them with an irresistible offer just when they linger over a different tab or decide to close the one they are currently viewing. You can add these pop-ups to your product and checkout pages along with an offer, a coupon, or more information to make efficient use of them.
- Enable Guest Checkout
Most customers, especially those making their first online purchase, don't want to bother creating an account. Thus, having guests check out will definitely increase sales. It demonstrates your respect for your customers' time and can significantly lower your cart abandonment rates.
- You can expedite your checkout process by enabling the guest checkout feature.
- After they've made their purchase, you may always ask them to register or create an account for extra promotions. Everybody benefits from this!
Even though each customer category is unique, many consumers have some of the same preferences and purchase habits. For example, it is undeniable that lengthy and irritating checkout procedures increase the likelihood that customers may back out of their purchase.
Online merchants must continue to provide excellent purchasing experiences if they want to succeed in today's experience-driven environment and turn browsers into paying customers.
At Marmeto, we thrive to provide the requisite support to Shopify stores worldwide regarding issues such as cart abandonment. With in-house solutions tailored to perfection, we help Shopify stores grow online and achieve their desired objectives.
Connect with us to learn more about how we can help you achieve the same.