The concept of shopping cart abandonment doesn’t really exist in the brick-and-mortar world. Because of the convenience of the online shopping journey (or maybe because no one is judging or watching you), this factor is only really important when discussing ecommerce shops.
Every three out of four shopping carts are usually abandoned. Since the rise in online shopping was seen last year, the shopping cart abandonment rate also rose by 2%.
Cart abandonment reflects a significant loss of future conversions. For example, it has been discovered that a 65 percent cart abandonment rate results in a 97.9 percent difference in conversions, costing advertisers an estimate of $2 to $4 trillion each year. However, Forrester Research estimates an $18 trillion annual loss.
Deconstructing the online purchasing operations and process for improving eCommerce conversion rates can be challenging. According to studies around 75% of visitors return to the store either to complete their research or purchase.
In fact, only 2% of visitors actually convert into customers on their first visit. Whereas, 92% of the visitors have no intention of buying anything on the first visit.
This might be a lot to digest, but you should have a proper e-commerce business plan as an eCommerce business owner.
As we know shopping cart abandonment highly affects conversion rates, so today in this post we’ll be discussing how to decrease the shopping cart abandonment rate on your eCommerce website.
So without any further ado, let’s begin.
5 ways to decrease shopping cart abandonment rate
As we know, a lot of factors influence conversion rate optimization, same goes for shopping cart abandonment rate. Below are some easy practices you can follow to decrease shopping cart abandonment rate.
1. Optimize the speed of your eCommerce website
Page loading speed plays a most significant role in optimization. If your website takes more than 3 seconds to load, sorry pals you’ll lose customers. According to AliExpress, improving your page loading speed can decrease the shopping cart abandonment rate and can boost their conversion rate by 27%.
You can improve your page loading speed in the following ways:
- Optimize all your uploaded media files such as images and videos.
- Cache and offload different files like MP3s and PDFs.
- Install a cache plugin to cache your content as much as possible.
- Use a CDN, if you’re selling globally.
- Lastly, don’t forget to properly optimize your database.
These are just a few ways to improve your page loading speed. There are plenty of them, just make sure to optimize the speed of your eCommerce website to decrease the shopping cart abandonment rate.
2. Simplify and shorten the checkout process
Around 23% of visitors abandon their shopping carts because the checkout process was unnecessarily long and complicated. A large-sized eCommerce store can easily improve their conversion rate up to 35.26% if they offer a simple checkout design.
You can simplify the checkout process of your eCommerce website in the following ways:
- Offer a guest checkout option as it makes it easier and less time consuming for customers.
- Simplify the checkout process by eliminating unnecessary steps and items that can distract a visitor.
- Add a one-step checkout option like Amazon.
Now take a step back and examine your eCommerce website checkout process. Look for things that are unnecessary or confusing. Is there anything that you can eliminate? Make sure to test out new changes to decrease the shopping cart abandonment rate of your eCommerce website easily.
3. Offer multiple payment methods
When you start an eCommerce business, in reality, you make yourself available to people from across the globe. Knowing this, you need to understand that offering one payment method won’t suffice as customers from various countries will be shopping from your store.
That’s why it’s highly essential to integrate multiple payment methods on your eCommerce store. PayPal, Square, and Stripe (linked to credit cards, debit cards, and bank accounts) are the two most popular payment methods used across the eCommerce industry.
Some other popular payment methods that you can also integrate into your eCommerce store are Amazon Pay, Apple Pay, and Google Pay.
4. Offer free-shipping
Expensive shipping is one of the most popular reasons why customers abandon their shopping carts. But that’s not all low prices also motivate customers to revisit stores and make purchases.
Around 78% of customers prefer free shipping. Plus, they prefer cheaper shipping options over the fastest ones to save more money. Customers can willingly wait for 5 to 7 days for their orders instead of paying a hefty shipping cost.
Also, it’s a great idea to tell your customers about the expected delivery date and time because it can help improve the customer retention rate easily.
It might be a little difficult for some eCommerce businesses to offer free shipping, but hold on, it’s just a psychological game. If you can’t offer free shipping, just add up the shopping cost in the original cost of the products, that’s all, and you’re all good to go.
Below are the few practices you should follow when it comes to shipping:
● Charge shipping for low-cost products but offer free shipping on expensive products.
● Offer free shipping on standard delivery while charging for premium delivery services.
● Allow customers to choose their shipping carriers.
5. Use proper email marketing strategy
One of the best marketing strategies that also help in reducing the shopping cart abandonment rate is an email marketing strategy.
At times, customers add specific products to their shopping cart, but they get distracted and often forget about it, or they don’t have enough money to pay for the products. You can still win a sale.
Use email marketing strategy to target such customers by reminding them about their abandoned shopping cart. You can also offer them additional limited-time offers or discounts to speed up the conversion rate.
Also, sending one email is not enough as it might get lost in their inbox. Send at least two to three follow-up emails.
Lastly, you can also personalize the email; especially the subject line to immediately grab the attention of your customers.
It’s no secret that shopping cart abandonment is one of the leading issues facing ecommerce retailers. According to the Baymard Institute, shopping cart abandonment rates among online shoppers hover around 70%.
That means more than 20% of potential customers are leaving your site without completing a purchase, which is detrimental to business growth and profitability. To solve this, you have to understand users’ purchasing habits.
Although many shoppers have similar purchasing habits, how they arrive at your website is unique. It’s important to consider both the buyer journey and customer personas when building an effective checkout experience. This way, you can tailor messages and steps within the checkout process to resonate best with individual audience segments.