It’s no secret that the world of e-commerce is growing exponentially—global online sales are expected to hit $5.5 trillion by the end of 2022 and even higher in the following years.
However, running an e-commerce venture is not all roses. One of the biggest challenges online enterprises face is customers abandoning their carts without purchasing anything. In fact, studies show that the average abandonment rate is around 68%—that’s a lot of lost revenue!
A vast majority of online shoppers leave products in their shopping cart: the average abandonment rate is 95%. This means that for every five carts piled with items, four are left behind.
Why do customers abandon their carts in such high numbers? Many factors may contribute to this widespread habit, such as unexpected costs (e.g., high shipping fees), limited payment options, and complicated checkout processes.
Sadly, shopping cart abandonment cannot be eradicated entirely. There will always be a certain percentage of customers that will visit your website, add several items to their cart, and then leave without completing the shopping journey because of things that merchants genuinely have no control over.
However, retailers can still take steps to lower cart abandonment rates and improve their bottom line.
Here are five strategies to get started:
E-commerce stores must make it easy for customers to navigate between their carts and the product listings. According to a study by Baymard Institute, 69% of online shoppers abandon their carts because of complicated checkout processes.
There are several ways e-commerce stores can ease the way. One is to add a “View Cart” button on each store page. This button should be very visible and prominently placed.
Another way is to add “My Cart” on your title menu, so your customers can immediately view their cart at any step of the shopping process. This will make it very easy for customers to switch between actively shopping and keeping an eye on the number of items piling up in their carts.
Online consumers are savvier than ever, and they always want options at every step of the shopping process. They want to be able to choose how to pay, how they will receive their products, and what type of shipping will be most convenient for them. If they don’t get what they want, they will not hesitate to abandon the entire sales journey to look for another merchant.
Offering various checkout options is one way to ensure your customers follow through with their purchases.
Many e-commerce websites require account creation before customers can purchase from their site. This limitation is another reason they abandon their shopping carts—they don’t want to go through the hassle of signing up on a website they expect to use only once.
Instead of forcing customers to create an account, allow non-members to purchase from your website and offer special discounts and other privileges to those who sign up. This option will make buying your products easier for a wider audience.
You can also offer different checkout methods on your website by using a plugin or extension. You can use them to add fields for payment processes, enable one-click checkout, rush fulfillment, social login, smart buttons for different payment methods, gift wrapping, and many more.
It is important to offer various payment options to ensure that your customers can pay for your products or services easily. Your e-commerce store should already accept payments through credit cards, debit cards, PayPal, and other traditional methods.
Digital payment options are ever-expanding, so it’s essential to keep up with emerging trends, such as Apple Pay and other digital wallets, cryptocurrency, and more.
Cryptocurrency is expected to become more and more popular, and many savvy shoppers prefer it because of its high level of security. You can accept payments in Bitcoin, Ethereum, and other coins.
Build partnerships with e-money platforms so you can present your customers with several payment options, aside from the traditional (and now much less convenient) credit or debit card.
When customers are ready to purchase, they should not have to search for the checkout button. It should be prominently placed on each page. Adding a strong call-to-action (CTA) for the shopping cart will ensure that more customers complete their purchases.
CTAs can be in the form of text or images. The text could say something like, “Add to Cart” or “Buy Now.” The image could be a simple, brightly colored button with the “Checkout” written on it.
These simple elements on your web pages will constantly remind your customers that they have items in their cart. Combined with other strategies, it could go a long way in reducing your cart abandonment rate.
One of the biggest deterrents to online shopping is the fact that you have to start over every time you add something to your cart. It’s annoying, time-consuming, and can easily lead to lost sales opportunities.
There are a few ways to make the shopping process easier so customers are more likely to complete their purchases. One option is to remember all the items in a visitor’s cart. Another is to keep track of customer progress and automatically populate the fields with the information from their last purchase.
When you make the checkout process as easy, seamless, and convenient as possible, more customers will complete their purchases.
Cart abandonment has been a major issue for online stores for a long time, but revenues and customer satisfaction don’t have to suffer too. Retailers can reduce cart abandonment rates through marketing and promotional efforts too, but the best strategy is to ensure that your customers have various options and that your site is flexible enough to provide what they are looking for.