Most Effective Channels To Reduce Cart Abandonment
Shopping online is a hobby for many shoppers these days. These have reduced the need to go to the market place and shops for a reason. E-commerce websites are new in trends and booming business. But do you know that 7 out of 10 shoppers leave the shopping cart abandoned at the checkout page? It is a huge number and leads to revenue loss for many e-commerce websites. Cart abandonment is the economic impact for the online shopping websites.
What is Shopping cart abandonment?
The shopping cart abandonment is the simple terminology that when customers add items to purchase from the website in the cart but leave the cart unchecked at the end of the checkout page. Cart abandonment is not an issue for physical stores and shopping malls. But in online shopping, many times a customer who browses through your stuff, adds them to the cart but abandons them eventually without purchasing them. It is a sales loss for the website and has become a big problem for online shopping portals.
How to track Shopping cart abandonment?
Many big online shopping companies have a tracking system for keeping a check on shopping cart abandonment. It is very important to keep the track of the metric that will help you compare the cart abandonment weekly, monthly, and annually. The higher the number, more it is likely that your checkout procedure or the page has some user experience issues.
You can find out the cart abandonment rate by the following formula –
{1-(#Completed transactions / #Initiated sales)} X 100
By keeping track of the cart desertion, the companies can improve their sales number and increase the website user experience.
Reasons for shopping cart stranding?
Many experts have studied the reason for the shopping cart abandonment. In this view, the popular study by the Baymard Institute can be used. According to their survey, the most common reason for the cart desertion is the final checkout amount. Sometimes, companies add shipping costs and additional taxes at the end of the transaction, which compels shoppers to leave the shopping cart abruptly.
Another reason for shoppers to incomplete purchases is the necessity to create an account with the website. Many shoppers prefer to shop without the need to register with the shopping websites. These two points are the topmost reasons for the sales loss of the company. Other reasons for cart desertions are-
- Complicated checkout page and procedures
- Additional and hidden charges revealed on the checkout page
- Slow shipping time
- Bad return policy
- Fewer payment methods
- Slow website checkout pages
- Insecurity about the authenticity of pages
How to reduce the eCommerce cart abandonment rate?
There are many reasons as to why shoppers are dropping off the carts without making purchases. For making the sales, companies need to track the rate of abandonment in their website, identify the drop off points and make use of feedback and surveys for getting into the decision.
Here we have listed some industry best practices that you can use to reduce the number of abandoned carts on your shopping website.
Another reason for shoppers to incomplete purchases is the necessity to create an account with the website. Many shoppers prefer to shop without the need to register with the shopping websites. These two points are the topmost reasons for the sales loss of the company. Other reasons for cart desertions are-
Optimize the Checkout page
User experience is very essential when it comes to e-commerce websites. And the checkout page is the backbone of the business. For making your customers buy the items, you need an attractive, safe and secure, and comprehensive checkout page. In order to optimize your e-commerce websites checkout page, you need to-
Here we have listed some industry best practices that you can use to reduce the number of abandoned carts on your shopping website.
Another reason for shoppers to incomplete purchases is the necessity to create an account with the website. Many shoppers prefer to shop without the need to register with the shopping websites. These two points are the topmost reasons for the sales loss of the company. Other reasons for cart desertions are-
- Label the checkout forms properly and keep them short and simple.
- Offer guest checkout in case the shopper doesn’t want to register.
- Show the cart icon on all the pages of the website
- Use the checkout progress indicator
- Help the customer to understand why you need personal information.
Optimize Shipping and tax-related costs
- Include tax and shipping cost to the product cost so that customer can make informed decision to buy
- Give the estimates beforehand
- Make no hidden charges add earlier
Optimize payment methods
- There are many payment methods available these days. Try to expand your payment channels.
- Offer all types of payment methods to our patrons.
- Offer them seasonal discounts.
Optimize the trust and credibility of your checkout page
- Use the analytic studies for identifying the reason for trust issues by the shoppers.
- Secure your checkout page with SSL certificates and use high-end secure payment gateways.
- Open-minded return policy and exchange features will help shoppers to create trust in your website.
- Add social media links and addresses for creating a facade.
