Cart abandonment: The real heart-break
Cart abandonment is when a customer leaves their cart at the checkout stage of their online purchase and doesn't return to complete it later on. In other words, customers won't add all those products to their carts if they know they won't follow through with the purchase. In 2022, the global cart abandonment rate was 70%, according to Baymard Institute.
The highest rate is that from mobile users, tablets and then desktops.
For most users, it was found that free delivery was the primary incentive in convincing them to make a purchase, but the second main reason, for 41% of consumers, was offering coupons and discounts, and this can easily be done through better interaction with the consumer.
According to Shopify, 25% of cart abandonment came from users being asked to create an account to complete their orders. Consumers seek a fast, frictionless checkout process with free delivery and no added costs on the final payment page. Asking them to insert their details, such as birthdays and phone numbers, makes the checkout process tedious and results in them leaving the site. Even if the consumer already has an account, remembering their passwords can be challenging. Hence, offering a guest checkout option or a straightforward sign-on option, such as through their Social Media accounts, solves this problem for the consumer and increases the conversion rate for e-commerce businesses.
The good news is that many businesses are taking steps to reduce in-cart abandonment by implementig several proven strategies. Through improving their checkout design and online customer experience, Baymard documented that an average e-commerce business can gain a conversion rate of 35%.
Send Abandoned Cart Emails
One of the most effective ways to reduce cart abandonment is to send abandoned cart emails. These are automated or personalized emails sent to customers who have added products to their carts but still need to complete the checkout process. Firms can send abandoned cart emails based on the duration the customer spent adding products to the cart. Customers who spend more than a few minutes adding items to their carts are likely serious about completing the purchase and are thus likely to be sent a reminder email when they fail to log in and complete the purchase. In addition to reducing cart abandonment, these emails can also help boost conversion rates. According to a study by Salesforce and Marketing Land, abandoned cart emails that include a call to action can boost sales by as much as 12 percent.
Further, firms can implement an escalation strategy in their contact attempts. For example, firms can escalate the process by contacting them by phone if a customer has added a blender and a set of knives to their cart but still needs to checkout. With an escalation strategy, you escalate contact with unresponsive customers who have placed items in their carts but still need to complete the purchase.
Implement Live Chats on your website
Another way to reduce cart abandonment is to implement live customer service chats. These allow customers to receive help from a real person in real-time during their shopping journey. Live chats allow customers to view other shoppers' questions and receive immediate feedback, which can be helpful when they're trying to make a decision about which products to purchase. This helps customers who need help finding a particular product or are having issues completing the purchase.
Offer Express Checkout with a One-Click purchase
One of the most effective ways to reduce cart abandonment is to offer customers the option to checkout with a single click. This allows customers to add items to their carts and complete the purchase in a few seconds and can help reduce the time spent filling out tedious forms or making accounts. According to Shopify, one-click purchasing can reduce cart abandonment by 18 percent.
Keep your customers, sell your products
A study by Finance Online states that an ideal way to reduce the cart abandonment rate is to listen to and know the shoppers' concerns. For consumers in the survey, ratings and reviews are the top consideration for them when buying products online (94%), then free shipping (78%), the choice of the brand (65%), and finally, recommendations from friends and family (60%). Abandoned carts can be salvaged using targeted emails and direct social media messages, with a higher open rate than the standard generic emails and messages. Improving the customer experience is a sure way to bring back consumers and increases the chances of them purchasing the items they previously left in their carts.