Roughly 25% of online shopping carts are abandoned without purchase. Baymard Institute averaged the abandonment rate of 37 of studies and 69.23% of online shopping carts are abandoned. Why is abandonment so prevalent and how as e-commerce retailers, do we lower that statistic? There are a number of reasons and we have all fallen into one category or another at one point.
A few of the probable reasons:
- Higher than expected costs;
- Were distracted by other sites or persons;
- Website didn’t load properly, completely or within an acceptable time frame; or
- No conversion to local currency.
Methods to help make your checkout more effective:
1. Image Sizing
Providing images of the product is a no-brainer, however, reducing the size to a thumbnail of good quality will not only assist in the quick loading of the page but also give the buyer an idea of what the product will look like. All of the large online retailers provide small thumbnails that can be expanded to a larger preview or the thumbnail acts as a link to the product page with larger images.
2. Security is Key!
Would you purchase items from a store that doesn’t look secure or provide thecomfort of security icons and identifiers? Why would your customers? Having these icons shows your purchasers that your site can be trusted and their credit card details are secure.
3. Optimise the Cart for your audience
If your customers cannot continue shopping after placing an item in the cart, they will not shop with you at all. Optimising your cart so that users can browse back to the page they were on, or edit the cart easily and fluidly, your visitors are more likely to complete the purchase.
Paypal is a standard payment system for e-commerce sites and communities now and your site should be no different. Offering the use of trusted and well-known payment systems like Paypal, Afterpay and ZipPay is another way to cement your buyers. Allowing these payment systems also adds a layer of security to your site and the transaction and they should be implemented alongside the standard credit card choices.
5. Call To Action
Implementing a strategy where the user is prompted to enter an email address to save their cart, is one way to re-engage with your visitors who have abandoned their cart. By doing this, if the visitor leaves the site and abandons their cart, you can automate an email to remind them to come back. The core benefit to this action, however, is to you, as this can be an invaluable way of drawing the customer back now or in the future, just be aware you will need their permission to add them to a mailing list.
6. Special Discounts or Free Shipping
If you can offer first-time shoppers a discount on their items or shipping, you can entice customers to your site, just don’t forget your loyal and returning customers either.
7. Refund and Competitor Pricing Policy
If you are willing to at least match a competitor price, or have a full refund policy you’re providing your customers with peace of mind that if something goes wrong, they will not be left out of pocket.
Online retailers are squandering money unnecessarily to cart abandonment. Implementing all or some of these tips and tricks will have you on your way to lowering your abandonment rate and boosting your business. Techniques like those above, are just the tip of the iceberg, just don’t get too caught up in the finite details.