Does your online business store face shopping cart abandonment frequently? Are you not able to figure out what is stopping your customers from completing the checkout?
Due to these abandoned checkouts, trillions of dollars are lost every year. This shows the severity of the problem.
According to a Business study, the average checkout abandonment rate in the eCommerce industry is 25%. This implies that if you have a rate of 14% or lower then you are among the top performers in the industry.
If your company has a high checkout abandonment rate, then it directly indicates that you have a high requirement of improving your Checkout process.
For improving your checkout process you must know why your customers leave, and at which part of the checkout process checkout abandonment mainly happens.
This will help you in lowering the abandonment rate and creating a convenient, smoother, and reliable experience for shoppers.
In this post, we will tell you about the seven proven ways to reduce your abandoned checkouts.
But before exploring each in detail, let's take a look at why the problem of abandoned checkouts arises and why they are a severe threat to your online business?
Why do people abandon checkouts?
To effectively reduce the loss incurring due to checkout abandonment, it is important for you to figure out exactly what are the influencing factors that prevent your potential customers from completing the checkout process.
Below given are some of the aspects of checkout that potentially leads to checkout abandonment:
- Unexpected Additional charges: An increased price of the product during the checkout process makes the shopper rethink the decision to buy the product. These additional charges can be in the form of shipping fees, taxes, etc.
- Complex Checkout process: An overly complicated process for checkout makes the user lose the will to complete the checkout and is an example of a bad user experience.
- Extremely long user forms: With more information, you require more security of the data. Not every customer is willing to give information about him/her just for buying something. So try to make data inputs simple and error-free.
These longer forms also increase the time of the user’s journey from browsing to purchasing the product unnecessarily.
- Lack of payment options: This is a direct hindrance in completing the checkout. Not having the option for a preferred method of payment makes the user unable or unwilling to buy the product.
- Problems in Shipping and Delivery of the Product:
A lack of faith in the provider and not getting the delivery of the product in a limited time frame makes the shopper lose interest and jump to another provider.
- Suspicion in the Security of Payment process:
Unknown or insecure tools will make the user lose faith and unwilling to make the payment.
Displaying the authenticity of credit cards, banking, and security badges gives customer relief and builds trust in you.
- Remarketing: Pushing users to make an additional purchase by offering them other related items can sometimes annoy them.
From the above-mentioned reasons, one thing that we have analyzed is that convenience drives the customer on any platform.
Convenience in terms of eCommerce is all about time-efficiency and ease of online purchasing.
The more convenient the journey of a shopper from browsing to buying, higher will be the chances of earning a sale.
Checkout abandonment is one of the frequently faced problems by online eCommerce sites.
As an owner of an online store, you spend so much time and money on your marketing. And still, if you cannot make visitors to the checkout, everything is a waste.
For instance, in the U.S. only, online business owners spend nearly $2.5 billion on their stores' digital marketing. However, only 2.7% of the visitors are converted to their customers who complete the checkout.
This directly points to the loss of revenue and several missed opportunities.
However, you can reduce shopping cart abandonment by following our tips in this article. So, let's dive in.
1.Employ Exit-Intent Popups
The best time to catch your potential customer's attention is when they are just about to leave your site after abandoning the checkout.
You can use the trackers on your site, which will tell you when the customer is leaving your store. These trackers create exit-intent popups and encourage the approaching customers to go back and complete their purchase.
Craft your popups with cost-effective offers and a call-to-action. An offer should be such that it will restrict the customer from emptying their cart.
You can offer some discount when you track that your customer is abandoning the checkout. Make your offer available only if the shopper returns and completes the purchase. This will push the customer to take the deal.
For example, you can offer a coupon code, or a promotional discount, etc.
For the people who like "window shopping," this is explicitly a good strategy for online stores. These exit-intent popups can convert intermittent browsers into lifelong customers.
2. Show All costs at the front
Do not try to hide any extra costs from the buyers. People hate it when they proceed to checkout after adding items to their cart only to see that there are extra charges that you did not show earlier, and as a result, they exit.
These hidden costs come to the front only during checkouts and are the biggest reason for cart abandonment. Most of the time, these costs are the taxes and shipping costs.
Try to think that after adding a product for $18.99 to your cart, when it's time to checkout, you get a bill of $40. What will you do? You will get disappointed and leave the site.
And you will look around for a better deal and will never go back to your cart.
So, to prevent your potential customers from abandoning carts due to extra costs, be transparent about all types of additional costs.
You can reduce unexpected costs for customers by offering them free shipping or giving them a discount in some form of taxes.
This will increase your customers' trust that there will be no extra fees charged to them, and they would be more willing to complete the purchase.
3.Personalize your messaging
Some online business owners reckon that these tons of pop ups appearing during a visitor's journey are very annoying. They think that these types of campaigns distort the user experience.
So, they prevent their sites from showing such campaigns. But we suspect that it is a huge mistake made by them.
By not tailoring these popup campaigns, they are just cutting off their nose to spite the face. The popups are not a problem, but how they are working on your online store can be.
You can make your user journey better, along with pop ups also. But for this, you have to personalize your campaigns so that your customer will feel like you are directly communicating with them and are concerned with their every purchase.
When you address your customers straight with their name or location and show them ad campaigns based on their interaction with your site, they feel more comfortable and totally believe you.
Many features like onsite follow-up campaigns and smart tags are available in the markets to create personalized messages for your customers.
It has been seen that these personalized emails and popups have a significant impact on sales of the online store. Thus, reducing the abandoned checkouts.
4.Enable diverse methods for payment
Let us understand this point more clearly with an example.
Suppose you want to buy shoes for you. You browse through an online store where you found the exact design and color you wanted. You added it to your cart and then moved forward for checkout.
However, when you see that the method of your payment is not available. How will you feel? You will have no choice but to abandon your cart and visit another site.
You can see how a potential customer is lost due to the lack of a payment option. You definitely don't want your customers to have the same experience as you.
An excellent way of preventing abandoned checkouts is by providing diverse options for payment. It would be best if you listed different debit and credit card providers. Some commonly used are Visa, American Express, MasterCard.
You should also provide options for online payment through e-wallets like PayPal, Google Pay, etc. Make sure to cover all possible methods and card providers to ensure that your customers make a complete checkout and clear the carts.
5. Create a feeling of urgency
Another strategy you can use for reducing shopping cart abandonment is by creating a sense of urgency in your customers.
It consists of letting people realize that the offers and promotional codes they are having would not last forever. You can do this by adding a countdown timer to your campaign.
These countdown timers can be static and dynamic.
Static countdown timers are beneficial when you have a fixed date for an offer to end.
On the other side, dynamic countdown timers are useful for a limited period for all of your customers to benefit from your special offer at the time.
This motivates the hesitant visitors to purchase and complete the checkout process at once.
6. Allow buying of products without creating an account
In most cases, visitors turn to your site due to the various marketing campaigns that you have employed.
Consequently, it is possible that they have not yet signed up with your brand and open an account.
Now, for some of the online store's generating leads is the priority rather than sales. This is why they obligate the visitor to register on their store to make any purchase.
But this is not correct. Generating sales is as important as capturing leads. Leads are small pieces of information about your potential customer, like their email address. These are necessary when you want to market your brand's product to people who already have shown interest in your brand.
So, as an online store owner, your goal should not only be increasing the number of accounts. Don't lose your potential customers just because they don't have an account.
Instead, you can offer them to checkout as guests. Many visitors abandon their carts just because they are denied to purchase without registering on the particular site.
So, allow everyone to buy products from your store regardless of whether they have an account or not, this you way can capture leads and generates sales at the same time.
Checkout abandonment is the case when a shopper on an online store adds items to his/her cart, enters information in the checkout step but then decides not to complete the checkout process, leading to cart abandonment.
Checkout abandonment pushes your brand way behind in the competition. And the worst thing is that you cannot avoid it.
But you can reduce its impact on your online store by reducing the number of abandonments during the checkout process.
Some major reasons for checkout abandonments are: Additional charges, complicated checkout processes, lack of alternatives for payment, security issues, lack of trust, etc.
The seven strategies mentioned above ensure a reduction of abandoned checkouts by removing these mentioned reasons and make your store drive on a more profitable path.
Letting customers buy from you without creating an account and simplifying the process of checkout will significantly improve your trust factor for the customers
Knowing where your customer experienced issues during checkout and supporting the customer accordingly will greatly help you in developing a convenient platform with lesser checkout abandonment.
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