Did you know the most effective way of increasing eCommerce sales? It's neither building a perfect product nor dancing on Tiktok to rake in millions of sales. The answer lies in your efforts to reduce shopping cart abandonment.Last year, shopping cart abandonment cost $4 trillion in lost revenue across all industries. If you want to avoid losing a significant amount of money due to checkout cart abandonment, read this article all the way to the end.
How to Reduce Shopping Cart Abandonment Effectively?
Shopping cart abandonment happens when customers add items to their cart but leave the eCommerce store without making a purchase. Businesses lose billions of dollars each year due to cart abandonment. The average rate of cart abandonment is about 88%. This means that just 120 customers out of 1000 who add things to their digital shopping basket convert.More than lost money is at stake when a customer abandons a shopping cart. It can have a range of different impacts on your eCommerce store. In fact, your business is vulnerable to lower customer lifetime value and greater customer acquisition expenditures.So, are you ready to resolve the biggest dilemma for all eCommerce business owners? Then, take note of these actionable tips on how to decrease cart abandonment rates effectively.
1. Offer a variety of payment methods
More often than not, shopping cart abandonment happens because of a lack of payment choices on a website. According to a recent study of cart abandonment reasons, 9% of US online consumers abandoned a cart in the last three months due to a lack of payment options. If your business's payment options are still confined to Credit Cards and Debit Cards, it's time to mix up. Many users are already familiar with other online payment platforms such as shopping apps or digital wallets. To dissuade clients from going elsewhere, it's in your best advantage to include as many popular payment options as possible on your website. Giving people many payment options is a great approach to reduce shopping cart abandonment immediately. Here are some of the different payment methods you should provide your online customers.
Credit Cards / Debit Cards
Making purchases online is simple and convenient with these methods. Both offer greater spending management and real-time purchase tracking than any other method.
PayPal
When using PayPal, customers get added security and protection against fraud. If they pay for something with PayPal and it turns out to be a scam, PayPal can assist them in recovering their money.
Google Pay
Customers who use Google Pay to make online purchases aren't redirected to a third-party site; instead, they stay in your checkout flow throughout the transaction.
Amazon Pay
The use of Amazon Pay eliminates the need for customers to pull out their credit cards and enter payment information to finish a purchase. The service removes unnecessary friction from the checkout process by eliminating the need to set up accounts on various websites.
Stripe
This online payment processing platform makes accepting online payments simple. In addition, it has over a hundred thousand businesses registered. Consumers nowadays have a variety of options for accessing and spending their money. Therefore, you will make customers feel more at ease during the checkout process if you give them the option of selecting the method that feels the most practical to them.
2. Use the exit-intent popup
A customer may quit a store for a variety of reasons. On the one hand, they could be unable to locate the product they wanted. On the other hand, your store might not have the products they're looking for. Whatever the case may be, you may require a powerful weapon such as an exit-intent popup to reduce abandoned carts. But, what is an exit-intent popup? And how does it work? When a visitor chooses to leave a website, an exit-intent notification shows on their screen. Exit-intent popups detect when visitors are about to leave a site and entice them to stay by presenting tempting offers. The exit-intent technology monitors visitors' mouse movements and triggers the popup when it detects that they are approaching the exit button. When visitors move their cursor outside of a website's frame/boundaries, an exit popup containing offers such as discounts or coupon codes appears. Moreover, it's vital to notice that offers aren't always displayed in an exit popup. You can personalize it according to your objectives, such as what actions you want your customers to take after seeing it or what outcomes you want to attain. To build exit popups successfully, there are three crucial guidelines to follow. To begin, make sure it's visually appealing and built in a way that won't irritate users. Second, you must include them alongside a discount, a coupon, or other information on your product and checkout pages. Finally, use it to collect visitor feedback and get suggestions on what to improve on your product.
3. Provide guest checkout
Providing guest checkout in your online store is one approach for encouraging customers to complete their purchases. Guest checkout allows users to check out as a guest. The advantage is that customers can purchase products without registering or logging in to an account. As a result, businesses don't retain their data entered throughout the checkout process. This may be an essential option for many customers to feel comfortable making their purchases. Also, it saves them time by expediting the first-time purchase procedure, allowing you to convert them more quickly. Furthermore, according to one study, 24% of customers who are required to create an account during the checkout process are more likely to abandon their carts. More importantly, consumers dislike filling out all of the information required to create an account. So let customers enjoy shopping while providing them convenience with a guest checkout option. Additionally, guest checkout accelerates the purchasing procedure. How? It enables customers to enter their email addresses and proceed directly to the checkout page. As a result, they can begin filling out address and payment information sooner, making the process less time-consuming.
4. Display trust badges
Concerns regarding payment security are among the most common reasons for shopping cart abandonment. Customers are generally hesitant to buy from enterprises they don't know much about, no matter how awesome the product seems. This is where trust badges come in handy on how to avoid cart abandonment. They're an excellent tactic to show your customers that your company is reputable and that their data is safe with you. To address data security issues, many businesses include trust badges in their eCommerce store. A trust badge is a logo shown on a website to indicate that a brand is reputable and trustworthy. They're also known as site seals or trust seals. If you've ever shopped online, you're probably aware of those small credit card symbols at the checkout, which serve as a basic reassurance to develop customer trust. Accepted payment badges are among the many different types of trust badges available. With just a few logos, you can increase the level of trust in your website by having Mastercard, Visa, American Express, and PayPal badges as payment options. To sum up, accepted payment badges inform your customers that you accept those specific payment methods. Also, you adhere to the security criteria of those payment providers. A trust badge can be placed anywhere on your website. For example, it might appear on your homepage, site footer, and product pages. However, for most businesses, the checkout page is the most critical spot to display a trust badge. You want users to see that stamp of confidence right when deciding whether it's secure to enter credit card information.
5. Send abandoned cart emails
An abandoned shopping cart does not always imply a 'lost sale.' According to a business insider report, you're likely to make three-fourths of shoppers who have abandoned shopping carts return. You can do it by sending them abandoned cart emails. Abandoned cart emails are follow-up messages sent to customers who cannot finish their checkout process. This type of email brings customers back to the website, prompting them to complete the purchase they were about to make. They usually contain a pleasant greeting along with images or descriptions of the items left in the cart. One of the most effective strategies to retrieve online sales and reduce shopping cart abandonment is to send abandoned cart emails. Users open 44.1% of abandoned cart emails, according to SaleCycle data on 500 of the world's best businesses. More importantly, nearly a third of abandoned cart email clicks (29.9%) result in a recovered cart. What are the advantages of sending abandoned cart emails? Certainly, they're all automated. You may even create a series of automated abandoned cart emails that will send out on their own and bring you back a significant amount of cash that would have otherwise been lost. An abandoned cart email is frequently issued within an hour of the cart being left. If possible, your email marketing team should also send a second and third email. Sending a second email one day after abandonment and a third email three days after abandonment will result in the greatest conversions. It's critical to get the email accounts of your customers as soon as possible. Without it, you won't be able to remind them to complete their purchase.
Reduce Shopping Cart Abandonment with Ecommerce Outsourcing
More likely than not, it will take you some time to reduce shopping cart abandonment rates. Working with the right team, however, can speed up the process. Consider hiring an eCommerce service provider to help you. You may benefit from their proven strategies on what to do with abandoned shopping carts. Our company, KDCI, is one of the leaders in eCommerce outsourcing in the Philippines. We employ only the best professionals to launch and manage your online business. From building an eCommerce store to designing, optimizing, and marketing your website, we're the right partner that can get the job done right!Are you interested to know more about our services? Then, click the button below and start your FREE consultation with one of our client success managers today! Contact Us
