Shopping cart abandonment is one of the most crucial problems that eCommerce retailers overcome, and the extent of the problem is shocking.
According to recent research, the average rate of shopping cart abandonment of eCommerce websites is 65.23%.
That’s a huge number, isn’t it?
Therefore, it is essential for online retailers to combat cart abandonment to increase customer conversions and recapture lost revenue.
In this blog post, we talk about five proven strategies along with some marketing tactics that will help you reduce the cart abandonment rate of your online store.
Before we dive in, let’s take a look at why customers abandon their shopping carts in the first place.
- High shipping costs
- Payment security concerns
- No checkout without signup/Confusing checkout
- Dissatisfactory return policy
So, how do you bring these customers back to complete their purchase?
Here are some proven ways of reducing cart abandonment:
Be Transparent About All Costs
It is a good idea to inform your customers about all costs upfront—including shipping costs, the taxes that apply, or any other fees on the product. This will reduce the chances of losing your customers because of an unpredictable price increase while checking out.
Offer Guest Checkout Option
When you don’t let your customers checkout without signing up, there is a high chance they might get discouraged and leave without completing the purchase. The reason is simple—nobody wants long checkout processes. Therefore, offer the choice to checkout as a guest rather than forcing account creation. If you wish to collect emails and other contact information for marketing purposes, you can ask shoppers to save their checkout information at the confirmation page.
Offer Multiple Payment Options
How many times have you made the decision to click on ‘Pay Now’ after carefully selecting the items you want to purchase, only to be disappointed by not seeing the payment mode of your choice?
Well, we’ve all been there!
Thus, it is crucial that you include the most popular payment options for your customers.
Apart from offering payments from debit and credit cards, you can consider including a safe payment option such as PayPal. You can also include payment options like Google Pay, Apple Pay, and Amazon Pay.
Include Security Symbols
Concerns about payment security is one of the main reasons for cart abandonment. Online shoppers are often worried about incorrect charging of their card, stolen identities or credit card information, etc.
So, if your prospective customer doesn’t fully trust the company they will most likely abandon their cart.
Thus, it is a good idea to include:
- SSL certificates.
- Trust seals (logos)
- Reviews and testimonials of customers who have made a purchase
Have a Solid Return and Refund Policy
68% of shoppers often view a website’s return and exchange policy before making a purchase to check whether returning unwanted products is complex or costly.
This indicates that a better flexibility in the return of products can motivate hesitant shoppers to make a purchase.
So make your return policy includes:
- What items can be returned
- The items that can be exchanged
- Products that are non-returnable and non-exchangeable
- Timings of returns and exchanges
- The condition in which items can be returned
- The process of return or exchange
Integrating Marketing Tactics to Combat Cart Abandonment
70% of people abandon their shopping cart, mainly because they are not ready to buy and need time to make a decision. This does not mean that you can ignore those leads and take no action. There are many marketing techniques to re-invite the abandoned user and close the deal. Let’s discuss them in detail!
Retargeting for Abandoned Cart Shoppers
Some shoppers need different touch points before they are ready to make a purchase. Retargeting your abandoned cart customers with relatable ads helps keep products on top of their mind as it reminds them of the items they left in their shopping cart.
Personalized Follow-Up Emails
Personalized emails help increase the chance of open and click, which also helps to increase your ROI and revenue. So, if you’re addressing cart abandonment, make sure you follow up by sending emails with the images of their product along with an offer they won’t be able to resist. It is also a good idea to populate a link in the email itself, that takes them to the exact stage where they left.
Automate Email Campaigns
Sending a series of three abandoned cart recovery emails can result in 69% more completed transactions than a single email would, according to a study. Therefore, a sequence of abandoned cart emails will not only bring your customers back into the funnel, but will also save your time in the process. In order to do this effectively, there are efficient integration tools such as –
Maginate – A Magento Marketo Integration Connector, Maginate helps deliver a holistic customer experience by integrating Marketo capabilities into your Magento store and offer customers with personalized experiences. For the customers that did not complete the order, the connector helps you track the information so as to set up nurture emails to send offers for conversion.
Cartiveo – A Shopify Marketo Integration Connector, Cartiveo helps integrate Marketo capabilities into your Shopify store and offer personalized experiences to your customers. It syncs abandoned data to Marketo to set up nurture emails to help customers complete their order.
While every customer segment is different, many shoppers have almost similar buying habits and choices.
But one thing is common—checkout experiences that are confusing and time consuming are likely to take shoppers to the abandonment stage.
To succeed, online retailers must continue to prioritize and strategize to convert shoppers into paying customers.
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