Sep 30, 2020
ineCommerce Marketing Tips
How to Reduce Cart Abandonment Rate: 5 Actionable Tips
This article focuses on transparency and common practices that develop trust in e-commerce. Following these 5 tips can be an effective way of creating authenticity and positive feedback.
If your cart abandonment rate has been worrying you lately, then know that you're not alone.
According to studies, a typical online store experiences a 69% abandonment rate, meaning that almost 7 out of every ten people who visit it end up walking away without a purchase.
However troubling this may seem, though, the problem is not as bad as it seems - at least for two reasons:
- Many people who abandon their carts at your store will do so because they were browsing it. In other words, such a segment of visitors does not have a buying intent from the very beginning, which thus inflates your store's abandonment rate without indicating any actual problem.
- The rest of the visitors will leave for quite specific reasons and problems with your store that can be pinpointed. Knowing them will thus make it easier for you to address and mitigate the problem.
So to help you with that, here’s a list of 5 actionable steps that you can take to address the cart abandonment issue. Let’s get started!
1. Offer upfront pricing
The extra costs associated with online purchases have always been the plague driving cart abandonment.
Whether it is the shipping costs, the value-added tax, or other hidden fees, the snowball effect they create on the product's final price can lead to an unpleasant surprise for the customer once they finally reach the checkout. In turn, it prompts them to leave - and not only because the final costs turn out to be way too big but also because the customer was not mentally prepared enough to see them.
You can, however, address this problem in several ways:
- Make the extra costs clear from the very beginning, such as by showing them right on the product page;
- Minimize the costs altogether such as by offering free shipping;
- If this is not possible, add a shipping-rate calculator to your store so that the customers can calculate the total order cost by themselves;
2. Simplify the checkout process
A lengthy and complicated checkout process is yet another culprit behind cart abandonment, with more than a third of customers reporting it as the biggest reason for leaving a cart.
To mitigate this problem and streamline your checkout process, consider trying the following steps:
- Enable guest checkout. While asking customers to create an account for purchasing can be helpful for data collection purposes, it can also, in fact, deter the customers from completing the purchase by making the checkout process too lengthy. It can also make them concerned about their privacy, so providing a guest checkout option can help eliminate both risks.
- Break up the fill-out form into several steps and add a progress bar of those steps. It will help the customers feel less overwhelmed with all the actions needed from them for a purchase and instead take it one step. The progress bar will further let them know where exactly they are at their buying process, thus lessening the feeling of uncertainty.
- Offer alternative payment methods, such as PayPal, Google Pay, or buy now, pay later services. Such payment options can speed up the checkout process by requiring less information from the customer (PayPal, for example, only needs an email to complete a transaction) or by enabling them to buy the product immediately, without paying the full price upfront.
3. Build customers' trust
With online stores handling a lot of personal data from the customers, the latter can understandably feel concerned about their privacy when purchasing. To help them mitigate their fears, you can try the following actions:
- Use trust logos on your website. Over a third of customers will not buy a product if they can't find a security badge on the page, so adding the trust seals can help to reassure the customers in your credibility and safety.
Add testimonials to your product. While the trust logos can confirm your financial credibility, reviews from the other customers can similarly inspire confidence in your products' quality.
- Offer return policy for products and make it clear for the buyers by adding the information directly to the product page. It will help the customers feel more secure in purchasing while making the policy prominent on the website will further simplify and speed up their navigation.
4. Use CTAs
Sometimes customers might need a little nudge to complete the purchase. In these cases, CTA can become a great way to do that. You can implement it in several ways:
- Add an exit-intent popup to the checkout page. An exit-intent popup is a type of CTA that appears right when the customer leaves the page. It works by offering them a discount, which thus prompts the customer to return to the checkout.
- Send abandoned cart email reminders. Such reminders will help you to get the customers back even if they've already left. You can set up such emails through abandoned cart recovery apps, which will collect the abandoned cart information and automatically send an email reminder to the customer prompting them to return to the store.
5. Offer precise information about the product and delivery
If the checkout process fails to provide the customers with clear and precise information about when and how they will get the product, the buyers might be deterred by the deal's uncertainty. To avoid that, try the following methods:
- Add an estimated delivery time so that the customer can know when they can expect the product;
- Set up a FAQ section and a live chat on your store and make them visible. These will allow the customers to quickly find the necessary information about the product, thus decreasing their concerns.
- Use a currency converter for international buyers. It may not seem like the most significant priority, but adjusting to your international customers can go a long way in growing your business in an increasingly globalized eCommerce world.
From warranting your customers' trust through security logos and upfront pricing to using well-timed CTAs, there are many ways in which you can improve your cart abandonment rates.
And while this list by no means could count them all, we hope that it's given some helpful and practical insight on the steps that you can take for your future eCommerce growth.
In the meantime, go ahead, try them, and then make sure to let us know what you think!
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