People love to shop online, and there is no dearth of E-commerce stores. But do you know the flip side of the E-commerce sector? Well, it is the conversion ratio of carts to sales.
Confused? According to a recent E-commerce study, the median cart abandonment rate is 74%. So, you, as an (E-commerce store owner), should know about the gap between cart and sales. On average, seven out of 10 visitors add to the cart but do not proceed to checkout.
Of course, watching a potential buyer add to the cart only to abandon it can be frustrating. But instead of getting frustrated, you can focus on strategies that convert abandoned carts to sales.
Recently, you might have noticed notifications from E-commerce stores about (added to the cart and forgot to purchase) in a subtle marketing tone. Most online retail stores do that for conversion.
Today, we will understand what goes wrong and the solutions to address this issue. So, if you are an E-commerce store owner, this might help you.
Abandoned Cart Recovery
If a shopper abandons your cart, it’ll impact your sales and conversion rate. Naturally, you don’t want that to happen, right? Instead of focusing on the volume of marketing strategies, focus on the reasons (why it is happening to your site).
If the figures are repetitive, you can start with abandoned cart strategies. These powerful strategies can help potential shoppers return to your website and complete their purchase.
Simply put, you can negotiate before the final purchase so that they complete the transaction on the site. However, it is essential to know the reasons why shoppers abandon carts before you curate a strategy.
Reasons Shoppers Abandon Carts
As an online retail store owner, you need to understand why potential shoppers abandon the cart. Here are some top reasons:
Creating An Account
The prime reason for cart abandonment is when the shoppers are asked to create an account. For example, if a shopper visits your E-commerce site by chance, likes a product, visits the checkout only to find he needs to create an account, he will abandon the cart there and then.
One reason for this could be time constraints. People want instant checkout options nowadays, so this could be a reason you must consider before you create a conversion strategy.
Slow Delivery
When you order something from an E-commerce store, you expect a quicker delivery time, right? That’s one of the reasons why quick commerce sites are thriving today.
Anyways, if a shopper has to wait for one week to get a product, they won’t purchase from your site. In this fast-paced world, shoppers expect quicker delivery times.
In fact, shoppers believe that quick delivery is the key benchmark of their online purchase. Slow delivery is not good news to potential shoppers, so take this into account.
Added Costs and Shipping
If a shopper gets a better deal at another store with low shipping costs, he would prefer that site over yours.
Most shoppers abandon the shopping cart once they see how much added costs and shipping add to the final product cost. In fact, this is the key reason why most shoppers leave the site. Shipping costs can be a turn-off for potential shoppers, so you must fix these costs to convert potential shoppers into buyers.
Complex Checkout Page
Shoppers leave the checkout window because of complexness. You heard that right. A shopper may like a product, but if the checkout page is complicated, they will leave the page.
As such, a lengthy checkout process can be draining for shoppers who want to buy the product quickly. As a result, they abandon the cart, which can affect your sales.
Also, if the checkout page is not updated, it can impact new buyers. You can simplify the checkout process to reduce the gap between adding the products to the cart and buying.
Fewer Payment Options and Tech Issues
Close to nine percent of shoppers abandon a cart with fewer payment options. Of course, with so many digital payment options available today, shoppers look for new and improved options.
Also, if a shopper does not find a preferred payment option, he may abandon the cart. For example, if a shopper uses a particular debit card not listed on your payment page, then you can expect abandonment.
It is a good idea (to add more payment options) for the convenience of shoppers. We will discuss this later in the post.
Comparison Shopping
Comparison shopping is similar to window shopping. Didn’t get the deal? Shoppers these days visit 3 to 4 eCommerce sites to buy the same product. It is similar to comparing the product price before making the final purchase.
Of course, shoppers will abandon the cart if they get a better deal on some other online retail store. If this happens occasionally, it’s not good news for you. Setting up a competitive price band can help to some extent. As such, product pricing is the key aspect of online shopping.
Technical Issues With the Site
Sometimes potential shoppers leave the site with technical issues. Tech errors, such as website errors, frequent crashes, and slow loading speed can affect the site’s performance.
Do you know that if the checkout process does not load within 30 seconds, around 50% of users leave your site. Tech errors can frustrate shoppers, resulting in cart abandonment.
Some new buyers will leave your site without even looking at your products – this is a red flag for your E-commerce site. You need to pay attention to the site’s working and maintenance to prevent these errors.
Return Policy on Products
Close to 12% of shoppers abandon a cart with no return policy. If your website does not mention clear return policy terms or there is no return policy on purchased products, it could be a possible reason for abandonment.
The biggest advantage of online shopping is the flexible return policy. You need to recheck your terms and update them again if you think it’s a reason why shoppers leave your site. An easy-to-understand return policy can help shoppers complete their purchases.
Strategies That Can Convert Abandoned Carts Into Sales
You now know the reasons for abandoned carts and why it does not translate to sales. It is time to look at some effective strategies that will make a difference.
1. Push Notifications
Have you noticed that when you leave an E-commerce website without purchasing the stuff you added to the cart, you receive a notification to check out? That’s a marketing tactic most sites use to push customers towards purchase.
Push notifications are a solid reminder for a shopper to complete the checkout process. These notifications are specifically positioned to get the shoppers’ attention.
Ideally, you can send these notifications to their mobile or desktop browser. Besides cart purchase reminders, you can also send shoppers notifications about new product announcements. Mobile notifications can help you grab immediate attention.
2. Retargeting Ads Strategy
Do you know about retargeted ads? Well, these ads are a friendly reminder to shoppers who have abandoned their shopping carts. Simply put, you can nudge your shoppers to complete their purchases subtly.
But for this, you must identify the exact reason for cart abandonment. Once you know the reason, you can add content with targeted copies. This way, you can primarily target the creatives based on the market segment. Re-targeted ads strategy offers a personalized experience, which increases customer engagement and conversions.
3. Exit Intent Pop-ups
Similar to notifications, you can use intent pop-ups. What’s that? Exit Intent pop-ups are aimed at shoppers who leave their carts without payment.
Something like: if a shopper adds three products to the cart and leaves the page, an intent pop-up can remind the shopper about the products with an added 10% discount.
As such, a discount coupon will convince the shopper that he is getting a good deal and will complete the purchase. With exit intent popups – the site can track the user’s mouse movement on the page.
To minimize cart abandonment, you can offer deals and rewards to shoppers with intent pop-ups. Ideally, a user intent pop-up tool can show your shoppers the right offer at the right time.
4. Use Recovery Emails
How about sending personalized emails if a shopper abandons the cart. Yes, it’s still the best way to get back to the shopper. Better still, you can set up a customized email campaign if you have a user’s email address.
Every time a shopper abandons a cart, send a customized email to remind them about the purchase. Plus, you can add dynamic product descriptions and images of the product left in the cart.
Don’t forget to add clickable URLs for easy navigation. Woocommerce offers plugins that can help you set abandoned cart email campaigns.
5. Focus More on User Experience
Easy navigation and an effortless user experience can allow shoppers to keep track of their purchases. As an online owner, you can create an inviting shopping environment by addressing different pain points, such as navigation difficulties and shopping cart thumbnail views.
When you provide an image and product details during checkout, it assures shoppers that they need to complete their purchase. Also, monitor the site’s uptime and aim for faster loading speed.
6. Offer Guest Checkout Options
As mentioned above, most new shoppers will leave your site if you don’t provide a simple guest checkout option. Sometimes, buyers must be in a hurry to purchase and may not have time to validate their mail or fill out additional details.
For this reason, it’s vital to enable guest checkout.
Also, guest checkout ensures that the shoppers don’t have to store their card details, which can enhance security and expedite the purchase. Besides, you can offer a single-click checkout where shoppers can fill in shipping details and payment information.
7. Offer An Effortless Return Policy
If there is transparency in the return policy window, you can win a customer for life. Besides, the last thing a shopper would want is to wait endlessly to return the product and get a refund.
Don’t you think you will impact your goodwill with a complex return policy? To avoid this, curate an easy return policy and ensure it is visible on your site and cart. Ideally, you can also feature the return policy in a pop-up, which will make it easier for the shopper to notice.
8. Offer Multiple Payment Options
Most potential buyers leave the site (with no) multiple payment options. As a result, it will affect the sales. Well, setting up different payment options caters to customers’ preferred payment modes.
For example, some shoppers are comfortable with credit cards, some with debit cards, and now UPI has become a new mode of payment. Other than cash on delivery, you can integrate with payment gateways to ensure seamless payment modes. If you offer flexibility to buyers, you can prevent cart abandonment.
9. Create Social Proof Credibility & Add a Live Chat Feature
Social proof offers credibility to your site. Today, most online shoppers prefer to see reviews before buying a product. In fact, adding elements such as product images, user-generated videos, testimonials, and reviews will motivate shoppers to make a purchase decision.
For example, an actual customer product photo with a five-star review will compel a buyer to make a purchase. With social proof credibility, it’s vital to add a live chat feature.
Having a live chat window is an effective way to recover abandoned carts. If shoppers are stuck with the checkout process, they can ask for help via live chat. Also, you can use the option of AI chatbots for live chat on your E-commerce site.
Wrapping up,
It is time you curate the winning strategies to turn abandoned carts into purchases. As shoppers have already engaged with your business, your simple effort will help to drive more sales.
Find the reason for the abandonment and work on it. If you implement small changes, it’ll make a huge difference in your sales and marketing.
In addition, you can stay ahead of the game, as shoppers will prefer your site over other E-commerce sites on the internet. Are you ready to optimize your sales? Work on your strategies and see results.
