One of the challenges of online retail is that shoppers can add items to their cart without any intention of following through with a purchase. This phenomenon is known as shopping cart abandonment, and it’s a major issue for ecommerce businesses. When a shopper abandons their cart, it means that they’ve started the checkout process but ultimately decided not to complete the purchase. There are a number of reasons why this might happen, including high shipping costs, unexpected fees, or simply change of heart. Whatever the reason, abandoned shopping carts can have a significant impact on a retailer’s bottom line. That’s why it’s so important for businesses to pay attention to shopping cart abandonment rates and take steps to reduce them.
SHOPPING CART ABANDONMENT RATE
WHAT IS SHOPPING CART ABANDONMENT
Shopping cart abandonment is a critical metric for ecommerce sites, since it can provide valuable insights into the user experience and sales funnel. A high abandonment rate indicates that something may be wrong with the checkout process or that customers are encountering usability issues on the site. Regardless of the cause, reducing shopping cart abandonment is crucial for increasing sales and revenue.
There are a number of factors that can influence shopping cart abandonment, including complex checkout flows, slow site speed, or an overly complicated user interface. In order to decrease shopping cart abandonment and optimize the checkout flow, online retailers need to pay close attention to these factors and make strategic changes where possible.
WHAT IS CONVERSION RATE OPTIMIZATION (CRO)?
Conversion rate optimization (CRO) is the practice of increasing the percentage of users who perform a desired action on a website. Desired actions can include purchasing a product, clicking ‘add to cart’, signing up for a service, filling out a form, or clicking on a link.
CALCULATION OF CONVERSION RATE
A conversion rate is defined as the percentage of visitors who complete a goal, as set by the site owner. It is calculated as the total number of conversions, divided by the total number people who visited your website.
For example: Your website receives 100 visitors in a day and 15 visitors sign up for your email newsletter (your chosen conversion to measure). Your conversion rate would be 15% for that day.
HOW DO YOU OPTIMIZE CONVERSION RATES?
Some most effective ways to Increase your Conversion Rate
- Add a pop-up to your site.
- Remove unnecessary form fields.
- Add testimonials, reviews, and logos.
- Remove distractions.
- Make the initial step really easy.
- Add a third-party signup service (Third-party login is an authentication alternative used by several websites that allow you to access from an existing social media profile account on Google, LinkedIn, or Facebook without having to define a new username and password.)
- Strengthen your CTA copy (CTAs have been used for centuries to encourage engagement with an email. A simple “Visit our store today!” is enough of a CTA, but it can also include more complicated offers like time-sensitive discounts or free shipping on certain products only accessible through emails signed up for specifically at these times!)
- Add live chat to your site.
Despite everything you have already put in place, your shopping cart abandonment is still high, let’s see what you can do .
HOW TO REDUCE ECOMMERCE CART ABANDONMENT
CAUSES OF CART ABANDONMENT
Shopping cart abandonment is a complex problem, with many possible causes that can vary from customer to customer. The first step in addressing this issue is to generate hypotheses about why visitors might be abandoning their carts. This can be done by examining analytics data and identifying the points where visitors are dropping off the most, conducting research or surveys with actual or potential customers, or comparing your checkout flow to other sites’ processes.
There are many possible causes for shopping cart abandonment, making it a complex problem to tackle. Some possible reasons might include high shipping costs, outdated checkout processes, confusing product information, or lack of trust in the site’s security measures.
At first glance, addressing the issue of shopping cart abandonment may seem daunting, given the number of potential contributing factors.
However, by taking a more systematic approach and analyzing site data, conducting user research, and A/B testing different solutions on the site, it is possible to identify and implement effective strategies for reducing shopping cart abandonment rates. Ultimately, this will help to boost conversions and improve customer satisfaction and retention.
WHAT IS A/B TESTING?
A/B TESTING A POWERFUL TOOL
A/B testing is a powerful tool for improving website performance and user engagement. Whether you are optimizing your landing pages, product pages, or online checkout process, A/B testing allows you to quickly and easily identify what changes work best for your users. Some common elements that can be tested through A/B testing include different layouts, color schemes, text copy, and images.
A/B TESTING AND CTA
Additionally, A/B testing can be used to determine the ideal call-to-action (CTA) or offer for your target audience, or to test funnels and user flows to streamline site navigation. So if you want to take your website to the next level, consider using A/B testing as part of your optimization strategy!
RETARGET YOUR CUSTOMERS
A consumer enters your site to browse through your product catalogs. Then he adds something to his shopping basket. That’s a great thing. Upon entering the checkout page, they exit the webpage and leave the site with the wrong transaction. It’s not money for you at all. Cart abandonments in e-commerce have become increasingly common. Statistita said that nearly 80% of online shopping ends before the buyer makes his/her purchase. The abandonment of carts translates into an estimated $18B lost to ecommerce brands.
COMMON STRATEGIES
Some common strategies include streamlining the billing and shipping information forms and optimizing site speed through things like image compression or resource minification. Ultimately, improving the user experience through website optimization is one of the most effective ways to reduce shopping cart abandonment and maximize sales in today’s competitive ecommerce landscape.
And other way to do this is by offering free shipping or other incentives that make completing a purchase more attractive to potential customers.
Your main goal should always be to provide your customers with the fastest experience possible. The use of payment by credit or debit cards allows for use of eWallets such as Google Pay, Apple Pay, and Venmo. The customer can also utilize card information saved to the device for the smooth purchase process. Amazon also introduced an ‘as of now’ feature that gives customers an opportunity to make a purchase without leaving a purchase section altogether.
SHOPPING CART RECOVERY
WHAT IS SHOPPING CART RECOVERY
When it comes to dealing with shopping cart abandonment, one of the most effective strategies is shopping cart recovery. Beyond simply improving and optimizing the shopping experience, this approach focuses on recapturing customers who have already left your site before making a purchase.
HOW TO CONVERT ABANDONED CARTS IN SHOPPING CARTS
There are various tactics that can be used to recover abandoned carts, including targeted email campaigns and SMS or chatbot reminders. These tools can help to automatically target customers at key moments, such as when they reach the checkout page or right after they leave your site. Ultimately, this dual focus on both optimizing the buying process itself as well as pursuing recovering abandoned carts can help businesses capture more sales and increase their bottom line. So if you’re looking for a way to boost your ecommerce strategy, don’t overlook cart recovery – it may just be the key to unlocking profits from lost sales!
ONLINE SHOPPERS THAT ABANDONED CARTS
Two good methods of cart recovery are abandoned cart emails and abandoned cart retargeting.
With abandoned cart emails, you can send an email to the user with an offer or coupon code to entice them to return to your online store and make the purchase: you can for example offer free shipping costs.
With abandoned cart retargeting, you place an ad pixel on your checkout page and then are able to remarket to those users on ad platforms such as Facebook and Google. Ad retargeting is a powerful tactic in cart recovery.
DISTRACTED USERS WHO COULD HAVE BOUGHT
Abandoned shopping carts are not always the result of a problem with your site. Sometimes everything goes perfectly well on your pages, you inspire confidence and you seduce the Internet user. The latter is simply distracted by another web page, a task to do at home, a phone call or any other element that could prevent him from ordering. In these rather frequent cases, you could get your hot prospect back and finally help him validate his order, provided you know how to effectively follow up.
EMAILS AND PUSH UP NOTIFICATIONS
EMAILS TO RECHANELLING YOUR CUSTOMERS
Email remains an indispensable channel for recovering abandoned shopping carts. Indeed, email open rates can be close to 70% (45% on average) while click rates can reach 40%. The average conversion rate is around 3%. While email is a very reassuring channel that has been used by all for many years, we must not forget that we are overloaded with emails (120 per day on average)! To make sure your message stands out in the crowded inbox, be sure to craft a subject linethat is both attention-grabbing and relevant to the content of your email. In addition, keep your email copy clear and concise, and make sure to include a strong call-to-action. By following these tips, you can be sure that your abandoned cart recovery emails will be effective in driving customer conversions.
In order to stand out in today’s crowded marketplace, one must do everything in their power to capture the attention of potential customers.
Additionally, utilizing techniques like cross-selling and upselling can help you connect with customers on a more personalized level and encourage them to take action.
PUSH NOTIFICATIONS TO GRAB THEIR ATTENTION
Taking advantage of push notifications can help you truly grab the attention of recipients by allowing you to reach them directly, no matter where they are or what they’re doing. Because when it comes down to it, in order to succeed you need to convince people that your product or service is worth paying more attention to than all the others out there vying for their attention as well.
If you’re looking to increase your sales and boost conversion rates, then don’t hesitate to trigger push notifications for users who have abandoned their carts on your site. Whether they’re browsing from a laptop or a smartphone, these notifications allow you to instantly capture the attention of potential customers, helping them to remember all the great products that they still haven’t purchased. And because push notifications can be delivered directly to the user’s phone, with no need to open an app or click on a link, it’s easier than ever to get your message across and convince people to finish checking out and buy your products. So what are you waiting for? Start using push notifications today and watch your conversion rates soar!
CONCLUSION
Retargeting can be a powerful marketing tool, reminding potential customers of your product or service while they are browsing other websites. By personalizing the message and tailoring it to the individual’s interests, you can encourage them to take action and complete a purchase. Indeed, studies have shown that retargeting is an effective way to increase conversion rates and boost sales. While it is important to have a strong marketing strategy in place, retargeting can be a valuable addition to your toolkit, helping you to reach your goals. Thanks for reading!
