Shopping Cart Abandonment And Strategies For Recouping Lost Sales

Whether you manage a large e-commerce company or a local online shop, you should be aware that shopping cart abandonment affects every online retailer. Though it is impossible to totally avoid, you can massively reduce it and regain some of your nearly-lost revenue.

Customers abandon their shopping carts at a rate of 69.57 percent on average, resulting in considerable sales and income losses. Thus, we’ll provide you with techniques for recouping lost sales.

We’ll go through the following topics to help you optimize your shopping cart and keep more users on track to complete a purchase:

  • Shopping cart abandonment vs Checkout abandonment

  • Common reasons for shopping cart abandonment

  • Strategies for reducing shopping cart abandonment and recouping lost sales

  • Way to recover up to 30% of your abandoned carts

Shopping cart abandonment vs Checkout abandonment

The distinction between cart abandonment and checkout abandonment is just how far down the sales funnel customers reach before abandoning. Cart abandonment occurs after a buyer adds a product to their cart. While checkout abandonment occurs after the user begins the checkout process.

Use both metrics correctly to determine where buyers abandon their transaction in the sales funnel. This can come in handy when you’re working on ways to optimize your shopping cart and checkout process. Thus, you can get more consumers to buy.

Common reasons for shopping cart abandonment

Because you’ll never completely eliminate shopping cart abandonment, you’ll want to keep striving to lower your eCommerce shop’s cart abandonment rate. Isolating the factors customers leave your site without buying a product is the greatest method to design ideas.

According to the Baymard Institute’s collection of research, the following are the most typical factors for cart abandonment:

Baymard.com/checkout-usabilty

Use them to assist you to decide what you should concentrate on the most. Pay attention to your store’s metrics, since some may be more useful to you than others. You can then utilize the solutions listed below to improve these situations.

Strategies for Reducing Shopping Cart Abandonment and Recouping Lost Sales

Trigger pop-ups based on the value of the basket

If you’ve ever googled “how to prevent cart abandonment,” you’re well aware of the number one technique that every marketer suggests: When customers are about to exit your site, give them a promo code.

Although this method is effective in recapturing several of your abandoning visitors, it is not without drawbacks. These are:

  • You may lower the overall value of your items

  • Your customers will learn to expect deals and will abandon their shopping carts intentionally.

Fortunately, you can provide a better incentive to departing customers. As incentives, products convert nearly twice as well as discounts. While giving away free stuff is a high-converting offer, you simply can not afford to do so with every sale. However, you can use several incentives depending on the visitor’s basket value.

If a customer’s basket contains products worth more than a specific amount, you could offer them a complementary product promotion that they are eligible for.

When they’re under that amount, you may send them a separate campaign informing them that if they finish their transaction, they’ll be entered into a giveaway:

Provide free shipping

One of the most common reasons for cart abandonment is the cost of shipping.

Buyers become annoyed if they begin the checkout process only to discover that the overall cost has increased, particularly if the increase is huge. Transparency is essential, therefore customers may feel duped when faced with previously hidden shipping fees.

Shopping cart abandonment occurs as a result of loss in client satisfaction and trust.

To avoid this problem, provide your consumers with a voucher for free delivery. Ensure to inform them right from the start of their purchase journey. This allows you to sell your items at no extra cost while also disclosing the complete cost upfront.

Some offers you can provide in your free delivery are:

  • Location range

  • Products/categories that have been chosen

  • A minimum purchase value is required

  • For a limited period of time

Provide a wide selection of payment options

If customers are unable to pay using their preferred method, they are likely to abandon their shopping carts. According to ClickandBuy, 50% of shoppers fall into this category.

As a result, provide as many payment options as possible to avoid this cart abandonment cause from taking hold. The following are some of the most typical payment options you must include:

  • Visa

  • MasterCard

  • Discover

  • American Express

  • PayPal

  • Local payment methods. For example AliPay in China

Personalized Social Proof can help you improve your popups

Your visitors frequently leave their shopping carts because they are unsure of the quality or usefulness of your items.

It’s one thing to receive positive feedback from manufacturers, but it’s quite another to get it from other consumers in terms of reviews.

Not only can reviews provide credibility to your product’s excellent qualities, but they also provide the most powerful type of social proof because they come from people who are similar to us.

Only a few businesses use consumer reviews in popups, which is an underutilized cart abandonment strategy. Furthermore, you may improve your popups by tailoring them to the goods that your prospects are fascinated by.

Make your checkout process more straightforward

Cart abandonment can also be caused by a complicated shopping experience.

If customers aren’t sure where they need to go or why they need to fill out a form, they may abandon the page. Buyers do not want to put up much effort in order to complete a purchase.

How can you make your checkout process more clear?

  • Have distinct calls to action (declaring the next step and where they’ll go).

  • Specify why each form field must be completed.

  • There should be a back icon on the webpage

  • Add a button to the product that allows you to edit it

There are four steps to the checkout process. Each one is concise and contains a single, concise CTA to proceed to the next step. The following step is automatically disclosed if the CTA is clicked, with the ultimate CTA being the “place order” option.

This method enables a smooth and efficient checkout. Moreover, the customer can change their cart or return to the website at any time during the procedure.

Recover Up to 30% of Your Abandoned Carts

Sadly, cart abandonment is impossible to totally avoid. Don’t worry, we’ve got a plan in place for after you’ve been abandoned!

It’s an email remarketing campaign with multiple stages. This contains a series of tailored triggered emails that are produced in real-time.

The content of the abandoned cart, product suggestions, monetary incentives, and other information may be included in the emails. You can use the emails to re-engage and connect with your consumers, allowing you to create a connection with them.

They effectively persuade your abandoners to come back and retrieve their carts, reducing cart abandonment by 10% to 30% and inducing an overall conversion rate of 18%.

Conclusion

We live in a time when tailored experiences are the norm, and shopping online will be no exception.

You can no longer afford to present all of your buyers with the identical exit-intent discount offer and expect excellent outcomes. Consider these advanced techniques a shot if you want to go beyond to lower cart abandonment rates.

What strategy are you considering to do first? We’d love to hear from you! Share it in the comment section below.



Leave a Reply