Do You Have Shopping Cart Abandonment Issues?
Shopping online is becoming the option of choice for many. In fact, a US study of online shopping habits referenced by Trellis.co perfectly shows just how big it is. The study found that 51% of respondents preferred to shop online and 80% of respondents have made at least one online purchase in the last 30 days. These results show that most internet users are open to online shopping and over half of them actually prefer shopping online vs brick-and-mortar shopping.
While shopping online is becoming more popular, so too is the action of shopping cart abandonment. Shopping cart abandonment occurs when a shopper adds items to a website’s shopping cart but leaves the site before finishing the transaction.
Shopping cart abandonment is the single largest obstacle for ecommerce retailers and it’s easy to see why. When up to 81% of online shoppers abandon their carts, this causes a lot of concern for online retailers.
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So why do shoppers have shopping cart abandonment issues? In today’s post, we delve into this issue and offer insight into some of the most common reasons why.
Shopping Cart Abandonment Issue #1 – Shipping Costs
Online shoppers are savvy. With a few clicks they can compare products and find the best price for what they are after. But after completing a successful hunt, there is nothing more deflating to that shopping high then finding out you must pay exorbitant shipping costs. Finding this out at the end of the transaction causes 55% of shoppers to abandon their carts.
While that statistic can seem overwhelming, there are ways to combat this obstacle. If your sales volume allows, try offering discounted or free shipping to customers. If that’s not in the cards, be up front with the shopper at the beginning of the transaction. If buyers know what they are getting themselves into at the beginning, there is less chance of them having sticker shock at the end of the purchase.
Shopping Cart Abandonment Issue #2 – Trust Issues
With an ever-increasing focus on privacy and cyber-security, having a shopper trust your site can decrease your rate of cart abandonment. Studies found that up to 35% of carts are abandoned because a site did not have a security badge displayed. If a buyer is going to give you their personal and financial information to complete the transaction, they want to make sure it will be protected.
To alleviate this obstacle, make sure you employ the right technology to ensure your customer’s data is secure. After that, prominently display security badges throughout your site so shoppers know your site can be trusted.
Shopping Cart Abandonment Issue #3 – Payment Options
When shopping online, buyers like to have options. That same desire also falls to their payment options, as not all shoppers want to give you their credit card information. This is especially true if security badges are absent from the site.
To overcome this obstacle, consider offering more than one payment option on your site. Third-party providers such as PayPal, Apple Pay and Google Wallet are some of the most common options. A less-common option allows the direct debit from a bank account. While some shoppers may have concerns linking directly to a bank account, others who do not use credits cards would find this a welcomed option.
While merchant fees for each of these options can add up, you will need to decide if an increase in sales offsets paying more in merchant fees
Shopping Cart Abandonment Issue #4 – No Save Option
Shoppers who know what they want will complete the sale during that same visit. On the other hand, shoppers on-the-fence about completing the sale or who are window shopping may need more time.
By providing a save option or wish list option, shoppers are allowed the luxury of more time. They can pause the transaction and revisit it later rather than losing it all and having to start fresh on their next visit.
The save or wish list option can also be a great remarketing opportunity for your company. If a transaction is not completed within a certain amount of time, a remarketing campaign can kick in. Since the shopper has already shown some interest in the items, it may only take a small nudge to have them complete the sale.
Shopping Cart Abandonment Issue #5 – Creating an Account
For online marketers, obtaining data about your shoppers is critical. The information collected drives marketing campaigns and can impact future decisions made by the company. While this information is indeed useful, you need to be aware that it might be impacting your cart abandonment rates.
35% of users have abandoned their carts because they did not want to create an account. With an abandonment rate like that, it may be worth more to forgo the data collection on this group and make the sale in its stead.
To go ahead with the sale, consider offering a guest check-out option alongside the sign-in option. A guest check-out option allows the shopper to make the purchase without having to commit to a full relationship with your company. If the rest of the shopper’s online experience was positive, that shopper may return, and this time they may create an account.
Shopping cart abandonment will always be a part of the ecommerce world. Shoppers are finicky beings and can abandon their carts for many reasons. However, by addressing the most common shopping cart abandonment issues you can greatly reduce the abandonment rate on your site. Happy shopping!
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