Shopping Cart Abandonment in Ecommerce and how to Reduce its Rate?
OOPs! Users are abandoning shopping cart on my ecommerce!
What is Shopping Cart Abandonment? How does it worry you?
Many times it happens in virtual shopping, users goes to the site, sees the products, checks the products and collects it in online shopping cart but they do not buy them and thus does not complete the payment process. This is abandonment of shopping cart. Higher the rate of abandonment, more is your worry. Generally, it happens on ecommerce stores and marketplaces but rarely happen in brick n mortar stores.
Rate of abandonment is ratio of number of transactions in which shopping cart has been left, and the total number of transactions. Higher the ratio, Higher the frustration. After investing lot of hardwork on implementing various strategies to attract the customers, it is major setback for any ecommerce business.
According to Baymard List based on 33 statistics studies done by various sources, average rate of abandonment is 68.63%, that means, out of 100 visitors 68 leaves without buying! If we see further, there is SalesCycle stat report across industries.
Shopping cart abonnement may put you in a reflective state as to why the potential customers are leaving without buying? There have been lot of research done to find the reasons;
As on avangate.com, broadly the reasons are:
Let us have a look at some statistics based on various research:
In 2014, Marketing Charts gave a statistical chart
High Shipping costs
Filled the shopping cart to get idea of the total cost
Not ready to purchase
Order not large to get free shipping advantage
Preferred payment option not found
Did not want to register or create an account
In 2016, Statista gave
Lucrative products/offers on competitor’s website
Order got expensive
Complicated website navigation
Unsure about payment security
Required delivery option not available etc.
By looking at the various reasons from above two statistical reports, ecommerce business can work on these and put efforts to overcome them and meet the various customers different expectations. No doubt, it is not an easy task and sometimes it is difficult to please each and every customers, but business can strive to narrow down these reasons. As, after all, the main goal is achieve business through customer satisfaction.
Let us look at some of the ways by which ecommerce business can reduce shopping cart abandonment:
Avoid Forced Registration
Avoid lengthy registration if absolutely necessary
Provide utmost security for various payment options
Offer various types of payment options
Keep Transparency In shipping costs, there should not be any hidden cost in the whole transaction
Offer shopping cart editing
Show them where they stand in the whole buying process
Offer them help if they get stuck somewhere
Be transparent about stock availability
Reassure the customer about delivery options they choose
Provide reassurance through your testimonials
Have all the terms & condition clearly on the site and about the refund policy too
Every Business has its difficulties but important is to bring out the solution. The emerging technologies with the Data Analytics support, gives a direction as to how to correct on the problems.
Mart2Web, knows in and out of how the Ecommerce works and is designed in such a way you’re your potential customers do not face any hurdles in their shopping experience and you can be saved from shopping cart abandonment. It has been possible only after thorough study and analysis as how each factor leads to shopping cart abandonment.