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30.Jul.2020 Archana Gunasekaran - Shopping Cart Abandonment
Tackling cart abandonment can be pretty tricky for both new and seasoned business owners. From figuring out the reasons behind the abandonment to fixing those triggers, online merchants also have to unlearn their pre-existing notions about abandoned carts in order to combat it more effectively. Just as there are many myths about choosing the right business name, cart abandonment myths are no different. Here are some myths surrounding abandoned carts that are commonly interpreted to be true, and can seriously hamper your cart recovery strategy
While it is true that in some cases that a potential customer loses interest in the product and abandons their cart, it’s not the case every single time. Believing so would really jeopardize your efforts to better your business in different ways. Here are some reasons why your potential customers may be jumping ship.
a) Page design – Now, this factor is more of a page abandonment than a cart abandonment. But a quality website is key to any successful conversion. Businesses have less than 10-20 seconds to make an impression on a customer, failing which the customer usually abandons the site( Source).
So ensure that your website is clean, with good content, high-quality product images, and a hassle-free interface. This definitely helps retain the customers for a longer time. A relevant product line, paired with seamless user experience is a sure shot way to bring in those sales.
b) Complicated checkout – The checkout is where the magic happens. The customer loves your product enough to make the sale and as a result, helps your business thrive. Then why make this process long and hard? Involve fewer steps, lesser data requirements, and a good choice of secure payment options to choose from. And have a prominent support CTA that the customer can reach out to, in case of any queries. This way the customer can exit the current sales funnel on a high.
c) Unexpected shipping costs – According to Barilliance, over 25% of online shoppers abandon their cart because of the unexpected total cost on the checkout page. The final cost on the checkout page is usually the addition of taxes and shipping costs that can inflate the product cost by a huge margin. This major deterrent can have a pretty simple fix. Add the taxes and other costs to the product cost and add a banner to the homepage that mentions the same. Display all costs upfront. This way your customers will not feel defrauded when they reach the checkout page.
d) Mobile optimization – In this day and age, where mobile devices are reigning supreme, it is imperative that every online business is optimized for mobile. In fact, according to eMarketer, mobile ecommerce is projected to account for over 54% of all eCommerce sales (Source). There is absolutely no reason not to leverage this amazing opportunity and make the most of the mobile ecommerce wave. If your website does not appear right on the customer’s device and load quickly enough, remember that there is a high probability that the customer will quit their session, and that’s something that we need to avoid at all costs.
e) Payment issues – The fag end of the checkout process is where quite a lot of customers pull the trigger. Why, you ask? The simple reason being payment related issues. Either the customer did not find a suitable payment option, or had concerns about the security. The best way to diffuse this problem would be to have a varied range of payment options, though it may involve initial setup, it definitely pays off in the long run. As for security concerns, pepper your site with trust badges. Having a support option, and a detailed FAQ section about payment is a great option as well.
f) Forced account creation – After unexpected costs being the biggest reason behind cart abandonment, forced account creation comes a close second. With 22% of online shoppers abandoning their cart, there is no reason to hold on to this data collection tactic. Make the checkout process shorter with minimal data collection. Enabling guest checkout is another choice that can be considered. Sure, there is likely some data loss with this tactic, but then this problem can be redeemed with smart email marketing. Here’s a sample of how you can employ guest checkout for your business:
Discounts are the poster child of the eCommerce world – often considered to be a fail-proof shot to bring in a higher number of sales at a faster rate. But it’s time to take a step back and look at the complete picture. While it is true that a nice incentive brings about a conversion faster, it does take out a big chunk of the business profit. This is a very unhealthy situation for any growing company to be in.
The answer to this situation involves threading the fine line between when to offer incentives and when to withhold them. Striking this balance will not only help grow the customer base, but also bring in better profits.
For e.g do not add an incentive right on the very first abandoned cart email. Try and win over the customer with the right content. Incentive loyal customers, or on products that already have a higher mark-up, that way the profits will still be in a healthy state. But in high ticket sales that you absolutely have to win? It’s OK to give in and go for the gusto.
There will always be customers who lose interest in a product after adding it to their cart. They may not like the product, or may not have the need for it anymore. Considering this case for every instant of cart abandonment can handicap your business. It’s imperative to dig deep and find potential triggers for the customer to abandon their cart.
The Ecommerce space is synonymous with cutthroat competition. A customer usually visits multiple websites for the best deal in terms of quality and price. Additionally, they also check for positive user reviews for the product or site. If your business lacks in one of these two aspects, the customer immediately loses interest in your business, thereby resulting in a loss of sales. Sending out an abandoned cart email is a great way to improve the recall factor. It reminds the customer of the initial use of the product. Add user reviews to build brand trust, and the customer may just make that sale.
Marketing has grown by leaps and bounds in the last few years. With marketing strategies available for every aspect of a user journey, abandoned carts are no exception. We’ve given out detailed steps to create a winning cart recovery on our blog. A perfectly executed abandoned cart email definitely wins back a good number of the almost-lost sales, and retargeting ads are also a good implementation to win back the potential customers. If you’re new to sending abandoned cart emails, using an abandoned cart email template will make the task even easier. With set sections for images and content, choose one that suits your business needs the best, and customize the template to your liking.
While it is important to be proactive and combat cart abandonment, it’s no way that cart abandonment rates show the health of an online business. 3 in every 4 customers abandon their carts. In fact, according to Sleeknote, eCommerce brands lose over $18 billion every year in sales revenue, and this number is projected to increase year-on-year. There will always be abandoned carts, no matter how amazing your cart recovery strategy is. It’s important not to lose hope, and keep working on reducing the number of abandoned carts, and to accept that they are unavoidable.
It’s pretty easy to slot a trigger for cart abandonment – such as website usability issues, cost of the product, business credibility, etc. But running a business is not always black and white. A business can fall out of favor because of its business ideals, stances on social problems, the inclusivity of the content and many more. So take a step back and read between the lines. Send out surveys or perform A/B testing to understand your target audience and their needs better. Following up with the required improvements is non-negotiable, for that’s the way to stay on top of your game in dealing with competition. Being inclusive and transparent as a brand is a definite way to form healthy and long-lasting customer relationships.
We hope we’ve helped burst the abandoned cart bubble surrounding your business. Now it’s time to utilize our tips and tricks and take a clear step forward in winning back the almost-lost sales. Which of these myths was you a firm believer in, or are there more myths that you can add to this list? Let us know in the comments!
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Senior Ecommerce Strategist9 Years of Experience Working with Multiple Brands
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