The eCommerce industry has become highly competitive. US eCommerce stores spend $23.50 billion on online advertising each year; buyers can get distracted while shopping online.
On average, 69.89% of shoppers add something to a shopping cart but eventually leave without buying anything, leaving the shopping cart abandoned.
The average conversion rate for eCommerce websites is a disappointing 2.86%. Chances are – you are dealing with this problem too.
What Is Shopping Cart Abandonment?
Cart abandonment is when your consumers add items to their online shopping carts but leave before making a payment. And if you don’t think this is a problem for your eCommerce store, you might not realize how much money you’re leaving on the table.
This is because, on average, 67.91 percent of all shopping carts are abandoned.
This means that more than 2 out of 3 people who add a product to their shopping cart will leave without taking out their credit card. That is a lot of missed opportunities and lost revenue.
The good news is that there are ways you can prevent it. And if you follow the tips in this article, you will see a drop in cart abandonment rates and an increase in profits.
1. Make Use of Social Proof and Trust Badges
Here are some suggestions like:
- Limit Your Form Field Boxes
- Allow guest checkout to allow guests to pay (or don’t force users to create accounts to shop with you)
- Update cart total with taxes and shipping to avoid unexpected charges
Trust badges are markers or small icons that let your visitors know that your website is secure. These are things like a cashback guarantee stamp or secure payment options at the checkout.
Such small icons can go a long way in making your targeted customers feel more confident about your website, products, and services. You should use the trust badge throughout your website, not just at checkout.
Social proof shows that other people use, love, and talk about your product or services positively. There are several types of social proof, but one of the most effective (and least used) are social proof notifications.
Social proof notifications are short messages that show when someone has positively engaged with your online brand. Such things include:
- Purchase on your site
- Signs up for a newsletter
- Registers for a webinar
But how do social test notifications help reduce customer cart abandonment? They build instant trust between you and buyers and create a sense of FOMO (“fear of missing out”).
FOMO is the thought that people don’t want to miss out on the positive things they see others experiencing. So when you create a social proof notice that shows other customers are buying your products, it prompts your website visitors to take similar action.
2. Accept Any Currency
If you are offering international sales, make sure you provide clear currency conversion information and other currency.
3. Be Careful With Coupon Codes
Coupon codes are a double-edged sword. On the one hand, they can motivate customers to buy. On the other hand, they could prevent your targeted customers from completing the transaction.
For example, if a customer does not have a coupon code, they may leave the site to find one but may never return.
4. Add Testimonials Everywhere
Some people only put testimonials on a dedicated page. You need to put them everywhere – even on your checkout page. A simple call or sidebar with a customer recommendation or both can keep the motivation level high as the targeted customer continues to check out.
5. Highlight Your Return Policy
Have you ever experienced buyer remorse? Some buyers do. Buyer’s remorse does not just happen after a purchase. The anticipation of remorse can seldom maim buyers before they purchase.
To prevent this from happening, give your targeted customers a clear and easy-to-understand understanding of your return policy. Make it simple. “Don’t like it? Just return it to us. No questions asked.”
6. Make the Cart Easy to Edit
Your cart should be easy to edit. Deleting items, changing quantities, and adjusting shipping options should be simple. Don’t make the mistake of creating buttons that accidentally remove everything from the cart.
7. Be Transparent About Your Costs
Remember the time when that low-cost airline flight got expensive? With additional fees for taxes and fuel, an additional credit card fee, and travel insurance the system selected for you by default, the ticket came out to be not so low-cost in the end. And most people would never buy that ticket. Why? Because once you see the final price, the whole thing starts to look like a scam. The product is no longer reliable.
56% of people abandon their shopping carts due to unforeseen costs during the checkout process. However, if people are given the right ideas about the cost of a product, they are more likely to buy it – even if it is more expensive.
So what does it mean? easy. Be transparent from the start and disclose all your costs on transportation, taxes, etc. Be honest with your customer.
We hope that you have found the above tips helpful. And what’s more, we want to know what has helped you reduce your shopping cart abandonment rate! Maybe you have an extra tip to give or an important lesson to learn? Let us know. Call us today.