Approximately $4 trillion worth of merchandise is abandoned in online shopping carts per year and about 63% of that is potentially recoverable by savvy online retailers. Here are 5 simple methods to lower shopping cart abandonment.
Shopping cart abandonment is on the rise and it will continue to do so as more consumers move to online and mobile shopping. Last year, shoppers abandoned 74% of online shopping carts.
An abandoned shopping cart does not automatically result in a lost sale. Three-fourths of shoppers who have abandoned shopping carts, say they plan to return to the retailer’s website or store to make a purchase.
Online retailers can reduce the rate of abandonment and increase sales conversions by streamlining the checkout process and also by re-targeting shoppers with emails after they’ve left a website. Initial emails, sent three hours after a consumer abandons a cart, average a 40% open rate and a 20% click-through rate, according to Listrak.
5 Simple Methods to Lower Shopping Cart Abandonment
1. Simplify the checkout process as much as possible.
Nothing annoys online shoppers more than confusing and lengthy checkout processes. E-commerce websites should use shopping cart applications and solutions that come with very simple and user-friendly checkout processes. Simplifying checkouts with e-commerce websites increases online sales and lowers shopping cart abandonment.
2. Create a trusting shopping environment.
Consumers shop at websites that they trust. To decrease shopping cart abandonment, retailers should create a trusting shopping environment. Shopping pages and key website pages should list security icons, guarantees, warranties, payment methods, incentives, and other elements that add trust.
3. Display plenty of customer service options.
Consumers that do not have the option to easily reach someone will abandon more likely their shopping checkout. Retailers that want to decrease abandonment should clearly display on all key pages and shopping pages a phone number, chat features, email, and other customer service options.
4. Use high quality and multiple images.
An image speaks a thousand words. We all have heard this saying before. To lower shopping cart abandonment, retailers should display high quality photographs and images of what they are selling. For best results, each SKU should display multiple images.
5. Remind consumers of their abandoned carts.
To recover consumers and shoppers that abandoned carts, reach out to them and remind them. Aside from email marketing campaigns, retailers should offer wish list and “save for later” features to help shoppers return and finish the shopping process.
For best results, e-commerce website businesses and retailers should work with professionals and experts to decrease shopping cart abandonment and increase online sales. Marketing services such as Conversion Optimization address many of the improvements that can be made with e-commerce websites.
