3 Easy Ways to Reduce Shopping Cart Abandonment
- June 10, 2022
- 4 minutes read
Retailers are always on the lookout for strategies that reduce shopping cart abandonment – and it’s no wonder. Almost 68% of all carts are abandoned prior to checkout, amounting to $18 billion in lost sales revenue annually for e-commerce stores! If you’re tired of losing income and missing sales opportunities, don’t stress – there are many ways to reduce the number of abandoned carts.
Here are the three most effective methods for increasing the number of completed checkouts for your small business’s e-commerce.
#1 Provide Free Shipping or Reframe the Delivery Costs
A 2022 shopping cart abandonment research study cites “extra costs” as the primary reason 49% of people give up on their purchases. Here, shipping costs are framed as taking the front seat in driving said costs. Because of grand corporations, such as Amazon and Target, that can easily afford free-shipping options, free shipping has become a standard in customers’ eyes. A 2019 NRF study even finds that 75% of consumers expect free delivery and consider it essential to making an online purchase.
Unlike multi-million dollar corporations that can easily absorb the costs of free shipping, smaller businesses may have a problem providing such benefits due to financial constraints. If, as a business owner, you can’t afford free shipping, consider other ways of introducing additional costs upfront. Experts propose bundling shipping costs into the product price or disclosing them upfront to psychologically prepare the customer for paying a fee. Predictable purchasing experiences are proven to retain more customers, so give your all to remove the possible surprises out of the equation.
#2 Reduce Shopping Cart Abandonment With Guest Checkout Options
The second most common reason 24% of consumers cite as key for cart abandonment is the requirement to create an account to shop. Most people, especially those just starting to shop online, don’t feel safe leaving their personal details around. Additionally, first-timers at specific e-commerce sites often don’t want to invest time in making an account as they aren’t certain they’ll be coming back there to shop.
Like every small business owner, you want to get customers to register and leave their details. However, their objective is to purchase items that are of interest to them, and if this seems complicated, the chances are they’ll leave the store. To circumvent this issue, enable guest checkout to clients. A case study shows that variation in checkout options reduces the chances of cart abandonment. Multiple checkout options provide a sense of freedom that motivates consumers to purchase. Not only does the guest checkout option ensure more sales, but it speeds up the process and ultimately, gets customers to buy more.
Pro tip: To ensure you still retain some client information, provide a sign-up option with a first-time shopping discount. This will incentivize more people to sign up, yet it won’t be a mandatory requirement that will drive potential clients away.
#3 Provide Versatile Payment Options
A prominent reason about 10% of consumers abandon their cart is the unavailability of preferred payment methods. Make customers feel comfortable and safe buying at your e-commerce store by providing them with the possibility to pay with their preferred payment option. Many consumers like using PayPal, Amazon and Apple Pay, or Stripe, since their information is already safely stored on said platforms. Others simply enjoy using a credit card, so don’t forget to add this option as well. Versatility will ensure you reduce shopping cart abandonment by retaining customers who are in search for a convenient and seamless payment process.
Cart abandonment is a common issue and one that can hardly be circumvented in its entirety. On the bright side, an abandoned cart isn’t necessarily a lost sale – if you obtained client information, be sure to check in with them via email, and invite them back to your store!
However, a few easy user-friendly tweaks to your business’s website and shopping process, you’ll ensure more sales happen, and retain more customers than ever before. Promenade can help make the most out of your e-commerce. Learn how we’ve helped thousands of small businesses put their business on the map.