Online shopping has revolutionized the way shoppers shop, and sellers sell. It is especially attractive to the sellers, owing to benefits like a wider audience, more advertisement opportunities to shoppers from all over the world, and a smaller investment for setting up a website.
However, there are few downsides too. One of the glaring ones is shopping cart abandonment! Let’s understand it in detail…
What Exactly Is Shopping Cart Abandonment?
Shopping cart abandonment is when a shopper visits a shopping website, browses through various products which interest him/her, puts them in the shopping cart, but eventually does not make the purchase. In most cases, the customer ultimately abandons the products in the shopping cart and does not complete the transaction.
As per statistics, four out of five shoppers abandon their shopping cart!
At present, the average rate of shopping cart abandonment is 87% which rises to 91% on weekends. There is a metric to measure and decipher the phenomenon of shopping cart abandonment which is known as abandonment rate. It is calculated by taking the number of total transactions which were completed and divided by the total number of transactions which were initiated but not finished.
Types Of Shopping Cart Abandonment Observed!
- Abandonment after Browsing — Many shoppers browse through an online site and place the items in the cart, but do not purchase at the end.
- Abandonment due to Procedure — Often, shoppers have to fill out lengthy forms particularly during checkouts which makes online shopping a tedious affair — eventually leading to abandonment.
- Abandonment before making a Booking — This type of abandonment typically takes place in travel websites where shoppers have to spend a lot of time deciding to book the best deals along with extra details like insurance, preferred seats, etc.
So, Why Do Shoppers Abandon Their Shopping Cart?
1) Many shoppers enjoy browsing through products before they decide to buy what they like. They are not yet ready to purchase as they might want to do more research on the products and end up abandoning their shopping cart.
2) After browsing through the products thoroughly and gaining as much information on it, many shoppers also like to purchase from the stores themselves.
3) Shoppers are cautious when it comes to sharing their bank details to shop online because of which they may abandon their shopping cart.
4) Another reason for abandoning the shopping cart is because of the extra shipping charges attached with an order.
5) If the return policies of the site are not comfortable and convenient for the shopper, then in all likelihood he/she may abandon the shopping cart.
6) Shoppers also tend to abandon their shopping cart if they do not find their preferred mode of payment as a payment option.
7) Shoppers find it an obstacle when the check out procedure is confusing or complicated which leads them to abandon their shopping cart.
8) At times, technical glitches on the website may act as a deterrent to the shopper who wishes to make the purchase but is forced to abandon their shopping cart.
9) Shoppers are wary of discounted prices and are always on the lookout for a better deal by comparing different websites.
Is There A Way To Minimize Shopping Cart Abandonment?
The truth is that every eCommerce owner or online seller experiences shopping cart abandonment, as shoppers are very particular about the pricing and the quality of the product. Every shopper wishes for a flawless experience while shopping.
If eCommerce owners and sellers can work on providing a great customer experience to shoppers, along with ensuring the timely delivery of quality products, this tendency of abandonment could be slowly reduced!
Strategies To Reduce Shopping Cart Abandonment!
1) A user-friendly website makes navigation more natural, and completing the transaction a happier experience for the shopper, thereby restricting the incidence of shopping cart abandonment.
2) Quick delivery of products attracts most shoppers to keep buying from the online site and ensures that there is no shopping cart abandonment.
3) Reasonable shipping charges can ensure that your customers don’t abandon a purchase.
4) Having multiple options for payments such as debit card, credit card, EMI or cash on delivery, can instill some level of confidence in the customer to continue with the purchase.
5) Since shoppers can be hesitant to share their bank details while making a purchase, it is wise to share reviews and testimonials from customers who’ve purchased using the website earlier. It instills some trust and confidence in the shopper regarding the online seller.
6) Shoppers are more likely to finish their purchase if the checkout procedure is easy and straightforward to navigate.
7) Having a simple login process, along with minimal forms, can go a long way in ensuring that the customer doesn’t abandon a purchase midway.
8) Another way to ensure that shoppers buy what they are interested in is by making the return policies shopper-friendly.
9) Offering attractive incentives such as a limited period discount is another way to eliminate chances of shopping cart abandonment by the shoppers.
10) A follow-up email or an SMS to remind the shopper of the items left in their shopping cart is another effective way of convincing them to finish their purchase and not abandon their shopping cart.
11) Using market research to understand the reasons why shoppers abandon their shopping cart is another way to ensure minimum abandonment in the future.
Need Help With Your Shopping Cart Abandonment Rate?
At Virtina, we offer our expertise to eCommerce owners and online sellers who wish to increase the flow of customers to their website, fix issues which may restrict shoppers from finishing their purchases, build a new website to sell online, or just grow their business.
Our years of experience in this field gives us enough knowledge and tools to support your business to stay current and competitive.
How is your current cart abandonment rate? Do you want to improve?