Cart abandonment is one of the most infuriating problems with online businesses. A Baymer Institute study says that the average online cart abandonment rate is 69%. This means nearly seven in ten customers fill their carts only to abandon it at the checkout. The rise of online shopping has indeed given people the flexibility and convenience to sit at home and buy items; however, the downside to this freedom is that it sometimes ends up overwhelming the customers and confusing them.
Despite proper tactics in place, most customers will choose to abandon the cart at the end. So is there a solution to this eternal problem of indecisive customers? Convincing the customer and establishing credibility is one of the most fundamental things you must tackle. Once you have their trust, make sure that the checkout process is as effortless and easy as possible.
Any online business cannot escape the nightmare of cart abandonment. We cannot completely solve this problem, but we can learn to curb it. Let us take a look at some statistics of cart abandonment.
Cart Abandonment Statistics
Though cart abandonment is impossible to prevent, if you somehow manage to reduce the cart abandonment rate on your e-commerce website, your conversion rate will increase. Even the smallest increase can get you decent revenue.
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Since cart abandonment has been higher than ever, a recent study shows that 88% of people abandon their carts before conversion. This means that from out of every 10 customers you get, 8-9 will leave their carts. If you are getting 1000 conversions monthly, you face a major problem from the 4100 customers who have abandoned their carts.
But if you can change something about your website that reduces cart abandonment by 10%, you will easily get 300-400 extra purchases per month. Here are a few cart abandonment statistics according to Coversion’s data:
Purchase completion rates on desktops and tablets are 13%, whereas the completion rate on a mobile phone is only 8.5%. This means that customers who are using their desktop and tablets are more likely to complete their payment than customers using mobile phones.
Shopping carts abandonment rates are very high on weekends. On Friday, Saturday and Sunday, customers are more likely to abandon their carts.
Of all the e-commerce businesses, the travel sector has one of the highest abandonment rates.
Here are 20 easy methods to reduce cart abandonment:
1. Build Credibility on the Transaction Page
The transaction form is one of the most important tools in building the trust of your customers. The form is where customers give their personal information. Card and account details are something very personal to a customer. To convince the customer to finish the transaction, you must build credibility and safety around your transaction page.
Add trust ques and security logos, and images on the transaction form that reassures the customer. Make sure your transaction page has credible logos that are widely recognized and are popularly synonymous with safety forums like the “Norton Secured”, etc.
2. Reduce shipping costs
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High shipping costs are another major reason why carts are abandoned. High handling costs, shipping costs, and taxes are the primary and most common reasons customers abandon carts. Today, because of major e-commerce companies like Amazon, free shipping has become one reason why people choose to leave their carts and not go through with the purchase.
Try reducing shipping costs or provide free shipping from time to time. If you are currently unable to do that, then be very clear about your shipping details with your customer from the very beginning. If need be, provide inbuilt tools that help them calculate overall costs.
3. Use social proofs and positive reviews
Another way of keeping your customers from getting cold feet is to use the power of positive reviews and social proof. Customers are more likely to follow through with their purchase if they are reassured that they have made the right choice. This can be achieved by placing positive reviews and product ratings on the checkout page.
A Bizrate report said that a customer reads an average of one review before abandoning the cart. This is where you can leverage the customer to leave the cart or purchase the product. With social proof and customer reviews, there is a much higher probability of buying your product.