Shopping cart abandonment is a big problem for businesses of all sizes, but startups and SMBs suffer the most. A recent survey has shown that nearly 70% of buyers tend to leave an online shop after placing items in the cart.
If you’re tired of seeing your business losing revenue opportunities, it’s time to address this problem by applying several practical measures that will help significantly reduce the shopping cart abandonment rate.
In this article, we handpicked the top 8 strategies for eCommerce businesses to fight high shopping cart abandonment rates and grow their revenue.
1. Email retargeting
All businesses feel the impact of shopping cart abandonment on their revenues. As soon as your customer abandons their cart, they shift to another activity and forget about your store. Don’t let this happen! Use the best email retargeting strategies to win your buyers back and complete the purchase.
Email retargeting uses either cookies embedded in your website or an email message to show specific ads to your customers. In the same vein, you can always remind them of the abandoned cart and win them back with the well-thought-out messages.
2. Get rid of hidden costs
Hidden costs might be one of the reasons why your clients don’t want to make a purchase in your store. Shipping costs, taxes or other payments might discourage your customers from buying products on your website. All these factors have a negative impact on the shopping cart abandonment rate.
The best solution is to include all expenses in the cost of a product so that your clients are aware of the purchase total. It can help significantly increase your sales and eliminate the risk of misunderstanding.
3. Add more payment gateways
Once the client decides to buy a product in your online store and gets to the checkout page, the only step left is to pay for the purchase. However, if you operate on the global market, you should provide multiple payment options to ensure your customers are able to process their payment quickly and easily.
In case they face any difficulties, it is highly likely they will abandon the shopping cart and purchase from your competitor. Add more payment options to make it easier for your clients to make purchases in the store.
4. Simplify sign-in process
When a customer comes to a brick-and-mortar store, the buying process is straightforward. They take a product, go to a cashier, pay for it and leave with their purchase. In online shopping, you need to fill out lots of details to ensure the order is processed correctly.
Make shopping joyful for your customers by simplifying the sign-in process. Ask for relevant information only and avoid overloading your customers with unnecessary actions. A long and tiring sign-in process remains one of the core reasons for shopping cart abandonment.
5. Add “save for later” button
It is quite naive to think that all customers come to your store to actually buy something. Some of them just browse in search of interesting goods.
But even if they return to buy a product in a few days or even months, they might fail to find it. To simplify things for your potential buyers, you can add a “save for later” button and let your customers create their own ‘wish lists.’ Doing so they always know where to find the items they liked.
6. Create limited-time offers
One of the best ways to combat shopping cart abandonment is to create a sense of urgency. Tell your customers that if they miss a chance to buy this product today, they might pay much more next time. Limited-time offers can become a strong incentive that will push your clients to complete the purchase right now instead of searching for alternative options among your competitors.
More than 80% of online retailers say that time limited discounts and special orders help to deal with the negative effects of shopping cart abandonment.
7. Make checkout easy and clear
Checkout process should be clear to your buyers. They should always know where they are now and how much time they need to make a purchase. If they get tired of filling out a bunch of forms, they will leave your store immediately.
One of the best ways to address high shopping cart abandonment rates is to include a progress indicator to your checkout pages. This easy tactic will help eliminate your customer’s potential worry that the process could take more time than expected. It also creates the feeling that the buyer is almost done with the purchase so that they can return to their daily routine soon.
8. Improve your page load time
Modern consumers are quite impatient. If your checkout page loads more than 30 seconds, your potential buyers will leave it and are unlikely to return to your store.
Stop losing your customers and pay attention to the website loading speed. There are a number of resources where you can check it, such as GTmetrix, Pingdom, WebPageTest, etc. Battling low page loading speed is a challenging task. That’s why it’s always better to contact an eCommerce optimization agency to get the best result fast.
P.S. A good website loading speed is also rewarded by Google algorithms. If you want your store to rank high on search engines, you should pay a close attention to this indicator. In this article we explain how you can boost your website speed.
Contact Mementia to boost your business and grow sales!
Since our foundation, we’ve been working to serve eCommerce businesses in improving their business by providing them with quality development services. WAs a full-service eCommerce provider, we know how to make your company stand out. Reach out to us for consulting and we will find the most optimal solution to overcome your challenges and grow your business.