Based off average industry trends, it’s highly likely that your eCommerce store is only generating 1/3rd of the sales revenue it’s capable of. According to Shopify, 67.45% of all carts are abandoned before a customer finishes the sales process at your online store. That means 67 out of every 100 people who put items in a cart on your site never check out. In other words just 33% of your potential customers are actually making a purchase. Let’s assume your store makes $20,000 a month. If you initiated an abandoned cart reclamation process that brought back 20% of lost business, that’s an extra $4,000 of revenue per month. Over the course of an entire year, you’d add nearly $50,000 to your bottom line. The frustrating thing is that this money is there – items are in carts but people just aren’t buying. BigCommerce reported that 58.6% of people abandon their carts because they were just browsing. Luckily, there are multiple things to look at to improve abandoned cart rates on your site. Let’s take a look at some cart abandonment solutions you can start using today to earn more customers.
Use Cart Recovery SoftwareOne of the most popular ways to reduce abandoned carts is through the use of cart recovery software. Options like Carts Guru lead the pack with the breadth of solutions they offer. Email retargeting, SMS retargeting, and social media retargeting are all included in more robust software tools. Software is a great way to go if you’re dealing with a high sales volume and want a catch-all solution for cart abandonment. You can completely automate your cart recovery system and watch the results come back in the form of more sales. Most major shopping cart platforms – including Shopify, BigCommerce, and Magento – offer some sort of built-in cart recovery services, though you may find a secondary software program better suits your store’s needs.
Limit SurprisesIf you save surprise costs – like service fees, shipping, or even waiting to add up sales tax until the last possible moment – you’re practically pushing customers away. According to Statista, the most-cited reason for abandoning a cart is when a customer is presented with unexpected costs at checkout. Be upfront and transparent about any fees – especially shipping – before the customer reaches the final checkout stage, and you could see a drop in your cart abandonment rate.
Easy CheckoutAccording to a survey conducted by the Baymard Institute, the third most-common reason for cart abandonment is a checkout process that’s too long or too complicated. If at all possible, condense your checkout process to just a single page. This reduces the amount of opportunities for customers to leave their cart and never return. If you do go single-page checkout, though, you’ll want to provide some supplemental information on that page. Search Engine Land suggests that you: Provide quick-answers for shipping questions upfront. Clearly show their current shipping price, and perhaps a rate table of how it’ll change based on order size.
- Offer an easy way to update their cart.
- Prominently display security badges to remind customers that your site is secure.