Creating a Lucrative Online Business by Converting Cart Abandonment into Checkouts

Creating a Lucrative Online Business by Converting Cart Abandonment into Checkouts

Creating a Lucrative Online Business by Converting Cart Abandonment into Checkouts

Creating a Lucrative Online Business by Converting Cart Abandonment into Checkouts

Is your e-commerce business experiencing high rates of cart abandonment? Current statistics show that the rate at which customers abandon their shopping cart is approximately 70%. More recently, Black Friday saw worldwide rates of 73.78% in 2019.

If your business is having close to such estimates, a conversion must take place to increase your sales. This article will help you understand the reasons why consumers leave their carts and how to handle the issue.

Common Reasons for Cart Abandonment

  1. Making it a requirement for customers to create an account before purchase

Some e-commerce business owners make it mandatory for consumers to register themselves before buying any product. Some clients may not be comfortable giving out their personal information, hence opt-out. Others find it tedious to fill out long forms to only buy one product.

  1. Unexpected high shipping costs

High shipping costs are among the primary reasons for cart abandonment. Customers who are making a single purchase may find this extremely expensive. Studies show that approximately 60% of consumers abandon their carts due to extra costs for shipping, other fees as well as taxes.

Another 23% of people leave their shopping carts because they are unable to calculate the total costs. Furthermore, today people are not accepting high shipping costs for products with a lengthy shipment period. Most customers move on to other sites seeking for free shipping options and other better deals.

  1. Confusing and lengthy checkout processes

Today, clients are seeking simple terms and conditions at the checkout, which are brief and precise. The buyer's journey is all about exploring, and hence it is self-directed. If the customer senses an inability to continue further due to confusing and long checkout processes, they opt-out.

  1. Better deals on other websites

Scores of people purchase most products online and hence are good at finding great deals. Today consumers browse through different websites while comparing prices before making online purchases. If they find better pricing on other sites, they end up diverting from your store.

  1. Collapsed site hence showing slow response

Most times, while people are browsing through the products, the website becomes slow and collapses. This hinders the consumer's journey. The reason websites collapse is because their servers have poor performance.

Such incidences result in poor customer experience, which chases the shopper away to other better sites. People prefer faster and hassle-free shopping experiences. 

Ways of Mitigating the Issue

  1. Track your cart abandonment

It is advisable to determine the rate before implementing any tactics. You can also enable e-commerce tracking to receive complete reports of shopping and checkout behavior, product list performance, as well as sales performance.

  1. Keeping it simple

You can do this by removing all distractions or unnecessary fields that will delay the consumer from completing the transactions. Also, you can provide fewer screens and controls to enable shoppers to focus.

Sometimes password reset processes can be tedious, and it would be great to simplify such processes. Remember to streamline checkout processes as well. Do not force shoppers to create accounts; you can build trust with them, and they might eventually register.

  1. Provide cheap or free shipping options

Free shipping is becoming popular, and most shoppers will expect it on your website as well. In case the option is not profitable for your company, you can always set a free shipping threshold.

It is essential to maximize sales by reducing cart abandonment. A visual story can help your clients examine your products. Ensure you add high-resolution images in addition to keeping things simple. Online shopping is the thing nowadays, so take advantage of it by building your business using the above information.

Recep Karaca

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