Every year, many consumers abandon online purchases because their cards are declined by mistake, they encounter obstacles when completing the process or they cannot find their favourite payment methods. In short, if you are offering a payment and checkout process that is too complex, with too many steps, your customer could end up frustrated and abandon the shopping process.
Have you ever been in a similar situation? If you have an online business, the abandonment rate is probably one of your biggest challenges. The good news is that it can be reduced and, in this post, we will give you some tips on how to do it.
First, we are going to define what this rate is, analyse the main eCommerce pain points and, finally, find out how to correct them. Are you ready to start?
What is the shopping cart abandonment rate?
It is the percentage of online customers who add products to their shopping cart, but do not complete the entire shopping process. In short, they are customers who abandon their shopping cart when they are about to make a purchase. Why? What factors affect this decision?
Shopping cart abandonment rates vary based on the industry you’re working in, what product you’re selling, and who exactly you’re selling to.Below we share with you some key KPIs related to the abandoned cart rate:
Do they sound familiar?
Top 10 pain points influencing abandonment rate
The shopping cart abandonment rate is one of the main problems of any online store. It is also a major challenge for eCommerce. For this reason, we would like to share with you the main factors that influence cart abandonment:
Are you clear about why your customers leave your online store without buying? Research, analyse and change.
How to reduce shopping cart abandonment rates
What is going wrong when selling your products online? Why do some customers abandon the shopping cart before checkout? The pain points mentioned in the previous section are a key indicator of your business’ health. They also provide insight into what is going wrong in the sales process.
The checkout process shouldn’t be complicated for your buyers. By focusing on the following cart optimisation tips, you’ll get a seamless shopping experience on your site:
- Send personalised follow-up emails. Remind customers they haven’t completed their purchase and give them the ability to pick up where they left off.
- Use Multi-buy offers. Multi-buy is a tool for all business merchants that lets you offer a discount to your shoppers the more they buy the same item.
- Add customer testimonials and reviews. Fill up product pages with recommendations from other happy clients to help communicate the value of your products.
- Unexpected delivery costs. Be transparent and offer clear shipping options, customers may re-evaluate their purchase if they see extra fees.
- Offer live chat support. Detect areas where shoppers are more likely to drop off and allow them to chat with a support agent to reduce abandonment.
There are many customers who encounter these and other setbacks when they decide to buy online but correcting them is a possibility that is only up to you. If you have a slow, complex, and unintuitive navigation... it is time to optimise your purchase flows and reduce the abandonment rate!
To do this, payment gateways have become an essential tool to correct the drawbacks and boost sales. In turn, they should offer:
Can I really find all this in a payment gateway? Yes, you can. And if you have any doubts, you can ask us at PayXpert.
Tips to reduce the abandonment rate in your online store
Beyond the technical aspects, the way you manage payments in your business, and the experience you offer to users who visit your online store, there are some basic recommendations that can have an impact on reducing shopping cart abandonment.
Do you want to know what they are? There you go:
Do you have any questions about how to reduce the abandonment rate in your online business? At PayXpert, we can guide you on your way to optimisation.