How to Reduce Your Cart Abandonment Rate and Reclaim Lost Sales

I want you all to picture this…

A customer wanders into your online store interested in your products. They pick one or two - heck maybe even three products - and load up their cart.

They move towards the checkout. You can almost hear the 'ka-ching' of the sale... and then - they vanish. Leaving you, the owner, with nothing but the faint echo of potential profit.

Yes, that's right, we're talking about the dreaded... cart abandonment - the silent sales thief that's lurking in the shadows of eCommerce.

It’s a worse issue than most people realise…

That’s why we’re going to delve into the topic of cart abandonment and uncover the strategies you can implement to combat this issue and protect your much-deserved profits.

The Staggering Statistics and Data

Research from Baymard Institute reveals that almost 70% of online shopping carts are abandoned. This isn't just a minor hiccup, it leads to a massive loss of revenue, amounting to a staggering $18 billion annually.

So in other words, 7 out of 10 people that visit your site will ultimately leave without ever paying for any products…

The table below shows the common reasons customers will abandon their carts:

• Confusing Website Interface and Lengthy Checkout Process: A convoluted website interface or lengthy checkout process frustrates shoppers. Every second it takes to buy something gives them time to reconsider their decision. Shoppers want a smooth, logical checkout flow featuring essential steps such as billing information, shipping details, payment options, and order preview. Nothing more. Nothing less.
• Mandatory Account Creation: Compulsory account creation often deters potential buyers, particularly if it’s their first interaction with your business. Requiring account creation for every purchase can lead to password fatigue and privacy concerns.
• Lack of Incentives or Promo Codes: Customers love discounts and promotional codes. Not providing such incentives can prompt some shoppers to explore other options with better deals.
• Limited Payment Options: Offering various payment options, including digital wallets like Apple Pay, Google Pay, and PayPal, gives shoppers added security and convenience. It also caters to varied customer preferences.
• Payment Security Concerns: A lack of payment security measures, such as outdated website design, missing SSL certificates, or unfamiliar payment gateways, can raise red flags and erode customer trust.
• Inadequate Social Proof and Return Policies: Customers will look for social proof in the form of reviews, testimonials, and user-generated content to determine if they can trust a brand. Many will also think twice about their purchase if they find an unclear or restrictive return policy.
• Unexpected Shipping Costs and Lengthy Delivery Times: One of the most common reasons for cart abandonment relates to shipping. Baynard Institute found that 48% of customers back out due to high and unexpected delivery costs. Meanwhile, 22% will leave a website due to the length of time it will take to receive an item.

Strategies to Reduce Cart Abandonment Rate

• Provide Guest Checkout Options: Simplify the checkout process by offering a guest option. It will allow them to complete their purchases quickly without having to share any personal information.
• Seamless Navigation Between Cart and Store: Ensure it’s effortless to navigate between the cart and store pages with a single click. You want to make it easy for customers to add more items or review product details before proceeding to checkout.
• Add Progress Indicators: On the checkout page, show your customers how close they are to completing the purchase. Giving them a sense of momentum can encourage shoppers to follow through with their transactions.
• Establish a Solid Refund and Return Policy: Build trust with your customers by offering a transparent and flexible refund and return policy. Customers will feel more confident making purchases when they know they can easily return or exchange items if needed.
• Offer Live Chat Support: If you’re finding shoppers getting stuck at specific points in the checkout process, offer assistance through live chat support. Providing quick responses will demonstrate your commitment to customer satisfaction.
• Display Trust Symbols: Show safety seals to assure customers that their data is secure throughout the checkout process.
• Enhance Your Pages with Social Proof Signals: Leverage user-generated content, including reviews, ratings, and customer photos, to build trust and influence potential buyers positively.
• Offer Free Shipping: Another method to reduce the cart abandonment rate is offering customers free shipping.
• Transparently Display All Costs: Avoid surprising customers with unexpected charges during checkout. Be upfront about all associated costs, ideally displaying this information on the product page. You can even integrate Interparcel’s Live Shipping Rates. It provides real-time delivery rates from your preferred couriers and lets customers decide how much they want to spend on delivery.

Start Reducing Cart Abandonment Rate

Cart abandonment is a challenging yet solvable puzzle in the world of ecommerce. While various strategies exist to reduce it and recover lost sales, it's essential to recognise that it's challenging to eliminate. But, by focusing on these strategies, you can convert more prospects into customers.

One of the first steps is signing up for a free Interparcel account. You'll gain access to tools that can reduce your cart abandonment rate, like Live Shipping Rates, which gives customers a choice at checkout, and Rule Manager, which can automate free shipping for specific scenarios. Sign up today!