Earn 25% More Revenue by Reducing Cart Abandonment
E-commerce is a form of doing business over the Internet by using online transactions to buy and sell products or services. The creation and development of e-commerce is a direct result of the development and dissemination of the Internet. Over the years, e-commerce has experienced explosive growth and an even better future.
Running an eCommerce business is a bit different than a traditional business. You do not have to open and close the store every day at a certain time. You no longer need regular staff to run your business. There is also no need to pay rent for the building surface for your business. This leaves the business owner more money available to bring back into the business itself.
Reaching your audience is the key to running your eCommerce business. If you do not reach these customers, you are not a profitable business. The use of the software solution you have acquired to manage your website will definitely benefit you.
Some of the solution software can show customers similar products to one they are looking for. This will help to encourage customers to make a purchase.
Shopping cart abandonment e-commerce is not unusual. When this happens, the e-sellers will stand to lose business which may translate into loses. Abandonment basically comes about when shoppers start the process of adding items to the cart but never complete the process until checkout. Therefore, the products chosen are not purchased.
There are acceptable levels of abandonment but when this occurs frequently, it is good to consider the top causes and the things that can be done to curb it. The following are the known top reasons why consumers will do this.
The first reason is that shoppers might not be happy with the cost of shipping. This particular detail might be realized later after the consumers have added onto their carts. To avoid this, merchants are advised to provide the details of shipping and costs right before the shoppers start to add the articles.
Some merchants will use this method as a gimmick to throw in extra costs to the shopper’s bill. Transparency in this regard is the only thing that will make clients confident about what they are getting. Therefore, make prominent or clear the actual costs of shipping.
Consumers will abandon the shopping process when they realize that their overall costs are greater than what they had in mind. It is a bit difficult to control this but ensuring prices are indicated accurately for the shopper will help.
It is good also not to force or entice shoppers too much with products because they might be driven to buy on impulse and later realize they cannot afford the products. Some clients will simply start the process of adding products just for the sake of research without the need of buying.
Others will do it because they cannot wait for the products to arrive while some will simply opt to buy offline. There are many other causes that can be discussed with this respect. Merchants are advised to make the number of steps minimal to make the shipping straight forward and easier for shoppers. Use photos of the products to guide the buyers online to make their experience more pleasant. With images, the clients will picture the products and buy as if they are at a physical store.
How to reduce cart abandonement
Cart abandonment rates are on a rise these days and given below are some techniques to reduce the same.
High shipping costs:
Most of the e-commerce sites offer huge discounts for their products and try to balance it with high shipping costs. But as per reports of various researches high shipping is one of the prime reasons for the increase in cart abandonment rates. To reduce the abandonment the first thing that an e-commerce site must do is to let the customer know about the shipping costs at the very beginning. Also, if the shipping rates are made competitive, it would help reduce the abandonment rate by a huge margin.
There are some occasions when products that a customer has added run out of stock by the time he/she completes the shopping process. This may force the customer to abandon the entire cart. To prevent this one must make sure that there are enough stocks of all the products all the time. This will help reduce the cart abandonment rate considerably.
The customers do not feel secure enough to reveal their personal information as well as credit card and bank account details on an e-commerce site. Due to this, they abandon the cart along with the items that they shopped for. To prevent them from leaving, the site must make sure that they provide the customer with proper security and privacy. By displaying safety icons can make the customer feel safe. Also by having feedbacks from the previous customers will also help increase the trust factor. This will help e-commerce sites in reducing the cart abandonment.
Lack of proper assistance:
According to reports the major reason for cart abandonment is the lack of proper assistance to the customers. On many occasions, the customer cannot find a way to clear some of his/her doubts regarding the purchase he/she is making. This leads to the abandonment of the shopping cart. Hence e-commerce sites with click to chat features like and click to call features would have far lower abandonment rates. These features would help the customer connect instantly with the customer service executives and get the problem solved at that moment itself.
Exinent is the best Magento support company and good in reducing cart abandonment. Exinent helps by instrumenting your e-commerce website/app to understand the problem, optimizing your checkout flows and automating cart recovery messaging. Reaching out to Exinent company can help your eCommerce business significantly reduce the cart abandonment problem, which in turn greatly increases your revenue by 25%.