Shopping cart abandonment is the single largest obstacle faced by ecommerce retailers. A study by Baymard Institute pegs the average online shopping cart abandonment rate at 69.57%. This means that seven in 10 customers are visiting ecommerce sites, browsing and leaving their carts without actually buying anything. According to an article by OptinMonster, cart abandonment is responsible for an average of $4.6 trillion in lost ecommerce sales per year.
Given these sobering statistics, it’s clear that online retailers must up their game and rethink their strategies to help more shoppers – and their carts – make it past the checkout process successfully. Thankfully, this is easier than it sounds and, in most cases, just a simple matter of providing a smooth and seamless checkout process.
With that, here are four easy ways to reduce cart abandonment and turn your visitors into shoppers.
#1 Reduce checkout fears
Customer trust is essential for any company, but even more so for those in ecommerce. According to a report by Klarna and the University of Reading, 23% of cancelled transactions were due to a lack of trust in site security. Baymard Institute’s Checkout Usability study revealed that 18% of American shoppers abandoned their carts because they “didn’t trust the site with their credit card information”.
It’s clear that privacy and security concerns are huge barriers when it comes to submitting sensitive information like payment details that are crucial for purchases. That’s where trust indicators such as seals and the https in URLs come in.
Assurance statements, security badges and third-party seals can help to allay consumer fears and make them more likely to complete their purchase. By taking steps to make your customers feel secure, they’ll have greater trust and confidence in your checkout process and be less likely to abandon their carts.
#2 Be transparent about shipping costs (or offer free shipping)
High shipping and handling costs, as well as hidden taxes and fees, is another top reason for cart abandonment. 27% of shoppers abandoned their carts due to high shipping costs. Findings by Baymard Institute support this trend, citing that 60% of shoppers did not check out because of extra costs, including shipping, taxes and fees, and 23% dropped out because they “couldn’t see/calculate total order costs upfront”.
Shoppers have come to expect free shipping on just about everything and it would do well for ecommerce retailers to consider offering this as a perk. If year-round free shipping isn’t feasible, set a free shipping threshold that requires shoppers to spend a minimum amount to qualify or run special promotions that offer free shipping as a bonus. Alternatively, you can add a shipping calculator at the checkout page so that shoppers are fully aware of the shipping cost.
By ensuring that all costs are clearly visible, shoppers have the option to easily add or subtract items at the checkout stage, minimising the likelihood of cart abandonment.
#3 Enable guest checkout
While encouraging your visitors to register an account on your site is a great strategy from a marketing standpoint, it’s an additional step in the checkout process not many are willing to take. It is found that 52% of customers preferred to buy without having to register an account, and 34% of shoppers abandoned their carts after being prompted to create an account for checkout.
Although offering a guest checkout might mean sacrificing key customer data, it makes the checkout process a lot easier and faster for shoppers. By providing a frictionless and seamless shopping experience, not only will this make them less likely to abandon their carts, they’ll also be more likely to return for future purchases.
#4 Make it easy to buy
According to Baymard Institute, 26% of shoppers claim that they’ve abandoned their checkout process because it was too long or complicated. Unnecessary forms, multiple steps and confusing instructions make shoppers uneasy and contribute to a poor shopping experience.
What this means is ecommerce retailers must look at simplifying their checkout process as much as possible. One of the best ways to do this is implementing express checkout or one-click purchasing for low-cost items. Alternatively, include a progress indicator on your checkout page so shoppers know exactly where they’re at in the checkout process and how soon they can complete a purchase.
By keeping form filling to a minimum and cutting down on the number of steps to check out, you significantly reduce checkout barriers and minimise cart abandonment.
While cart abandonment can’t be completely eliminated, you can greatly decrease such instances by improving your checkout process to smoothen a shopper’s purchasing journey. Shoptiq allows you to implement express checkout, and retarget shoppers who have abandoned their carts with customised emails. Try Shoptiq for free today.
Reduce checkout fears with trust signs and security badges
Be clear about all costs, shipping or otherwise, upfront
Offer a guest checkout option
Implement express checkout or one-click purchasing