What cart abandonment is when a customer after going through the store. Puts an item into the shopping cart and doesn’t follow through and purchase.
An average online e-commerce store will deal with around 70% of getting their carts abandoned. This is estimated to be worth around $31 billions of dollars in sales missed out.
There is a variety of reasons why people abandon their online carts. Trivial things like being distracted, unexpected fees, poor service, window shoppers, and being to expensive. Customers expect more of a personalized experience while shopping and want to deal with people. That is why many e-commerce has live chat for questions near the checkout.
How to Take Advantage of the Lost Cart Abandonment Opportunity?
Here are 4 ways to change up your store to maximize cart conversions and decrease cart abandonment within your Magento shop.
- Change the user experience: Keep everything simple and crystal clear as much as you can.
- Chanпe the engagement: Chaiпng the communication style and find ways to talk with potential customers before they leave the site.
- Change your offers: Add add-ons like free shipping and hassle free returns.
- Change things while on your journey: Test everything and find what converts.
Now let us talk about them in more detail.
Change the user experience.
The best approach to this is to make everything as simple as possible. Did you know that 10% of people leave their carts because of how long the check-out was? If you could minimize the steps required to check out this would cut a bit of cart abandonment down. On average, online stores have about 6 pages on average.
Get rid of that pesky registration it makes cut your email list down but stopping mandatory registration could give you a 45% increase in sales. This could be solved by adding it after the order was placed. Also add incentives for creating accounts like shipping tracking, special offers, promo codes, etc.
Make sure that it is very easy to change the shopping cart and edit items easily. Also, use promo codes and product information.
If you didn’t know that almost 57% of people will disregard their carts if their item has an unexpected fee or price when they try checking out. It is essential to be as informative and be true to what price you put the item at.
Make sure that your websites are responsive to fit on any device. This is very important because nowadays mobile traffic is beating desktop traffic. Also, try to make your site load fast as possible customers have very little tolerance and will leave if it takes to long.
My last point on this topic is that trust is a huge factor in purchases anywhere. They will do google search for reviews, ask relatives, ask social media, etc. Make sure your website’s reputation is top notch
Change the Engagement
Show relevant ads for old visitors what this is called is dynamic remarketing. This is a very effective marketing strategy because they are products show in the ads based on the user’s cookies.
It would also be smart to use email marketing to communicate with cart abandoners. Setting up a follow-up email could result in a higher chance of sales.
Adding products that the customer would like at the checkout would be great. It has to be relevant to the product and if done correctly sales could increase exponentially.
Changing Your Offers
If you include promo codes and discounts this will greatly increase conversation rates.
Did you know that online buyers will be more likely to purchase something if free shipping is added? They like free shipping way more than percent off the product coupons.
Allowing various payment methods, adding a gift option, product bundles at a cheaper price, and discount codes will help increase conversion rates.
Change things while on your journey
The only way on approaching this is trial and error. Finding out what and what doesn’t work. Tools like google analytics will greatly help this process. You must take the mindset of the consumer and figure out what you hate while shopping online and make sure your site doesn’t have any of those cons.