Maximize Revenue by Utilizing Cart Abandonment Strategy
For most retailers, shopping cart abandonment is a nightmare. There’s nothing worse than a potential customer entering the checkout process only to close the window. This half-left checkout process before finalizing the transaction is something that sets the trend of lost sales and therefore, lost profits.
In fact, according to Bayard Institute, a web research company in the United Kingdom, the percentage of online shopping carts which are abandoned are around 67.45%. Let us think about that – for every 100 potential customers, you lose out 68 of them. This is an overwhelming amount of lost business that even the most powerful retailers can’t overcome.
Now, let’s take a quick example – how many times have you been on a retail website, entered the check-out process and then suddenly closed that window? You might have often done that. But, what was the reason behind skipping to enter the transaction?
YES, that’s the main concern in the minds of eCommerce owners. However, there are certain issues due to which your cart abandonment rate is high. Let’s have a look at them –
Crashed Website/Too Slow To Load
Crashed website or slow-to-load websites are the biggest mistake made by retailers. Hosting a website on poor performing servers results into slow loading pages and thus, crashing of the website. The low cost (also, low quality) websites unfortunately, cannot handle the traffic load. Hence, with low visibility and often crashing website, your revenue would crash down too.
So, you must ensure to host your website on excellent performing servers to enjoy the dedicated traffic that eventually will result in good revenue.
Check-out Process Is Complicated
Making your potential customers fill-up lengthy forms, create an account and log in before check-out creates an unnecessary chaos that haunts behind your failure. The key here is to create a perfect, transparent and helpful check-out page which is not overly complicated.
Most of the online shoppers want the quick check-out process and don’t want to be locked into one page for a long time. So basically, make check-out easy for them and see how it grows your revenue.
So now, you’ve got to know why your potential customers are increasing your abandoned cart rate and decreasing the profitability. To sum-up, for conversion rate optimization, you need to work on simple strategies which are given below:
Offer Free Shipping and Cut Down Additional Costs
According to Deloitte Study, 69% of the online shoppers transact with retailers who provide free shipping service. An unexpected shipping cost leads a potential customer to abandon the cart and move to a better website which offers free shipping.
In addition to the dislike for the shipping cost they also unlike additional surprise charges. When charges aren’t revealed until the check-out process, then it becomes a major concern for the potential buyer. Hence, cut down additional costs as today’s consumers are smart about prices.
Make Your Check-out Process Faster
As said earlier, the customer tends to lose interest when the check-out process is complicated, so you MUST make sure to make it easy. Make the shopping cart easily available for quick call-to-action. The faster the check-out process, the more potential customers are converted into actual buyers.
So, offer an express check-out option. This option enables the buyer to ignore long forms and no necessary registration formality. Hence, it will lead to more conversion rate and less abandoned carts.
Offer Multiple Payment Options
Lacking payment options can also be a big reason why your shopping carts are left abandoned. Sometimes the shoppers don’t want to purchase a product because their credit card wasn’t an acceptable form of the payment transaction.
Therefore, you will need to ensure a variety of credit cards like VISA and MasterCard along with third-party payment option. The third-party payment options include online payment services like PayPal. You never know at what percentage your revenue would increase simply by offering multiple payment options.
Consider Email Recovery Campaigns
The fact is – no matter how much you do your best some people will still abandon their shopping carts. While you can’t prevent that situation, you can always make an effort to reach those half-left check-out process customers and convince them to buy your products.
The reaching part can be strategized with email recovery campaigns. You can take this campaign ahead with several angles and choose the best for you. For instance, you can email them discount coupon code or offer them extended sale on the product. Either way, how to run an email recovery campaign lies on your decision.
While these strategies will not let all potential customers to generate revenue for you, but they will eventually help you to lower your cart abandonment rate. Be a smart entrepreneur and don’t leave money on the table because of cart abandonment. Implement these strategies and you’ll be on the way to increase your profitability.
KartRocket has empowered 3000+ entrepreneurs, SME’s and retailer with their online stores. It is not just a website builder platform, it’s an end to end eCommerce solution with all the features you require to create an online store, run & grow your online business.