Online shopping is undoubtedly living up to expectations, and are expected to be the main channel for the retailglobally by 2021. However, various questionnaires and studies show that the rate of abandoned shopping carts in online shops is around 75% during checkout. For online retailers, this loss of sales can have a dramatic impact - in fact, a 2019 study revealed that high numbers of abandoned shopping carts translate into 260 billion dollars in potential sales.
How to get rid of abandoned shopping carts
Abandoned shopping baskets can be an opportunity for retailers. By understanding why they are being abandoned, it is possible to counteract the trend and apply strategies to convert more customers.
But how can retailers attract and win more customers, turning one of the biggest weaknesses of an entire industry - abandoned shopping carts - into one of the biggest revenue opportunities for e-commerce?
If this is a problem in your business, start by implementing some of the following strategies that will help you take advantage of abandoned shopping carts.
Remove unnecessary steps at the checkout
A Baymard study, 40 Cart Abandonment Rate Statistics, revealed that 26% of US consumers leave their shopping carts abandoned due to lengthy and complicated checkout processes.
The reasons for this abandonment include unnecessary steps and obligations such as:
- Fill in different name and address fields;
- Differentiate between delivery address and billing address;
- Create a user account to finalise the process.
The study also suggests that speeding up these processes could have important consequences for retailers - namely more retention and attraction of new customers.
Offer your customers several payment methods
According to ForbesThe fact that an e-commerce site doesn't offer several payment methods - including different types of credit and debit card - is responsible for around 25% of abandoned shopping carts.
It's a reality: online retail is a global phenomenon. That's why it's more important than ever to offer payment methods that suit the needs and preferences of consumers - both national and international. A study by Discover® Global Network found that 86% of bank card users specifically look for online merchants that offer them their preferred payment method [6] - and this is one of the deciding factors when it comes to whether or not to proceed to checkout.
Show your customers which cards you accept in your business
The watchwords are simplicity and transparency. Let your customers know which bank cards your business accepts, and communicate this transparently.
By showing that you accept payments with various cards, you'll be opening the door to many more national and international consumers - who might have thought they couldn't make payments in your online shop. But unless you explicitly say so, your potential customers won't be able to guess which types of card you accept in your business.
Leaders in card acceptance
By using REDUNIQ's card payment solutions, you'll be opening the doors of your business to increased sales and new customers. Do you accept?
Remove the obligation to create an account at the checkout
Did you know that 34% of online consumers admit that the main reason they left their shopping carts abandoned at the checkout was because they had to create an account in order to proceed? For a new customer, this situation could be the reason they decide to look for another online shop.
Today's consumers are looking for speed, simplicity and agility when it comes to paying for their purchases. Creating yet another account is probably the last thing they want to think about.
Abandon these outdated practices and be inspired by innovative ideas for user experienceThis could include creating a partial account - where only an email and password are needed - or the option to "continue as a visitor". These small changes can play an important role in the success of your business.
So what about the long term? Giving your customers what they ask for, even if this means not creating an account in your online shop, is the first step towards making them regular customers.
Streamlined checkouts
Remove the obligation, and instead offer the option, of creating a user account to improve your online shop's checkout process. Do you accept?
Capitalise on the potential of autofill
Just like contactless revolutionised the speed of the physical checkout, so too the autofill - or automatic fulfilment - has transformed e-commerce, creating an easier, faster and more unobtrusive checkout experience.
It's not just time you're gaining, it's fewer abandoned shopping carts - and, of course, more sales! O autofill is especially useful for those who don't use a walletand you don't have your card details to hand.
A quick purchase leads to less abandonment, but be aware that poorly implemented autofill functions in your online shop can have the opposite effect. If autofill lead to poorly filled out forms with information exchanged, you could be making your customers feel frustrated - and as we've seen, frustration is what makes consumers leave shopping carts abandoned.
Make sure the autofill on your website fills in the right fields in just a few seconds.
Make simplicity your guide
Creating a simple and intuitive experience for consumers can bring you and your business many benefits - and bring you closer to success at a competitive time like the present. Here's how:
- Speed up the checkout process;
- Make several payment methods available - and communicate them clearly;
- Don't force your customers to create user accounts;
- Optimise your website with autocomplete.
- If online retailers adopt some of these strategies, customer conversion is expected to increase by more than a third - around 35%.
You have the opportunity to achieve fewer abandoned shopping carts, more sales, more satisfied customers and growing revenues. Are you going to let it slip away?
* Article adapted from Discover® Global Network.
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