The most fundamental way to increase eCommerce revenue isn’t by running massive advertising campaigns, it is to reduce the shopping cart abandonment rate.
According to Finances Online, around $4,6 trillion worth of online sales is abandoned annually worldwide. In the meantime, Statista revealed that the total eCommerce sales worldwide amounted to $4.28 trillion.
Baymard Research Institute calculated the average cart abandonment rate of 69,82%. This means 7 out of 10 online shoppers would leave their cart without completing a purchase.
The fight to reduce the shopping cart abandonment rate is one of the most frustrating challenges for any eCommerce and online retailer. The effort to get customers to complete their purchase is equal to attracting them to visit your online stores.
Below are the 5 proven methods to reduce shopping cart abandonment rate which are chosen by eCommerce marketers and online sellers.
- Strong CTA on the cart/checkout pages
- Offer multiple payment options
- Smooth Checkout Forms
- Avoid surprising additional costs
- Offer Guest Checkout
Strong CTA on the cart/checkout pages
After a lot of research and consideration, your customer decided to put your product into their shopping cart and start the checkout.
Do not waste the checkout pages space with unnecessary text and information which already shown on the product pages, Keep your customers focusing on the only action – complete the purchase.
You can utilize 1-2 lines under the product name or prices to add some elements to remind the customer about time limits, stock limits, or discount deadlines. These elements can help to urge your customers to complete the purchase faster without any postponement.
Offer multiple payment options
Consumers nowadays have a variety of options for accessing and spending their money. You can make checking out easier and more pleasant by allowing customers to choose the way that feels the safest, fastest, and most convenient to them. Beside the obvious method – credit cards, you can add two payment choices to your website:
- Digital wallet or shopping apps: such as PayPal, Venmo, Shop Pay, Apple Pay, Samsung Pay, or Google Pay, may be preferred by customers who do not want to pay with credit cards.
- BNPL (Buy Now, Pay Later) services: Adding this option to your eCommerce site not only caters to customers’ needs for other payment ways, but it also allows you to increase your average order value (AOV). AOV rises of 20% to 30% have been reported by several retailers after using BNPL services.
You may need to upgrade or configure an eCommerce payment gateway to add these options. Or you can talk with an eCommerce development expert like Arestós to help you ensure your customers can find their favorite payment methods.
Effortless Checkout Forms
Long and confusing form to complete is a best friend of high shopping cart abandonment rate.
Well-designed forms with few fields to fill in can save user effort and make the purchasing process look to be simpler.
Also, it is essential to show clearly the checkout progress. By clearly displaying where customers are in the checkout process, you may alleviate any concerns that purchasing something from you will take longer than the prospect is willing to commit.
It informs visitors that they’re almost done, and makes the process more transparent and understandable for customers. A majority of consumers prefer having a clear indicator of their progress in the process of completing a task, according to several surveys, and eCommerce is no different.
Avoid surprising additional costs
The finding of ‘hidden’ fees during the checkout process is a common reason for abandonment. According to a Baymard study, 21% of respondents dropped out because they couldn’t view or compute the whole order cost upfront.
Many sites find it simple to display delivery and other charges on product pages while customers are selecting whether or not to buy.
One of the hidden fees which can drive your customers away is the surprising high shipping cost. You can include the shipping cost on the product page to make it clear to shoppers.
Offer Guest Checkout
Many people rather bounce and leave the cart than share their personal information to complete the orders.
It seems to be an extra effort for buyers, and as a result, it may be a point at which they decide it’s too much trouble to proceed with the purchase.
When registration isn’t absolutely necessary (certain sites, like grocery stores, have a stronger argument for registration), it’s better to skip it and instead give guest checkout choices.
Encourage them to finish their purchases with guest checkout first. You still have chances to convert them to be your member later.
Arestós is a full-cycle e-Commerce website development company.
We have a wealth of experience in helping clients across industries build eCommerce websites that convert.
We provide a wide range of eCommerce development services, from building a brand-new WooCommerce store to eCommerce integration development.
Contact us now to find the best solution for your eCommerce business.