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How to reduce Cart Abandonment Rates in 2018?

Being an e-Commerce entrepreneur is great, especially today when the e-Commerce market is so mature and lucrative. However, this does come with its own set of costs that have to be fought off before they do some significant harm. One of those costs is Cart abandonment, which is what we will be talking about in this article.

What is Cart Abandonment?

The term describes a situation in which a user visits your store, adds one or more products in their cart but does not purchase it. The reasons for abandoning the cart could be many. However, once this happens, there is an extremely high probability that the user will not return to see the whole purchase through.

Cart Abandonment is the bane of the online retail industry and effects store owners drastically. The worst part of this is the fact that a valuable customer is lost right on the brink of a sale. However, no matter how vague the reasons might seem, there are always ways to avoid this situation and we will be talking about those in detail here.

How to Reduce Cart Abandonment Rates?

Cart abandonment rates drive away a significant amount of potential customers every year. However, you definitely can reduce them, if not avoid them completely, and keep them to a minimum. Given below are 5 of the most effective methods to achieve this:

1. Eliminate hidden costs

Most of the times, when a user is shopping online, they have a ballpark budget set in their mind that they do not prefer crossing. So most of the times, they choose the best product that fits perfectly in their budget range. But, they are taken by surprise when a number of extra costs like shipping, handling, taxes etc. take the total price of the product beyond their budget. Even if they have not set a budget, extra costs at the end always discourage the customer.

Hidden/extra costs at the time of checkout are a primary reason of cart abandonment. Eliminate this by displaying the tax and shipping charge inclusive price of the product on the product page itself. This will help users choose products better according to their budget and actually purchase it. If this is not possible, at least make sure to clearly mention about the percentage of tax that will be charged, the shipping cost and other costs on each product page so as to let users know what to expect.

2. Customize cart abandonment emails

Cart abandonment emails are those that are sent to a user once they abandon their carts. These usually consist of reminder emails that are often accompanied with personalized discounts or vouchers.

Always make sure that your cart abandonment emails are sent at regular intervals. Also, design the email well with a clear visual of the items left in the cart and a clear call to action button that leads them directly to the checkout process without any hassle. If the user does not return after a couple of emails, send them a discount offer for their purchase.

3. Guest checkout option

While shopping online, users often do not plan on making an account and then proceed to viewing the products. Instead, they get to the product listing page either organically or through an ad and move on to purchasing the product if they like it. They usually do not prefer creating an account, especially if it is their first purchase, and hope to get over with the purchase rather quickly.

In such a scenario, where time is an essence, stores should not pressure users into going through the long process of creating an account. Grant them the option to either create an account or checkout as a guest. The shorter the buying process is, the higher is the probability that users will see it through. Once the users buy your product and like it, they will definitely come back for more and will be more than willing to create an account.

4. Offer Multiple Payment Options

Every customer has their own mode of payment that they feel comfortable using and prefer over others. Almost all of the users are always reluctant to use another method of payment online. Payment is a sensitive issue for all customers and they value a secure payment more than they value the product.

This is why, if a store does not offer a payment option that they are not comfortable with, they will definitely not buy the product hence resulting in cart abandonment. Always make sure to study your target audience first and make sure that your e-Commerce developers offer a variety of payment options that your target audience prefer using. At least include the major options that are popularly used.

5. Target Abandoners with Re-marketing

If you use online ads and marketing services, you should be aware of the most effective strategy to eliminate cart abandonment i.e. re-marketing. Re-marketing is when companies display their ads, of the products users were looking for or purchased recently, strategically on the sites they visit. This is often achieved by using search engine ad services like Google AdWords.

Users could have abandoned their carts for various reasons. But the fact that they put it in their cart in the first place is a sign that they definitely wish to buy it. You can exploit this by re-marketing the abandoners with ads of the same product or similar products with great offers and remind them about it. Most of the times, users are drawn to these ads and return to the store to finally make their purchase.

So these were the top five strategies for e-Commerce stores to reduce their cart abandonment rates. Although it is true that you cannot completely eliminate cart abandonment, you can definitely reduce them significantly and witness a drastic difference in your store performance with the above mentioned methods.

The wake of the New Year can be a perfect opportunity for you to prepare yourself well for another great year. Go ahead and make the necessary changes as soon as possible to ensure that cart abandonment is not something you are flooded with and you have a great sales year.

This was posted in Bdaily's Members' News section by Matrid Tech .