Shopping Cart Abandonment is a bane for the online retailers. Data shows that it has been always on the increase and this year it is predicted to be around 68%. This means 2 out of the 3 customers will just add the products in their cart and go away. But the good part is around 63% of that is potentially recoverable using different methods.
Let’s take a look at some of those.
1. Follow up Emails
According to Listrak, you should send a follow up email, within 3 hours, after a consumer abandons a cart. This leads to a 40% open rate and a 20% click through rate. This is due to the factor that your product is still fresh in the customer’s memory.
2. Transparency in Shipping Fees
Show your shipping costs upfront. If possible make it free. This is the number one reason of abandonment as per the surveys by PayPal and ComScore. 57% don’t want to pay for shipping costs.
3. Offer coupons/discounts
Recent studies show that, almost half of the customers think that the prices are too high. On top of that, around 25% seek out for coupons. So, there can be some kind of loyalty management where customers can get discounts for their next buy, free shipping, etc.
4. Get an SSL certificate
Reinforce your web security and privacy using certification like McAfee Secure. You have to communicate to your customers that their information won’t be shared outside. They want to feel safe while doing online transaction and look for a secured checkout process.
5. Shorter Checkouts
In this online world, time is of the essence. If the process looks to be taking too much time, customers tend to drop out. Many retailers are providing a login using Facebook, Twitter, etc. to reduce the time. There are many other ways which can streamline the process.
Getting them back
There are many other ways of tempting your customers back on track. One of them is doing a remarketing campaign. This campaign targets specifically those, who have already visited a particular page of your website. The revenue for online retailers is predicted to be around $ 1.59 trillion, this year. With such high abandonment rates, you are losing a big opportunity. Going by the calculations, the value of the abandoned carts would be standing around $4.97 trillion. It’s a huge challenge and an opportunity at the same time. With a little bit of tweaks here and there, retailers can go a long way in effectively harnessing this opportunity.