The average shopping cart abandonment rate is 68.81%, which is no joke, and companies as large as IBM are experiencing consistently high abandonment rates.
As an eCommerce seller, it's important that you know what your average abandonment rate is.
Once you've determined your abandonment rate, it's not a bad idea to look for some trends in your own marketplace. After all, some industries have very different abandonment rates than others, so it's important to stay in your own market.
Even if you are a leader in your industry, there is always room for improvement. Your next step is to consider the benchmarks you want to reach in the next year. This gives you enough time to make changes to your strategy and review the statistics to see if you are successful.
For example, if your current cart abandonment rate is 60%, you may want to decrease it to 50% by the end of the year. Each year you can lower your benchmark and add some of the tips below to your plan.
We will try to provide some actionable tips on how to address shopping cart abandonment.
Abandoned shopping cart emails need to be sent out as soon as possible. If it takes more than 24 hours, your chances of bringing back customers are significantly reduced.
Studies show that your ROI is over 2800% when emails are sent within 24 hours.
People worry about many things when they shop online. First, they may worry that the site is not secure. Second, they may not know if they are ordering the right item, size, quantity, etc.
Therefore, you need to understand why customers are leaving so you can eliminate the risk.
When a customer completes the checkout process, there should be no hidden charges.
This is especially important for B2B businesses, which tend to display prices before VAT. When users go to checkout, they get a nasty surprise.
The first price you should have your customers see on the checkout page is the price they ultimately pay (except for shipping).
People will have questions when they shop on your site, and if they don't get an answer, they may leave without buying anything. Install one a live chat application. Make sure customers don't have to rely on product descriptions to get answers.
There's nothing more annoying for a customer than them being locked into something they've seen before. Give your customers the opportunity to edit their shopping cart.
Imagine how frustrating it would be to have to type in credit card information before getting the shipping costs.
You should give your customer the total price before letting them fill in their credit card number.
In addition, you can show how much they cost indifference to free shipping. This may prompt them to add items they have previously viewed to avoid shipping costs.
Signup for a free ShipSaving account to reduce shipping costs so that you can provide more attractive offers to your customers.
Are you ready to solve your shopping cart abandonment problem?
Now that you've had a chance to see some of the best ways to solve your shopping cart abandonment problem, bookmark this page to reach your own benchmarks in the future.