Create An Online Experience That Reduces Cart Abandonment Rates
Establishing an excellent brand experience in the modern age is impossible without providing enhanced value to consumers that visit your online channels. This is especially true for retail brands because eCommerce availability has become omnipresent in the industry. However, simply having the option of buying your product online is not enough based on current consumer expectations. If you are not aligning your eCommerce brand experience with the rest of your consumer touchpoints, it will be challenging to retain a positive brand perception. One signal of this failure is your eCommerce site’s cart abandonment rate. If customers are continually getting to this final stage and dropping out before a purchase is made, there may be some glaring issues within your customer experience that need to be addressed.
The cart abandonment rate on your eCommerce store is a major statistic regarding site performance because it shows how willing consumers are to complete that final purchasing decision. If customers are consistently making it to the stage in the customer journey where they are selecting products to checkout, but not completing the purchase, there is something that is dissuading them from making that final decision. While price is a major influence, with 61% of customers reporting extra shipping fees as a reason they left their cart, there are other factors that also come into play. For example, 27% of carts were dropped because of a complex site experience or slow-loading times and 35% of shoppers abandoned their cart because of a fear over site security. Optimizing the page performance, loading speed and displaying an obvious sense of security are some simple fixes that your team can make that will potentially have a tangible impact on eCommerce sales.
Investing in a high-performance website is a great first step to encouraging low cart abandonment rates, but there are additional non-technical methods that your team can implement to improve the experience on your site. For instance, many brands will force customers to sign-up and create a purchase before checkout. While this approach will help your marketing team down the road, forcing customers to create these profiles can mean 35% of transactions being dropped. Not requiring this info to complete a purchase reduces the effort a customer must exert and is a great way to establish your brand as a customer-centric organization.
It is impossible to eliminate cart abandonment completely. 40% of these occurrences happen because customers were browsing without ever having the intention of purchasing in the first place. However, there are methods that your team can implement which reduces the number of carts that get abandoned. If a consumer reaches the point in the customer journey where they are selecting products to be placed in a cart, there is only a little work that needs to be done to convert these consumers into customers. Ensure that you are not losing these transactions by optimizing site performance and your digital experience to reduce cart abandonment.
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