Online shopping has become almost lifesaving, especially during this time. However, there is the issue of shopping cart abandonment. When a potential customer goes into the checkout process for an online order but abandons it before completing the transaction, this is known as shopping cart abandonment. When we look at the shopping experience rates, we see that shopping carts are abandoned at the last point. The shopping cart abandonment rates are between 68% and 82%. This is a concerning rate. Shopping cart abandonment is a critical part of the online purchasing process that businesses should monitor closely.
So, how can we reduce shopping cart abandonment? Shopping cart abandonment can be caused by various factors, making it a difficult problem to solve. The first step in resolving the problem is to formulate theories regarding why customers abandon their shopping carts. This may be accomplished by analyzing analytics data to discover drop-off spots, performing user research and surveys, or comparing your checkout flow to that of alternative websites.
One of the reasons behind shopping cart abandonment is the lack of trust. Most online users have become comfortable with supplying credit card information over the internet. However, many users are still cautious about submitting their financial information to unknown websites. For the issue of shopping cart abandonment because of a lack of trust, some solutions can be implemented. These can be ratings from past customers, trust seals, highlighting photos of actual people, and money-back guarantees. These precautions can decrease the shopping cart abandonment rate.
Another strategy is shopping cart recovery. This strategy goes beyond merely enhancing and optimizing the shopping cart experience. Cart recovery can be accomplished in two ways. The first is abandoned cart e-mails. If the user provided their e-mail address during the checkout process and then left your website, you can send them a cart abandonment e-mail. This is generally in the form of a discount or a promo code. That way, you can attract customers to return to your website and complete the transaction.
Abandoned cart retargeting is the second option. Cart recovery can also benefit from ad retargeting. With retargeting, you install an ad pixel on your checkout page and then utilize ad platforms like Facebook and Google to remarket to those users. Retargeting has the benefit of working even if the user did not input their e-mail address. It allows you to stay in the customer’s mind while surfing the web.