3 ways to combat cart abandonment
Even as U.S. eCommerce continues to enjoy a healthy growth rate of 16 percent annually, cart abandonment rates remain high, at nearly 70 percent.1 What can merchants like you do to address the problem of abandoned carts?
There are several reasons consumers don’t complete online purchases. Here, we’ll take a look at three ways you can solve for cart abandonment issues.
#1. Ease the checkout process.
Twenty-seven percent of consumers surveyed by the Baymard Institute have abandoned online purchases because the checkout process was too complicated; 35 percent because the site required them to create an account. Consumers value time and convenience and if they don’t find it on your site, they’ll go elsewhere.
Solution: Reduce the number of steps in the checkout process, ask only for essential information to complete the sale, and give customers the option to check out as a guest.
#2. Build trust in your website.
A confusing interface and site navigation also lead to cart abandonment. Baymard Institute’s survey revealed that 22 percent of respondents abandon online purchases because the website had errors or crashed, and 18 percent did so because they didn’t trust the site with their credit card information.
Solution: Make sure your site is well-organized, simple, and easy to search. Feature no more than six or seven menu selections, and an easy-to-find search box. Additionally, let your customers know your site is secure by using a service like reCAPTCHA.
#3. Offer a wide range of payment options.
Today’s consumers expect to be able to use their payment type of choice. If you don’t offer a checkout option with their preferred payment type, they’re likely to shop and buy elsewhere.
Solution:Work with your payment processor to determine the payment preferences, such as digital wallets and eChecks, for your customer demographic profile. If you have an international customer base, be sure you can accommodate the applicable currencies.
With every abandoned cart representing lost revenue, addressing the underlying issues to ensure your customers complete the sale is more important than ever. Learn more about how you can effectively address the challenges with online payments by downloading our new eBook.
1Worldpay, eCommerce data