Shopping Cart Abandonment
E-commerce platforms face shopping cart abandonment is a recurring issue for most businesses. However, the rate seldom differs depending on various factors. These factors cannot be overlooked as it directly relates to the company’s sale. If the rate of abandonment is high, then it means that the company is losing out on potential customers. This, in turn, will directly affect the profits of the company.
According to statistics, the average rate of cart abandonment ranges from 68% to 80%. This implies that customers often either lose interest in the product/service or lose interest due to the tedious checkout process. This article will discuss how to decrease the rate of shopping cart abandonment with an example scenario.
Rahim owns an online T-shirt store. He earns his revenue by selling t-shirts through his website. However, he soon realizes that his website is not performing as he had hoped for. Rahim discovers that the rate of shopping cart abandonment on his website is around 80%. Which insinuates a lot of his potential customers are not converting as paying customers.
To fix this issue, he decided to redesign the shopping cart on his website. He deciphered that the added steps might be an issue for the high abandonment rate. Therefore, Rahim made sure that there are no bugs or any dispensable steps in the payment process.
He also integrated live chat on his website. Rahim wanted to make sure that his potential customers had someone to talk to at all the crucial stages of the buying process. He visualised for his customers to have a store-like experience. This ascertains him an extra advantage over his competitors and provides his customers with a unique shopping experience.
To make his website even better he introduced a user profile. This means users can login and purchase any t-shirt they want. Rahim made sure that if any user has an abandoned cart, it will be saved and the user can make the purchase when they log back in next time.
With his new found user profile data, Rahim decides to incorporate email marketing campaigns. He made up his mind to send reminder emails to users to complete their abandoned shopping cart purchase from where they left off. By designing an elaborate email marketing campaign he succeeded in increasing monthly purchase by a significant amount.
It should be noted that the above is only an example. These are some of the factors faced on a regular basis, which are likely to decrease abandonment rate and thereby increase your business revenue.
We really hope you enjoyed this article. For future posts please follow us on our social media pages.