The shopping cart abandonment rate for online retailers, on average, is 67.91%. This rate is the ratio of the amount of online shopping carts abandoned to the number of completed transactions. Despite the average abandonment rate being 67.91%, it isn’t unusual for this rate to fluctuate, often reaching up to 80%.
So, why are so many customers abandoning their shopping carts and failing to cross the checkout finish line?
According to recent studies and surveys carried out in the industry, 57% of customers failed to complete an online transaction because they didn’t want to pay the shipping fees. 41% of online shoppers only added items to their cart for research purposes whilst 48% said the overall cost was a lot higher than they initially expected. With so many potential customers turning away from their shopping baskets, it can be a headache thinking of ways to make them stay. Here are a few of Ryco’s suggestions to reduce shopping cart abandonment rates:
Reveal Shipping Costs ASAP
The cost of shipping is the number one reason why most people give up on their online shopping spree. To help avoid this, it is best to make shipping fees as clear as possible and as soon as possible.
The cost of shipping should be revealed before the customer is prompted to give their payment information. By providing your customers with estimated shipping costs, you’re letting them know exactly what they are getting themselves into.
An even better option is to calculate the overall cost of the shopping cart (with delivery included), so that the customer instantly knows the total cost of purchased goods plus dilvery
Reinforce your Website’s Credibility
When buying online from an unfamiliar ecommerce website, it can be daunting to click the “complete purchase” button. Questions begin racing through your mind. Can I trust this company? Will they misuse my personal information? Etc.
To ensure your customers that your site is both trustworthy and dependable, it is a good idea to communicate the privacy and security of all of your customer’s information. This will not only help to reduce shopping cart abandonment rates, but it will also increase the credibility and reliability of your brand.
Make sure that your website includes relevant contact information so that customers can easily get in contact with you if needed. Don’t forget to communicate your return policy to your customers to help build trust.
Offer Special Discounts and Coupons
Shoppers are always looking for ways to save money and online shopping isn’t any different. If you want to persuade buyers to complete the checkout process, offer them something they can’t refuse.
Many websites offer free shipping or discounts to be applied when the customer has reached a certain milestone in their shopping spree. For example, “10% Discount when you spend over £50” etc.
These types of special offers and discounts will give your customers a nudge to complete their purchase.
Provide Guest Payment Options
There’s nothing more frustrating than wanting to make a quick purchase online and then being asked to fill out a registration form to sign up an account with the website.
Provide customers with a guest option and you will quickly reduce shopping cart abandonment.
To improve your online sales today, get in contact with RYCO (ecommerce Northern Ireland)
For Ecommerce Northern Ireland services call: 028 9099 8106