Digital Interactive Services
Ten tactics to reduce shopping cart abandonment rate
The e-commerce market space continues to grow exponentially as more buyers choose to shop online rather than physically visit brick-and-mortar establishments. As a result, online retailers spend massive amounts every year on digital advertising to help drive web traffic to their stores. While it is unlikely for customers in a physical store to load products onto their shopping carts and leave without completing the purchase, the same can’t be said for online shoppers. Most of the visitors to e-commerce sites add items to their shopping carts but leave the site before completing the transaction, leading to worryingly high cart abandonment rates. Hence, the shopping cart abandonment rate is a key metric for online retailers to monitor due to its direct relationship with conversion rates and revenue.
There are several reasons for cart abandonment, including complicated checkout processes, high shipping costs, mandatory user account creation, security concerns, lack of payment options, ambiguous return or refund policies, and slow-loading web pages. Let’s take a closer look at the 10 tactics you can apply to reduce cart abandonment on your e-commerce site.
- Be transparent about all costs: Additional charges, such as shipping costs, applicable taxes, and any other fees, should be disclosed early on to prevent unexpected expenses at the checkout stage that could result in customers turning away and pushing up your shopping cart abandonment rate.
- Use well-written product descriptions: Clear, detailed product descriptions can simplify a customer’s decision-making process. This allows buyers to better identify whether or not a particular product suits their specific needs. Thorough product descriptions also help customers easily locate the exact products that they were looking for.
- Offer a simple checkout process: Streamlining the customer’s journey from searching for a product, selecting it, and finally completing the transaction goes a long way towards reducing your cart abandonment rate. A simple, easy-to-navigate checkout process reduces the chances of customers losing interest halfway through the journey.
- Use a checkout progress indicator: A graphical progress bar lets customers know where they are in the checkout process and how much further they have to go. This offers a great visual reinforcement that demonstrates to shoppers on their shopping journey and motivates them to complete their purchase. Incorporating a progress indicator is a quick and easy way to reduce your cart abandonment rate.
- Display product thumbnails throughout the checkout process: When shopping at physical stores, customers can see, touch, and feel their purchases throughout the buying process. However, the same can’t be said of shopping online. Displaying product thumbnails at the shopping cart and checkout stages of the transaction offers buyers reassurance and visual encouragement to complete the purchase.
- Offer easy navigation between the shopping cart and product pages: Online shoppers demand ease of use to seamlessly add products to their shopping carts and return to browsing product pages for more items they may need. If this back-and-forth process isn’t easily achieved, customers may get frustrated with a complicated process that requires several clicks to accomplish this simple task and abandon your site without completing their purchase.
- Optimise page loading speeds: Unnecessary delays are a leading cause of e-commerce cart abandonment. Fast-loading sites ensure a quick and painless online shopping experience that allows customers to breeze through the buying process. Online shoppers appreciate not having to waste time waiting for pages to load, and consistent delays will cause them to take their business elsewhere. A fast-loading site also ranks higher on most search engines, ensuring better visibility and reach for your business.
- Offer guest checkout options: Rather than force visitors to your site to create user accounts before being able to complete their purchases, you should include an option to checkout as a guest. This simple step ensures that you aren’t excluding prospective customers on the basis of not having an account with your site. This is sure to lower your shopping cart abandonment rate.
- Provide multiple payment options: Not offering a variety of payment options places an unnecessary obstacle in the path of your customers. Cater to your customers’ various preferences regarding how they pay for their purchases, such as debit or credit cards, bank transfers, and digital wallets. Additionally, providing financing options for large purchases offers buyers an added incentive to shop with you.
- Have a clear refund and return policy in place: Shopping online doesn’t give buyers the opportunity to try out or physically examine a product before making a purchase, and the choice to easily return an item acts as a reassuring safety net. Not having this option can deter customers from completing the sale and pushing up your cart abandonment rate.
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How can Infosys BPM help?
With experience in managing product pages for various clients across the globe, Infosys BPM offers a suite of marketplace management services that can help your business gain market share while reducing your shopping cart abandonment rate. Reach out to explore customised solutions to grow your e-commerce site, including:
- Brand governance
- Catalogue management
- Marketing operations
- Customer/back office support
- Reporting and analytics