Feel like your cart abandonment rate is alarmingly high? You’re not alone, recent statistics show an average abandonment rate of 68%. Out of 100 people, 68 are leaving without purchasing.
Sounds bad, but with savvy ecommerce development this is a huge opportunity. What if you could convert just 25% of those cart jumpers into buyers? One of the first steps is to understand why people are abandoning in the first place. Here’s a telling chart published by Statistia:
Interesting? Indeed, but this is a snapshot of many shoppers on many different ecommerce websites. What’s more useful is to put this into context for your business. We shouldn’t jump to the conclusion that your customers are bailing because they are presented with unexpected costs (maybe there are none). Perhaps your products are just not priced as well as your competitors, or maybe your web server is slow, or the checkout process is clumsy.
The key is finding out what the real issues are for your ecommerce site and the customers you are losing. Lets look at a couple of examples:
Presented with unexpected costs
Solution could be as easy as disclaiming any additional costs prior to checking out. In many cases these unexpected costs are shipping related. In fact, a study by emarketer.com showed that nearly 60% of abandoners had no intent to buy at the moment, they just wanted to know how much the shipping was going to cost.
"I was just browsing"
Excellent! A browser is just someone who hasn’t bought yet. These are warm leads, they are familiar with your site, your brand and your products, and interested enough to put something in their shopping cart. Don’t let these warm leads cool! An integrated abandonment email campaign (aka Email Recovery Campaign) is your best bet at converting these fence-sitters. A report by Business Insider showed that emails sent within 3 hours of abandon carts had an average open rate of 40% with a click-through rate of 20%; both well above industry averages.
Retargeted Display ads are another way to stay in front of your potential buyers, setting up a campaign like this is easier than you think.
Abandoners spend up to 55% more when retargeted!
Website navigation too complicated
Poor UX (User experience) design can turn away even the most loyal customers. Good UX is absolutely essential to the success of ecommerce development. Imagine shopping at a brick and mortar store, you are ready to checkout, but you can’t find the cashier, when you do there’s no body there, chances are you aren’t going to hang around for too long! Get expert help here, this is not a DIY fix.
To sum it all up: cart abandonment is a big deal, and a big opportunity. But there is no one fix that works for everyone, diagnosing the key issues that are affecting your ecommerce development is the first step in determining what solutions should be implemented.