8 Dec 2022| O-Net
Are You Pressed with Shopping Cart Abandonment? Know Your Customer Retention Formula Here
Stats of abandoned carts are worrisome to businesses. During 2016, the shopping cart abandon rate touched 77 percent, where it grew to 78 percent in 2018. Every ecommerce store face cart abandonment challenge as customers will not stick to the same brand and searches for others and compares your products with others and then takes the decides to purchase. There is no guarantee that all the products added to the cart are going to abandon. The lost shoppers will not come into the conversions, but they may increase your marketing budget.
A valid follow-up email plays a critical role in obtaining conversions. The open rate for the cart abandonment emails is 40 percent, and 50 percent of people click the email on average, and almost 50 percent of people purchase the abandoned cart product. Let’s explore the primary reasons behind this abandon carts and ways to sort out.
The increased shipping price, along with additional feed, is the foremost reason to leave the products on the cart. It is a surprise for people who are about to purchase the product at shown a price, and the price value increased at the Checkout. Online shoppers may feel bad, and they don’t like your brand if you do this for a long time.
Fix: Display the total price from the beginning, and hence there is no reason for shoppers to leave the purchase in the middle.
Forcing customers to create accounts is the most common reason behind the shopping cart abandonment. You don’t know whether the customer will buy the product or check the product and asking to register the account is a terrible idea. When the customer clicks on Checkout Now to purchase the product, redirecting to the create account page is highly objectionable and irrelevant.
Fix: Add the Guest Login feature during the Checkout if the customer is not registered with your website. Collect their email id during the product purchase, and buyers consider that it is a regular exercise during product purchase, unlike lead collection.
It is the shocking truth that 28 percent of people don’t buy due to poor designs, and complex navigation leads to poor customer experience. Make the buying process as simple as it could be as nobody buys from the website by keeping struggled.
Fix: Don’t ask unnecessary information during the checkout process and avoid asking to fill survey questions and ensure that fair and straightforward transactions happen. Make everything smooth and transparent. You lose a lot of customer deals for a problematic checkout process. You must fix the technical or user issues how much it may cost to your business as 20 percent of people leave when there is a difficulty in accessing.
People may love your brand or product, and they are ready to purchase from you. What happens if they doubt your security standards before the purchase? The customers’ trust is the primary criterion to make a purchase. According to the studies, 19 percent of buyers leave the product in the cart due to the lack of trust. It is highly recommended to assure your customers that their payment information is safe during the checkout time.
Fix: The conversational AI key role to get the nerve of customers. Top brands like Paypal, Google, Norton, etc. have introduced badges to increase buyer trust, which may stop the customers from continuing the purchase. It is highly recommended that brands add the trust badge in their check out page to improve the conversions.
Returns are harder for any ecommerce business; the entrepreneurs or brands are excellent if they get returns once in a week. Whatever may be the condition, the ‘returns’ are familiar for any business. Instead of focusing on product returns, it is better to look into customer retention. According to the studies, 11 percent of people leave the company if the return policy is not fair.
Fix: If your brand has a good return policy, first make it as it is considered as the minimum need for the online shopping realm. Offer 30 days return policy to increase the conversion rate, or else buyers may not dare to purchase from you.
Shopping cart hassles are the most commonly addressed issues of any online store. To gain great buyer support, the brands must focus on customer retention in all possible ways. Trust, Security, Problem Solving, Easy Buying, and Fairness play a crucial role in impacting buying decisions. Fix the hassles and start working on improving your brand image and huge conversions.
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