The popular shopping cart abandonment rate is the percentage of online shoppers who generally add items to their cart but do not actually complete the purchase. By comparing the percentage of customers who abandon their shopping carts to the percentage of customers who complete a transaction, the percentage of customers who abandon their shopping carts is calculated.
What Factors Cause Buyers To Abandon Their Shopping Carts?
Creating a New Account
It’s never a good idea to require people to sign up or create an account before allowing them to put items in a virtual shopping cart. Adding steps to the purchasing process will turn off certain customers.
Permit customers to check out without creating an account; this should never be necessary.
Inability to Estimate a Product’s Total Cost
The most important consideration for most internet users is price. When customers shop, they are not given the total cost of their purchases, including taxes and shipping fees. Many customers do this before checking out to see how much their order will cost.
Thereby before items are added to a shopping cart, provide customers with complete pricing information, including service charges and additional fees. Customers are more likely to actively proceed if they know the total cost before they arrive.
Shipping Is Unaffordable
Most people dislike having to pay exorbitant shipping costs. People prefer to shop online because they can have their purchases delivered to their door and take advantage of special offers. However, high transportation costs raise the product’s price and make it less appealing to customers. Furthermore, internet shoppers sometimes buy products on the spur of the moment; if they learn that the reputed product will take weeks to arrive, they may look elsewhere.
Reduce shipping costs or provide additional benefits, such as “If you buy Product A, you will receive Product B for free.” You can also offer FREE shipping, as 90% of customers are more likely to buy if they see it.
Fewer Payment Options Are Available
Credit cards are not suitable for everyone. In fact, by 2020, digital wallets will account for 29.8% of all online payments, up from just 27% in 2020. If a customer’s preferred e-commerce site does not provide a variety of payment options, they may abandon a shopping cart.
To entice new clients, showcase a variety of payment methods such as credit cards, debit cards, PayPal, UPI payments, and many more.
Since you can’t always prevent the buyer from abandoning the cart, you can provide answers to all of his questions. Shopping cart abandonment does not have to be difficult to reduce. You must also consider other factors and strategize to increase your sales.