Ecommerce Spot

Reducing and Capitalizing on Shopping Cart Abandonment

Reducing and Capitalizing on Shopping Cart Abandonment

As e-tailers, we all know too well how many shopping cart abandonments happen on a day-to-day basis. Those are actual people who have put an item from our website in their cart as a sign and interest and BOOM…they disappear. To another website they go and perform the same task or actually purchase an item.

According to an e-tailing group survey, “nearly 60% of U.S. online retailers experience cart abandonment rates of over 20%,” reports e-Marketer. A study by PayPal and comScore, “found 45% of US online shoppers had abandoned shopping carts multiple times in just three weeks.

Most importantly from the merchants’ point of view, the average cost of abandoned goods in those shopping carts was $109.

In the same study, 46% of online shoppers said high shipping charges were a ‘very important reason’ for emptying carts.”

In this particular study, other reasons for shopping cart abandonment were:

  • Wanted to comparison shop: 37%
  • Lack of money: 36%
  • Wanted to look for a coupon: 27%
  • Wanted to shop offline: 26%
  • Couldn’t find preferred pay option: 24%
  • Item unavailable at checkout: 23%
  • Couldn’t find customer support: 22%
  • Security concerns: 21%

So, how can we as merchants improve our shopping cart abandonment rates? First, you must use a platform in which the data allows for you to actually contact some of these shoppers and it all starts with them creating accounts on your website.

When a shopper creates an account on your website that means you have captured that shoppers data such as a name and a phone number or email. You can go through shopping cart abandonment data daily, or once every two days, see what shoppers with accounts have abandoned their cart and you can choose to email them or call them.

The best results from this strategy I have personally seen have come from emailing or calling these customers and offering them a 5-10% coupon off their purchase.

Also, some tips from reasons stated by the research by PayPal and comScore are:

  1. Offer coupons: In this economy, shoppers are really looking to spend as least as possible and really looking for coupon codes online.
  2. Phone number: Make sure you have a phone number where customers can reach you. Often times shoppers feel unsecured when they don’t see they can talk to a live person and may move on right there and then.
  3. Pay Options: Offer as many payment options as possible. That includes all types of credit cards, PayPal, Google Checkout, and Bill Me Later if you qualify.
  4. Customer Support: This can go hand in hand with the phone number issue but make LIVE CHAT and a PHONE NUMBER prominent to the shopper. Make sure they know how to contact you and make it readily available for them.

Pablo Palatnik heads the Marketing Department at Fortune3, a Shopping Cart Software Company based out of Doral, Florida.

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