You think you have them hooked. Your marketing initiatives have successfully driven traffic to your product page. Your compelling graphics have intrigued potential buyers. They’ve added a handful of items to their cart — and then never completed the purchase.
The estimated cart abandonment rate in 2015 was as much as 60%.
Why do customers abandon their cart if they’ve already come this far? What can you do to prevent this? Read on to learn how to reduce cart abandonment with these actionable insights:
Customers Trust Reviews
30% of shoppers claim the presence of reviews allows them to trust a new website more readily.
They see that others have shopped here before and have had good luck. No customer wants to be the guinea pig. With so many online options, a site without reviews may be easily passed over.
Action Item: Offer your customers the opportunity to review your product and and make these review available online along with the product description.
Let your happy customers sell your product for you.
Transparent Shipping Policies
Customers view shipping charges like the hidden fees and fine print of legal documents. In fact, according to one study, 25% of customers claim unexpected shipping costs led them to abandon their cart, and 45% of online shoppers have admitted to adding items to their cart just to check shipping costs.
Action Item: Make your shipping policy transparent. Either offer free shipping (3 out of 4 customers are more likely to make a purchase if there is free shipping) or clearly list the cost of shipping on your product page.
Your customers will know right away if the cost to have your goods shipped to them is acceptable or not.
The Price Drop Hope
Some customers use the cart as a means to stay in the loop about sales and promotions. A staggering 58% of eCommerce customers will purchase a product they had previously abandoned if they receive an email stating the price has dropped. This has begun to drive customer behavior, and items are left behind with the hope that the price will drop later.
Action Item: Stay ahead of the curve. Inform your customers of sales via email ahead of time. You can also take advantage of the trend. If profit margins allow, reach out to those that have abandoned items in their cart and offer 10% off or free shipping.
Capture those ‘lost’ sales.
Time – Critical Messaging
We live in a shopping environment that values instant gratification. 99% of online shoppers that browse or “window shop” have made purchases when they come across a time-sensitive sale that catches their eye.
Action Item: Promote sales with the following types of tag lines: this week only, limited time offer, and last chance sale. Buyers love to get a deal and snagging a sale item last-minute equals bragging rights.
Make sure they’re bragging about your product.
Respect Shoppers’ Personal Information
The new trend is to capture customer information so that marketing departments can better tailor their goods and services advertising. Although these tactics are effective, they leave customers feeling distrust and anxiety.
In fact, approximately 59% of online buyers have abandoned sales because they feel retailers have asked for personal information that wasn’t necessary.
Action Item: Only require fields that are necessary. If you’d like more information, include the option for customers to share, but don’t make it mandatory. Make the buying process simple, and offer visible signs that your customers’ information is protected. For example, include a McAfee logo if you use their software (or any other security measures you may take).
Internet identity theft is a real thing, and you want your customers to feel safe.
Other Insights on Cart Abandonment:
- 34% of respondents abandoned a cart because they were asked for their social security number.
- 58% of shoppers will abandon their cart, and later to return to make the purchase if they are emailed promo codes or other discounts on the product.
- 30% of shoppers felt more comfortable making a purchase on an unfamiliar website, after reading customer reviews.
- 72% of abandoned carts are not irrevocably lost; many go on to make their purchases through other means.