Here's a guest post from Daniel with some great eCommerce tips on how to increase sales and maximize conversions by reducing your shopping cart abandonment rate.
Decreasing abandonment rate during checkout is emerging as one of the major challenges for online shopping websites. As competition intensifies in the eCommerce sector (for the website owners), consumers are having a blast as more and more buying options become available.
Our research suggest that 70% of shopping carts are facing exit before the completion of a sales transaction.
But, is the increased consumer choice the root of cart abandonment?
Experts believe it is not. There are many factors that trigger abandonment - like comparative analysis of product prices, page loading time, shipping rates, elaborate registration forms, prolonged checkout processes, and last but not the least, user experience.
This article presents a critical analysis of what leads to conversion failures, and how you can manage those factors to ensure that they do not affect sales.
Do away with elaborate registration procedures
Registration or sign-ups are essential for forging an enduring business relationship with your customers. But, what if your registration forms scare customers away before the relationship starts?
This situation is like the 'The Goose that laid golden eggs' - it is better to get a golden egg at a time, rather than lose the whole goose. Our studies have revealed that there are more purchases made as guests, than those executed through lengthy registration processes.
Even though sign-ups are vital from a website's point of view, it will be wiser to take your cue from the user's point of view, and eliminate complex, upfront registrations – so as to achieve the larger goal of executing sales.
It's a lot easier to collect customer data on existing accounts. So all you really need to start with is a name and email address.
Showcase products with "availability status"
Going through an elaborate online shopping process from registration, comparison, choosing product; and discovering at checkout that the chosen product is 'out of stock' can be the most enraging experience. And one that can trigger immediate cart abandonment.
Always make sure that the availability status is indicated alongside each product on the display pages. Or, at the very least, at the time products are about to be added to the cart - so customers can choose another product, or come back to purchase when it is available without wasting more time.
Integrate multiple payment options
Non-availability of a payment system is the most unnecessary reason leading to abandonment of a shopping cart.
Problems with accepting payments is the one thing that can be avoided with careful eCommerce strategy development (i.e. think about what payment options your customers will use most often, and provide 'em).
Understand that an online shopping site cannot be complete without the integration of multiple payment systems - especially if you are targeting customers from all across the globe. Don't simply rely on PayPal or/and Google checkout alone.
Re-market products after cart abandonment
Market research suggests that cart abandonment doesn't always end your chances to win back customers. You can take up an honest initiative to re-market your product(s) by adopting user-friendly, and attractive marketing techniques.
Try to understand what made your customers abandon the purchase the last time they visited, and rectify those issues before reaching out again.
Maintain abandoned shopping carts
Most store owners go into a tizzy, once they find their shopping carts being abandoned by customers. But, don't despair, for this is when you need to have patience.
Analyze and find out what went wrong. Do not act hastily. Instead maintain the carts for at least 60 days, because you don't know for sure if the visitor is coming back again.
We have noticed a general trend where online shoppers return after some days to make a purchase – mostly after making some product or price comparison analysis. So, it's not wise to clean up abandoned carts too quickly.
Saving shopping carts for 60 days really doesn't consume much memory, or make much of a difference to your site's performance anyway.
Daniel is a tech writer associated with VITEB - a leading Web Design Company in India. He has 5+ years of experience in writing articles on various technology subjects that includes web design, website development, mobile apps development and internet marketing.