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A repository of acronyms, jargon, and useful definitions perfect for eCommerce founders & marketers like yourself.
Cart Abandonment Rate
Cart Abandonment Rate
Cart abandonment is when customers add products to their cart and starts a checkout process but leave before completing the purchase.
Cart abandonment rate is calculated by dividing the total number of completed transactions by the total number of transactions initiated. This rate will identify the percentage of users that leave before completing the checkout process. A high cart abandonment rate indicates a poor customer experience which affects the overall revenue of the business.
Reasons for shopping cart abandonment
Lack of trust - Some customers might be paranoid about using their cards for online purchases on your website. Therefore, it is important to build trust through social proof and a strong brand image.
High shipping costs - It’s a bummer for the customers when they see high shipping costs during the checkout process which makes them leave before taking the deal, It’s important to stay upfront about all the costs right from the beginning and offer promos to reduce the charges altogether.
Complex - Nobody likes a complex checkout process with long forms. Keep the checkout process as easy and simple as possible.
Lack of payment options - There are chances that the customers will abandon their cart if they don’t see their preferred mode of payment during the checkout. Therefore, it is important to incorporate all lasted payment options including PayTM, Google Pay, and PayPal
Technical problems - Make sure that the checkout process is free of any errors and the users should not face any problems while applying the promo codes.
Ways to combat shopping cart abandonment
Include a strong call-to-action on checkout pages
Offer multiple payment options
Make navigation between the store and cart effortless
Throughout the purchasing process, include thumbnail images of products to keep the customers interested.
Include a progress indicator on the checkout page to make the customer aware of the steps that are left to complete the purchase.
Offer return and refund policies to build trust
Use retargeting to target the abandoners using emails and catchy promo codes.