When an online buyer, places products in the cart leaves without making a purchase, that situation is known as cart abandonment. The number of items abandoned from the number added to the cart, gives out the cart abandonment rate. These rates are important especially because, it signifies the potential revenue that was lost since the transaction was incomplete. Online stores have a number of measures to reduce cart abandonment.
There are many reasons for a person to abandon carts, of which most are personal. Researchers have but shown some common reasons why people abandon carts.
Unexpected costs: Hidden fees are one of the most important reasons for cart abandonment. Online shopping customers expect the full amount displayed, and when one fails, it can lead to cart abandonment.
Expensive shipping: High shipping charges increase the total prize of the product, thus leading the customer to abandon the cart.
Unnecessary hurdles: Customers expect their shopping experience to be simple and easy. With every additional stage, the chances of customers to abandon their carts also increase.
Lack of payment options: Absence of payment option preferred by the customer is one of the reasons forcing the customer to abandon the purchase.
No local currency conversion: Another most important reason for cart abandonment is the product prices given in international currency, without the option of converting it into local currency.
Technical errors: If the website is facing some technical issue, customers will be wary of continuing the purchase.
Lack of wish list options: Customers tend to use the shopping cart as a wish list if that feature is not available on the website.
One line marketers are to respond to two key challenges as far as cart abandonment is concerned. They are,
Reducing cart abandonment rates
Remarketing to customers who abandoned their cart.
There are a number of methods that can reduce shopping cart abandonment. This includes finding the reason for cart abandonment and fixing it. Some of the most popular strategies used by online marketers include providing more options for shipping, reducing the stages required to complete the purchase and make the checkout much more user-friendly. Customer feedback can go a long way in understanding the real reason and problems faced by a customer. Motivating them to share their feedbacks can help the company to understand the real issue and then solve it.
Equally important are the approaches taken up by business in remarketing to the customers, who have abandoned cart. E- mail remarketing is now established much in this regard. This is done by sending automated mail within minutes or hours of abandoning a cart. These emails are sent out to remind buyers of their impending purchase. The latest techniques like on-site remarketing displays real-time messages—when a customer abandons his cart also.
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