Hello Magento Blog readers. Cart abandonment in online stores is when a customer, after browsing through your website, adds item(s) in their shopping cart but does not finish the order.
The business metric reveals the percentage of shopping carts that are abandoned before the clients finish up an order. It equals [1 – (the total number of people who complete checkout divided by the total number of people who start checkout)].
The online stores experience close to 70% of cart abandonment, estimated to reach as much as $31 billion worth of sales.
There are different reasons for people to abandon their carts – just being distracted, disappointed from unexpected fees or poor service, or just being window shopping. It is often today that they expect more personalized communication and offers at this final stage of their buying journey. At this step they are very close to the purchase event and that is why it hides a great conversion potential.
How to Embrace the Cart Abandonment Revenue Opportunity?
There are 4 optimization principles to support the shopping cart conversions and for that matter – decrease the cart abandonment rates for your Magento store.
- Optimize the UX: Keep it as simple as possible, as clear as possible.
- Optimize the engagement: Adjust your communication on-site, talk one-to-one after your potential customers leave your website.
- Optimize your offer: Include free shipping and returns.
- Optimize on the way: Measure and test everything.
Let’s investigate them one by one!
Optimize the UX
Look for ways to simplify all the steps driving your customer to finish their order. The simpler, the better!
1. 10% of people abandon their carts because of a long check-out process. Minimize your checkout steps. If possible, adjust them to only one. Yet, online shops have about 5.6 pages on average.
You can set up one-step checkout with Magestore easily (plus 10% OFF). This is how.
2. Remove the obligatory registration. Dropping mandatory registration can end up with about 45% more sales. Or, at least you can move this step after the order is placed. You can stress about the perks of having an account (like order history, shipping tracking, access to special offers and promo codes, etc.).
3. Design an easy-to-edit shopping cart. It must be effortless to add / remove items and adjust quantities. Also, to use promo codes and access product information.
4. Use clear but eye-catching design for the “shop now” and “buy” buttons. It must stand out!
5. Display cart triggers at all website pages. For example, you can use a drop-down menu at category and product pages and display the cart content plus a button to lead to a direct checkout.
6. Include a progress bar in your website structure as an incentive for your website visitor to proceed to checkout, without any surprises.
7. 56% of customers abandon their purchases when they’re faced with an unexpected price as they get to the final checkout. Avoid hidden fees and any unclear pricing. Inform the customer for the cart amount as early as possible, especially in case you offer a free delivery.
8. Adjust your website design to be responsive, e.g. to fit any devices. You can test any dimension here.
9. Also, to load very fast. You can test your Magento shop loading speed online.
10. Add a wish-list option. 56% of shoppers aren’t ready to purchase but want to save their selection for later.
11. 90% of customers consult ratings, reviews and social media, before making a purchase decision. Let your customers share and look out for information without leaving your website and include social sharing buttons, product reviews and ratings.
12. Customers have to trust you! Display security badges, product authenticity badges and satisfaction guarantees.
13. Be present throughout the checkout. Include clear instructions and direct links to your support. Also, you can add a life chat.
Optimize the Engagement
Reach out to each and every customer while they are on-site and also after leaving your website. Implement automated remarketing tools to win back these customers.
1. Set up remarketing ads. Dynamic remarketing is a way of connecting with your past visitors by either showing them products they’ve seen on your website or by suggesting them products they might like. These types of ads are dynamically created based on user cookies.
2. Use email automation to recover cart abandoners and set up either one-time follow-up email or sequence of such. The cart recovery series of three emails result in 131% more orders than a single email. You can calculate how much is the revenue opportunity with the cart abandonment emails here.
3. Include product recommendations and bundles at the shopping cart page. In this way, you can inspire your customer to add more products in the shopping cart – complementary products or last-seen items.
4. Custom pop-ups with surprise offers and also triggered by actions. For example, if a website browser tries to leave the checkout page. Inspire further interaction with your shop.
Optimize Your Offer
Include such perks that will make your customers proceed to checkout.
1. 93% of online buyers are encouraged to buy more products if free shipping is included. Online customers find free shipping twice as compelling as percent off the offers. How to afford free shipping.
2. Let people choose within multiple payment options – on delivery, credit card, PayPal, other local payment process services. Include all security information, badges and protocols.
3. Offer product bundled on discount prices.
4. Include gift option at checkout.
5. Consider a loyalty program. Here is some inspiration.
Optimize On The Way
1. Measure your cart abandonment rates. Check howto set up Google Analytics tracking.
Finally, think what can help you prevent customers from leaving your cart without finishing an order earlier in their buying journey. For example, provide rich product content, great and detailed visuals, urgency triggers (limited quantities information, numbers of people watching the same product). Also, do not forget to also thank for placed orders. Send “Thank you” emails for your customers to know that they are appreciated and also bond to the brand better.
All of these hacks are reviewed in a free crash course, including:
- tools and tutorials for Magento stores.
- discount at Magestore.
- 20-step checklist.
Start implementing right away! Access link.