The checkout process conversion rate is the most reliable way for e-commerce companies to bring in revenue. Shopping cart abandonment is one of the things that can bring down the checkout process conversion. A study shows that around 70% of consumers abandon their carts, meaning that 7 out of 10 shoppers won’t complete their shopping.
Causes of Abandoned Cart
Business Insider shows that the main reasons for shopping cart abandonment are:
Shipping costs are higher than anticipated
The consumer wants to know the total price plus shipping in comparison to other sites
They wanted to save the cart for later
The order was too small for free shipping
Shipping and handling costs were listed too late in the checkout process
Preferred payment methods weren’t available
Customers don’t want to register to make a purchase.
How to Improve Checkout Conversion and Reduce Abandoned Cart
- Removing Mandatory Registration
Studies show that users don’t like sign-up forms, which can cause them to abandon their carts. To avoid this, let the customer do their shopping and send them a sign-up email later. This will ensure they complete their shopping without any obligations.
- Simplify your Checkout Page
People tend to abandon their carts if the checkout procedure is too long. Reduce the forms and limit them to only what is necessary for the transaction. Good examples of this are REVOLVE and ASOS
- Free Shipping, Free Returns, and Secure Payment
Offering free shipping and free returns can make consumers have more confidence in your product and urge them to buy. Advertise your free shipping options as a way to draw the buyer into finishing the process. Secure payment assures the buyer that their personal information is safe and urges them to complete the transaction.
- Mobile Optimization
Mobile buying is the most common shopping method, and you should optimize your site to fit it. Make site navigation easier through mobile phones and reduce images and videos for faster loading, also allow easy payment options like Google Checkout.
- Use Progress Bars
Progress bars are a good way to motivate buyers, letting them know what comes next and reducing their uncertainty. You can also use an accordion-style checkout page to deal with any objections and insecurities that a buyer might have.