Welcome to the most vital post for any online merchant as here we will showcase and discuss the most frustrating event of online sales. Yes, you have guessed it right. It’s Shopping Cart Abandonment!!
Imagine your customer gets as far as the checkout stage and then suddenly distracted and do not make any purchase, how hurting it would be for you being a store owner and how highly it would affect your overall business.
According to the present statistics, average shopping cart abandonment rate is up to 70% across the entire web. What does this imply?
This means out of 100 potential customers, more than 70 of them are leaving without transacting on the store. Now consider capturing these 70 customers as well instead of losing them, then imagine how much more would you be contributing to your online revenue?
Below image shows different reasons for abandonment of carts and which event highly affects the online businesses.
As online merchants, you are well versed with the present scenario of buyers journey and how complex it is to have them directed to the point of transaction. So let us understand what exactly is making buyers abandon shopping carts and how can Abandoned Cart Pro for WooCommerce plugin be of utmost use.
Some of the main reasons for customers abandoning the shopping cart are as follows:
Customers are required to Create an Account before purchase.
on some sites, merchants make it mandatory for the customers to register themselves before making any purchase. There are some customers who are not comfortable providing their personal information and thus opt out while some find it worthless to fill out long forms just to make a single purchase.
Abandonment due to Unexpected Shipping Costs
There are companies that show very high shipping cost for the products purchased. Customers who do not buy multiple products or make bulk product transactions will find this extremely expensive. Moreover, high shipping costs for products which are not shipped within a couple of days is also not acceptable by the customers today. Therefore customers get diverted to other sites searching for better deals or free shipping options.
Long and Confusing Checkout Processes
Nowadays, customers are looking for simple terms and conditions for checkout which is short and concise. As you know buyer’s journey is more exploring and highly self-directed. If they sense an inability to proceed further due to long and confusing checkout process, they will abandon the order without a second thought.
Aggressive Upselling during transaction
Upselling during a transaction is the most annoying experience you can give to your customers. They tend to get distracted from their task by intrusive advertising when they are making the purchase. Also, the use of pop-ups or anything else might interrupt the customer journey and result in they jumping to other sites for the quick and uninterrupted experience.
Better pricing on other sites
In today’s era of online shopping, consumers are highly research-driven. They browse through different sites and compare prices for making online purchases. Thus better pricing on other sites would tend to divert them from your store as they are on constant lookout for better pricing right till the last moment of their transaction.
Prices are shown in foreign currency
Not all customers have the ability or time to get currency conversions done before purchasing the product. If they see that there is no display of cost in local currency and they will have to know the exchange rate to calculate the actual pricing for the product, they will immediately leave the cart.
Website collapsed and shows slow response
Many times while a customer is browsing through the products, the site gets slow and collapses, thus hindering the customer journey. This is due to hosting of websites on poor performing servers which results in slow site response and crashes. Such a poor customer experience leads them to other sites where they can have a hassle-free shopping experience.
Abandonment due to Payment Security Doubts
Customers are not comfortable to share any of their details online as they seem to feel their personal information is at risk. In the case of making payment online, only a few agrees to provide their payment details while most of them have payment security doubts which in turn will result in they opting out of the transaction.
Shopping cart abandonment has a direct impact on the online business and hence should be given utmost importance to somehow stop it from happening. For which it is vital to have lost customers return to your site and make unsuccessful orders turn into successful transactions.
What is the simplest way to sort this issue?
Abandoned cart reminder emails are great ways to induce customers to return to their potential purchases and in turn help your business increase its online revenue. Alongwith reminder emails, you can also provide coupon codes which will provide discounts to the customers, thus motivating them to complete their pending transactions.
All of these can be fulfilled through Abandoned Cart Pro for WooCommerce plugin as it provides a strong and profitable cart-reminder strategy. Remember, these abandoned carts are considered as great leads and prospects and not lost sales, so why to wait any longer and lose potential customers on your website. Act Fast, Act Smart !!
Image source: https://www.experimentengine.com/blog/2015/06/04/reduce-shopping-cart-abandonment/