Reduce Your Shopping Cart Abandonment Rates

Reduce Your Shopping Cart Abandonment Rates

Jul 31, 2024

Online shopping carts

Picture your online store as a bustling shop. You see customers browsing, picking up items, and then leaving without buying. That's normal, right? No panic there. You tweak the layout, put up new signs, and hope they buy next time.

Now, think about the checkout. Five customers are ready to buy. Some have big orders, some small. But suddenly, four of them dump their baskets and leave just before paying. Yikes! That’s a problem.

In March 202o, a staggering 88.05% of online shopping carts were abandoned globally. On mobile, it's 85.65%. That's a lot of lost sales. So, how can you stop this?

Understanding Your Conversion Potential

Let’s be real: 100% conversion is a dream. So, what’s a good target? Khalid Saleh of InvespCro says understanding your industry’s average conversion rate is key. Some companies hit 41% and still want more!

Study your analytics. What's your current rate? Set realistic goals. For instance, doubling your online sales means doubling your conversion rate.

Factors affecting abandonment rates include:

  • Product/service type and cost

  • Traffic source

  • Device used (mobile, tablet, PC)

  • Platform (Windows, Mac, iOS, Android)

  • Browsing location

Knowing these helps you understand where you stand and where you can improve.

Fix Your Funnels

To reduce cart abandonment, understand why people leave. Kissmetrics says it’s often due to unexpected costs or simply researching.

Make changes to your site. Show final prices, including shipping, early in the process. Nobody likes surprise costs. Offer free shipping for members or use rewards points to cover shipping.

Simplify the checkout process. Amazon's one-click ordering is a prime example. Why make customers re-enter details you already have? 55% abandon carts for this reason alone. Streamline your process and you could boost conversions by 35.62%.

Look at your checkout steps. Would you go through that hassle?

Companies Doing It Right

Think about where you spend money online. Here are some winners:

Netflix

Netflix’s signup process is super simple. The login screen highlights the free trial and has a clear call to action. The plans page subtly nudges you towards the premium package. The signup requires just an email and password. From 2010 to now, Netflix grew from under 20 million to 192 million users. Simplicity works.

Crazy Egg

Crazy Egg is a master of simplicity. Their blog and referral traffic drive visitors to a clean, easy signup process. A clear CTA for a free trial leads to a straightforward signup page with just an email and password. Testimonials boost trust, and the premium option is highlighted to increase value.

Takeaways

How can you apply these lessons?

  • Simplify your process. Remove unnecessary steps.

  • Encourage higher-value purchases subtly.

  • Make the experience as smooth as a quick checkout in a physical store.

By making these changes, you can significantly reduce your cart abandonment rates and boost your sales.

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Copyright by MAKREATE IT Services Co LLC 2024

Ready to 10X Your Investment?

Not sure how we can help? Let's talk and we'll understand your situation and identify an opportunity to help you grow!

Get in touch, and let's create the future together!

Schedule a free 30 min needs analysis and problem identification call worth 1000$

Or help us get in touch with you!

Copyright by MAKREATE IT Services Co LLC 2024