You have launched your e-commerce website, curated the perfect products to sell online, and attracted the customer to your online store. The customer has selected items for purchase, you are *this* close to closing the sale, and they abandon their cart before completing checkout!
If this sounds familiar, you are not alone. Cart abandonment is one the biggest business challenges for e-commerce retailers across the board! According to some statistics, in 2021 alone, roughly 70 percent of shopping carts are still abandoned at checkout. As such, shopping cart abandonment contributes to massive losses in potential sales and leaves many e-commerce retailers wondering how they can entice their customers to purchase.
The secret to minimizing cart abandonment rates may lie in making a few simple changes to improve the customer’s buying experience, and subsequently, drive revenue!
Personalize the Shopping Experience
It should come as no surprise that online shoppers who find products of interest are less likely to abandon their carts. This means e-commerce retailers can circumvent some cart abandonment by suggesting products that align with each individual buyer’s preference and by making product recommendations as each point in the shopping experience! One common tactic is the “You May Also Like” listings featured on many e-commerce websites.
There are many artificial intelligence (AI)-driven product recommendation apps and plug-ins that track each action a shopper takes on site helps to “teach” the AI algorithm about the shopper’s individual preferences; the app then makes smart recommendations while they shop. The key is to employ AI that is both adaptive and delivers custom recommendations at each point in the shopping experience, not just at checkout. When customers see products that complement their selections or match their preferences, they are more likely to “add to cart” and complete their purchase.
Simplify the Checkout Experience
At each point in the online shopping experience, customers have time to rethink their purchases. This is especially true during the checkout process when they are forced into the monotonous process of entering their payment information, shipping address, and other details needed to complete a purchase. This 45 to 90 second period is a critical time for shoppers to reconsider their potential purchases and ultimately abandon their shopping cart.
“One-click” payment processes are invaluable to simplifying the checkout experience. These payment widgets automatically link to customers’ financial and shipping data to deliver a one-click checkout experience. By reducing the time it takes to complete the purchase, online shoppers are less likely to abandon their cart. “Wallet payment” options have become omnipresent through a broad range of payment platforms including Apple Pay, Amazon Pay, Google Pay, PayPal Express, and Shopify’s Dynamic Checkout and if you are looking to reduce your cart abandonment, it is imperative you utilize one (or some!) of these one-click payment options.
Re-Engage Your Customer
Though far from the desired outcome of an online shopping experience, an abandoned cart does not have the be a lost sale! The shopper came to your website and put your product in their cart for a reason so rather than discard their experience, consider treating each abandoned cart as an opportunity to re-engage the customer and ultimately close the sale!
One of the most popular strategies for re-engagement is to send a simple reminder message to customers who have abandoned their cart and remind them about their wonderful selections. You may also consider expanding these communications to provide personalized product recommendations and special offers. Modern marketing platforms such as Constant Contact or Salesforce can deliver personalized re-engagement messages to known customers, and AI platforms can keep track of new customers to tailor their product recommendations based on their previous interests.
We hope these tips help you improve your customer’s buying experience, reduce your cart abandonment rates, and ultimately drive revenue for your e-commerce business!