Don’t let shopping cart abandonment limit your online sales
Shopping cart abandonment is a headache for all online retailers, but there are steps you can take to reduce abandonment numbers. Shopping cart abandonment occurs when people fill their cart, click the buy button, and leave before finishing the transaction. According to the Baymard Institute, an independent web usability research institute, the shopping cart abandonment rate is somewhere around 68 percent for all internet retailers. That is a lot of potential revenue lost. Business owners and DTC managers need to focus on reducing this number. Shoppers who abandon their carts are usually very close to purchasing, but something keeps them from completing the transaction. If the obstacle can be eliminated, they're more likely to complete the purchase.
What can you do to combat the problem?
Be upfront with shipping options and fees
Many times, shopping cart abandonment boils down to shipping options and the fees associated with those options. People will abandon their shopping cart if the shipping fees come as a surprise near the end of the checkout process. It's important to provide shipping costs and information early on so that there are no surprises.
Provide an easy credit card payment process
The payment process should be as streamlined as possible. Reducing the number of steps a customer has to take will make it more likely that they will complete the transaction. And, returning customers shouldn't have to input all of their information again. The goal is to be able to complete the next transaction with just a few clicks. WineDirect's credit card updater service provides updated card information for club members whose cards have been lost or stolen. Many wine club transactions are canceled because card information has changed but not been updated.
Another thing to consider is payment options. Some customers abandon transactions simply because their credit cards are not accepted. Expanding payment options will ensure that your customers can purchase the products they want.
Eliminate mandatory registration
Mandatory account creation is one of the biggest barriers to a completed transaction. Many people don't want to register when they check out. Guest checkout options allow people who aren't interested in registering to check out quickly and easily. In addition to guest checkout options, social media registration options are becoming increasingly popular. This allows people who want to register a quick and easy way to do so.