- Posted September 9, 2013 by
This iReport is part of an assignment:
Essential Reasons Behind Online retailer Losing Their Sales
Are you struggling with sales due to cart abandonment? About 75% of online merchants are facing such kinds of problem. So, here we come with best solution related to cart abandonment.
There are many online merchants losing their sales due to data supports. Online retailers have caused by Cart abandonment, which is a great deal of pain for them. But, do you know how much? According to a web research company in the UK, Baymard Institute 67.45% of online shopping carts are neglected. That means, every 67 from 100 potential customers are leaving ecommerce website without purchasing.
Now, think that how much merchant’s revenue increase, if merchants capture sales instead of losing them. In Baymard’s study, we find collection of 22 different studies that shows statistics on e-commerce shopping cart abandonment. Moreover, in some reports, we have seen a much higher abandonment rate which is of about 80.3%.
Reasons Shoppers Leave Your Ecommerce Site without Purchasing
There are many reasons says that online retailer losing sales, however shopping cart abandonment is one of the biggest problem. Below given is graph that shows 14 important reasons why shoppers are abandon shopping carts.
Products presented with more cost:
About 56% of shoppers are not purchasing products/services because of high price than it would be. This is one of the important reasons why people are leaving site without making purchase. Some of us even experienced this before. Sometime, we find an appropriate products and click to Add in our cart. When you reached at the payment page, we found some additional amount with shipping charges and tax amount. Such situation makes customers to skip purchase.
- More Loading Time
There are many online retailers hosting their website on poor performing servers that results into low speed of website or crashes as well. So, it is must to have dedicated host that load your site fasters, enhance website visibility and boost sales as well.
Different Approaches Merchant Should Make to Reduce Shopping Cart Abandonment
While developing ecommerce website, online merchants have two different ways to deal with their shoppers, who are leaving their store before purchasing. This can be broken into two different groups:
1) Before Cart Abandonment
When you’re customers are still on your website, the Before Cart Abandonment stage is purely. However, if you are going to consider below given steps, you will surely increase number of customers that purchase your service.
- Display Images
- Show Security Logos
According to the Statistia study, it is shown that more than 17% of people are not purchasing products due to security concerns. It is must to put a security badge on website, if you want to increase your sales by 4-6%.
- Single Page vs Multi-Page Checkout
There are many people believing single page checkout is much effective than multi-stage checkout. On other side, most of online retailers believe in multi-page checkout. If you are using multi-page checkout, make sure to show progress bar so customer know how many pages are there.
- Different Payment Options:
Offering different payment options like American Express, Visa, Mastercard, Paypal and many more increase your sales. According to FreshGigs, about 15% of people are making payment through American Express and other people with different payment modes.
2) After Cart Abandonment
After making changes in your website, you have to make sure that whether shopper are purchasing or leaving your store. Here, we are going to mention two most excellent ways to deal with abandoned carts.
- *Ad Retargeting
It is seen that about two percent of visitors convert into shoppers in first visit. Additionally, other 98% of visitors come with retargeting. One should have to retarget works by tracking people, who are visiting your website and display your ads while they are visiting other popular sites.
- Email Recovery Campaigns
Email Recovery Campaigns is another effective ways to get your customer back to your online site. Using this campaign, you have to send personalized email, if shoppers don’t complete their purchase. One can easily get shopper’s details, if you are using a multi-page checkout. It is advisable to create a series of 1-3 emails that should be sent at the regular intervals. Ensure to add Guarantee and refund policy information, Pictures of the item they selected, Reviews or testimonials from other shoppers, etc. in your email.
There are many online merchants losing sales due to cart abandonment. So, it is must for them to implement above given techniques and tools to make their cart smarter. Putting ideas into cart helps to get more customers at your eStore. Visit here for any ecommerce solution for your online business: http://www.perceptionsystem.com/e-commerce-solutions-services.html