Every time an online shopping cart gets abandoned, you lose potential sales. It may be okay if it is just one or two, but because studies show that more than half of all online shopping carts are abandoned, it is now a red flag that you have to acknowledge and must address to prevent the loss and encourage gaining of revenues.
Different factors can cause cart abandonment. But whatever reason it may be, retailers must understand what it means to them. So in this article, we will share with you some of the effects of shopping cart abandonment
Too much Extra Costs
Almost 50% of customers say they decide to abandon their shopping cart because there are too many extra costs when they checkout. These include shipping fees, taxes, and other fees which customers are not always aware of at the beginning of their purchase.
When all of these add up, it instantly becomes a major turn-off for customers so, in the end, they just choose to exit. Retailers must realize how important cost is for today’s shoppers, so it should not be surprising when extra fees discourage them to push through with their checkout.
Free delivery on the other hand has bagged the award for being the most convincing incentive for the majority of buyers. Coupled with some discounts, this entices anyone to buy something from an online store.
Even first-time customers have high expectations when browsing an online store. One of these is a convenient and quick checkout experience.
This is why they get easily irritated when they see an account registration because what comes to their mind is the time-consuming and boring fields asking for personal information which don’t seem to be essential when shopping online.
Their frustration can easily make them think not to make any purchase anymore— only because your site asked them to create an account.
Aside from making the account, logging in is also what worries many of the customers. Of course, they don’t want to log in over and over again every time they purchase. So the solution is to offer a guest checkout option or an accelerated one that remembers a previous customer. This automatically solves the problem and saves your potential customers from stress.
Long and Complicated Checkout Process
A time-consuming, complex checkout process removes 20% of people off the list of your sure-buyers. The reason behind many shopping cart abandonments is the unnecessary form fields that seek to gather customer information. Remove these form fields and look for a checkout solution that stores a customer’s information instead. This way the only thing they have to do is tap to buy the items in their cart and they don’t have to go through two to three-page walls of questions.
Another leading cause of cart abandonment is the pricey shipping cost. Similarly, people also abandon their cart when they can’t compute their total order cost right away. Since there are lots of extra fees when buying online, customers had become wary and decide quickly when they know that what they are purchasing will cost them more. Import taxes and currency conversions are also major considerations for customers when they are thinking about whether something is worth buying from an overseas retailer.
Abandoned online shopping carts are also linked to people not trusting the website. Since there are lots of scams and identity thefts nowadays, many people are hesitant to give away their credit card information.
Millions were already victimized back in 2020 so shoppers are wary. Security of private information is really important and there are lots of easy ways to ensure it too. Companies can either install an SSL certificate, highlight their previous customers’ testimonies, or showcase warranties that will establish your credibility to your customers