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How To Reduce Shopping Cart Abandonment  By
Rene LeMerleIf you run a retail/ecommerce website, cart abandonment is the one of the most frustrating parts of your business. Imagine getting someone all the way to your web checkout with a cart full of products or services – only to have them change their mind and quit the order. So close and yet so far. Cart Abandonment isn't an issue any of you are alone with. According to a new report by the e-tailing group, nearly 60% of US online retailers experience cart abandonment rates above 20%. 
According to the eMarketer post:A study by PayPal and comScore found 45% of US online shoppers had abandoned shopping carts multiple times in just three weeks. Most importantly from the merchants' point of view, the average cost of abandoned goods in those shopping carts was $109. If you do the maths, that's a significant amount of potential revenue going begging for online retailers, and obviously cause for concern. So the question every online retailer should be asking is "Why are customers abandoning my online shopping cart?" According to the report, here are the main reasons for abandonment: • High shipping charges: 46% • Wanted to comparison shop: 37% • Lack of money: 36% • Wanted to look for a coupon: 27% • Wanted to shop offline: 26% • Couldn't find preferred pay option: 24% • Item unavailable at checkout: 23% • Couldn't find customer support: 22% • Security concerns: 21%
Okay, so how do you combat these reasons for abandonment? Let's look at ways to take each one head on: • High shipping charges: This is simple. Offer free shipping. Chances are your competitors will be offering it, so there's no point being competitive on the product price to lose out at the cart. • Wanted to comparison shop: Buyers will instinctively shop around. You need to give them a reason to stop shopping around and start making a decision. Limited time offers work a treat in motivating people to act. Try something like "This hour only – 10% off all orders" and watch them stop comparing and start converting. • Lack of money: You can't exactly give your customers money, but it's important to try and speak to them before they leave. You might have a different product/service that better meets their budget. Test online help tools, and exit surveys to engage abandoning customers. • Wanted to look for a coupon: Most customers are bargain hunters and when they see a coupon code area, they'll wonder what offer they're missing out on. To appease their need for a bargain, have a nominal special offer with relevant coupon code handy on your site. You'll might have to give away from discount, but often it's better to lose 5% than to lose the whole sale! • Wanted to shop offline: Continue reading this article.
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EnterpriseEcommerce
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