Whether you like it or not, the truth is that Global Shopping Cart abandon rate was 75%+ for the year ’17. This is a really big hit for all e-com platforms. What can you salvage from it?
A whopping $4 Trillion worth ecommerce merchandise left to fend for itself on the check out stage.
According to a global survey, most shopping carts are abandoned when consumers experience an unexpected and unpleasant surprise. These surprises can be categorised in 03 main buckets (not necessarily in order): Slow Websites (Believe me, your site needs constant updates to maintain a healthy opening rate), Unexpected Costs (they are like an unexpected emergency expense – people tend to avoid them at all times) and not having a guest or express checkout (why do you want to make customer do extra leg work – upgrade your shopping cart process).
So is there a solution? Can we salvage some chunk of the $4 Trillion we are losing? Yes!! In fact up to 63% of Cart Abandonment can be salvaged. Here are the tops activities that you need to do to secure your share:
• Acquire Sales Intelligence: Track customer movement on each page. This will give you exact clarity as to which page is not as per customers’ expectation. If trend sets in, you need to do something about the page.
• Avoid Distrust: Eliminate unexpected and unpleasant surprises. If you don’t like them, how can you expect the others to bear with it? No hidden costs, avoid shipping extra. Also, site has to be optimised regularly for breakages, 404 errors.
• Shoppers’ Delight: Sweeten the Deal once in a while. Offer eligible coupons upfront on check out page if applicable. This will definitely catalyse the sales closure.
• Payment Systems: Add plethora of payment options: Mobile Wallets are a rage. They offer cash back to their customers. Leverage this.
• Virtual Sales: Move your site to be a “Virtual Sales Enabled” Platform. Integrate latest chat tools and talk to your customers while they are shopping. Offer them virtual sales assistance and close more sales.
• Email 3.0: Follow up with a series of structured emails that motivate sales closure, immediately, when the shopping cart is abandoned.
Web 2.0 is your online salesman. Optimise it properly and leverage its’ strength to get more business, just out of Abandoned Shopping Carts.
