The average shopping cate abandonment rate across all industries is around 70%.
Studies show that online retail businesses lose around $18 billion annually due to cart abandonment alone. About 80% of customers abandoning the cart and website never return. Many customers abandon the cart because of extra costs like shipping charges, taxes and feed.
Additional costs during checkout, new user registration, unclear return policy, limited shipping options and limited payment methods are some of the top motivators for customers to leave a cart/website without purchasing. Businesses can reduce cart abandonment and boost conversions by implementing exit-intent popups that address customers’ issues and highlight offers like free shipping, flash sales and discount coupons.
Ecommerce businesses should allow guest checkout. But, they can also drive registrations by displaying loyalty points and benefits for signing up post-purchase. Always be transparent about costs – be it taxes or shipping charges – from the beginning and use security logos and certificates that signals trust on the checkout and assures buyers about a safe transaction.
Brands can use countdown and timers to create a sense of urgency. Further, include thumbnail images of items throughout the customer journey, offer live chat support, provide multiple payment options and personalise each message.
[13 minute read]