Retail Entrepreneur: did you know cart abandonment rates are up to a staggering 70 – 80%!
That means approximately 7 out of 10 shoppers will visit your luxe ecom store with the intention to shop, but WON’T actually complete their transaction. That’s intense.
Of course there could be a number of reasons as to why these potential shoppers are abandoning their carts:
- maybe they’re not ready
- maybe they’re strapped for cash
- maybe the cat had a hairball moment or …
- maybe they were taken aback by extra costs appearing at checkout.
Whatever the reason though, you need to recover those sales and get those trolleys across that virtual finish line.
Why Is It So Important To Reduce Cart Abandonment
In a nutshell, when an online shopper abandons their cart and closes your webpage instead of finishing the order — that’s lost revenue for your business.
It’s as easy and as important as that.
Prevention is better than cure, but if you must cure … then do it like a champion. Let’s have a look at 3 methods to prevent and recover cart abandonment below.
3 Methods To Reduce Cart Abandonment
① Offer Free shipping and returns
Free shipping, yikes! I know what you’re thinking … no thanks, I can’t afford that.
Truth be told, people are expecting free shipping and with millions of competitors out there … can you really afford not to offer it?
Besides, multiple studies have actually shown that free shipping INCREASES sales and conversion rates!
The same goes for free returns. It adds an incentive for a potential client to complete their purchase, especially those who are unsure if the product is right for them.
So my take away from offering FREE shipping and returns is ching ching ching and money in the bank as chances are your client will LOVE your product, buy it and not return it.
Still hesitant? Then just remember, by NOT offering free shipping and returns, you could seriously hurt your business and we both know you don’t want that.
If free shipping isn’t possible, you can include “shipping thresholds” where you offer free shipping if your customer spends a certain amount (E.g: You are $5 away from free shipping). This not only increases your average order value (AOV) but entices your shopper to add more to get to that free shipping threshold.
28% of shoppers will abandon their shopping cart if presented with unexpected shipping costs.
② Allow guest accounts
Potential shoppers want to spoil themselves with minimum hassle thrown into the mix, and sometimes having to create a user account is simply just one click too many for some.
That’s exactly why guest accounts are amazing, as they speed up the purchase process, offer a FASTER checkout experience and therefore improve conversion rates.
Guest accounts also feel far less intrusive, as a new customer only has to fill in the essential details to complete the purchase and have the product delivered. Voilà.
So be sure to make it easy, fast and uber convenient for people to shop your luxe goods, because what do you have to lose? Probably not the sale.
23% of users will abandon their shopping cart if they have to create a new user account.
③ Retarget your customers
Okay, so we’ve established that 70 – 80% of customers WILL leave their virtual shopping carts behind.
However, not ALL 80% of abandoned carts are due to user account admin or hidden costs. Some customers merely abandon their carts, because life happens and they fully intend on coming back to complete their purchase at a later stage.
As awesome as that sounds though, the keyword here is INTENTION and not promise.
YES, they do want to buy your goods, but they’re probably not setting a reminder on their phones to come back at 5pm sharp to do so.
And that’s why YOU need to remind them that those gorgeous products are still available and YOU need to reignite their desire to complete their purchase via a set of abandoned cart emails or by showing your potential shopper ads once they’ve left your site.
Full Circle In Regards To Reduce Cart Abandonment
Have a look at our video for a quick recap on the importance of recovering lost sales and drop us a line below to receive our Abandon Cart Accelerator Series:
Ready to give these 3 techniques a try? Because you’re bound to see some pretty dramatic improvements and that’s incredibly exciting!