Are You Fed Up of Cart Abandonment ? We have an easy Solution for you
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As a marketer, you worked hard to bring customers to your e-commerce website as well as invested a huge amount in the advertisement, social media, and blogging but what if consumers practice frequent Cart Abandonment?
If you are fed up of cart abandonment and looking for the abandonment cart solution then you are at right place.
It is noted in 2006, abandonment Cart rate was 59.8% and By 2018 the shopping cart abandonment has risen to 75.60%, a 15.80% increase.
Mobile has the highest cart abandonment rate, with 85.65% of all transactions ending without a sale.
What exactly comes to your mind when you think about the word ”abandoned cart recovery”?
As it is a big problem nowadays for MARKETERS.
What is cart abandonment?
Abandonment in e-commerce terminology is used to describe a visitor on a web page who leaves that page before completing the final purchase.
For example, when there is a visitor who visits your site, adds a product in the cart and exits without completing the full process he is said to have abandoned the cart.
In offline marketing, this term is not used but in online marketing, this is a very common problem.
The cart abandonment rate is the ratio of the number of abandoned shopping carts to the number of initiated transactions or to the number of completed transactions.
The typical shopping cart abandonment rate for online retailers varies between 60% and 80%, with an average of 67.91%.
Why do buyers leave their cart without shopping?
Cart abandonment happens when any customer spends their time searching the best deals over many online sites, adds products but does not purchase it.
Every site is different, hence the reasons for cart abandonment are also different.
A few issues that lead towards cart abandonment are:
- High Shipping Cost: Free Shipping & Delivery charges turn out to be very enticing from customer’s point of view. If the customers find the shipping charges high, they’ll immediately opt out.
- High Price For Product: Before buying a product, customers always check for prices on other platforms & will only proceed with payments until your website offers the best price. Around 25% of shopping cart abandonment is because of high pricing.
- Wish To Buy Later: ‘Unavailability of money’ or ‘lack of urgent need’ also leads your customer to leave the product on Buy Later list hence abandoning the cart.
- Complex Checkout Process: The customers often get irritated if they have trouble completing the checkout process in a few steps.
- Website Complexity / Crashed: Now this is just a disappointment if a website complexity occurs while the customer is just about to purchase the product. About 20% of cart abandonment is due to such website complexity.
- Estimated Shipping & Delivery Time is Too Long: It is very common for customers to run out of patience while waiting for the order to arrive. So, if the shipping & Delivery process prolongs, the chances for your customers to leave the cart unattended increases.
- Forced To Create An Account Before Purchase: For an internet user, it becomes impossible to keep track of multiple logins and passwords for various sites. When it comes to creating yet another login credential, the customers feel reluctant to carry forward, hence abandoning the cart.
- Preferred Payment Option Not Available: When it comes to payment, some customers will strictly prefer one payment method over another. 8% of the customers abandon the cart if they are unable to find their preferred payment option.
- Got Distracted: It’s very easy for a customer (especially someone who is using a mobile phone) to get distracted by some social media notification or a call or even some incident in real life. This also leads towards cart abandonment.
How to reduce cart abandonment rate in e-commerce?
As a marketer, reducing Cart Abandonment has to be your priority. To achieve this you will have to :
1. Build more trust
2. Low shipping costs
3. Provide multiple payment options
4. Resolve all the Technical problems
5. Better assistance while shopping
6. Reduce Price Shock
According to the Baymard Institute report, the average online shopping cart has an abandonment rate of 68.63% which means that out of 100 customers 68 leave without buying.
Reasons Why buyers leave their cart without checking out?
According, to research it shows 60% cart abandonment is because of the additional extra cost on shipping and taxes.
The next big reason, about 37% of customer don’t want to create an account in your site.
Let’s check the abandonment rate in different sectors:
Travel industry sector: it is noted that 81.7% of the time the customer is searching and gathering details, they aren’t exactly looking to make any transactions.
Fashion e-commerce site: These sites have a high cart abandonment rate because customers tend to compare the designs and add it in the cart but they may or may not purchase the products. This rate increases to up to 90% during weekends.
Electronic products: Who doesn’t. The customers go through different sites to compare the prices, read the reviews and search for the best deals.
If there is any type of offer going on in any e-commerce site the cart abandonment rate increases.
What is the best way to turn abandoned cart into sales?
With these tips turning abandoned carts into sales:
1. Optimize your checkout process by providing features like
- Allowing visitors to check out as guest
- Making the checkout process fit in one place
- Offering various payment and shipping methods.
- Making sure your site mobile friendly and bug-free.
2. Segment your abandoned cart visitors
As you have to understand who is visiting your site without checking out and how to convert different types of visitors into buyers.
- Who is visiting our site?
- What products are in the cart they abandoned?
- How much is the total cost of the cart?
3. Send an abandoned cart email
As you have the segment of the visitors and the product they are interested in you can form the series emails informing about the product.Send the email in following orders:
- Reminder email
- Discount email
- Deadline email
To survive in today’s competitive world you should have the Market Automation features which will help in increasing sales and revenue.
Free abandoned cart solution
There are multiple software solutions present in the market which provides the features of abandoned cart.
It is very difficult to maintain the data of the visitors and cart abandonment. So, we require some software which does the marketing, targets the dedicated customers and send mails at the right time.
There is a HubSpot Magento Integration developed by CedCommerce that provides the features of customers syncs, product syncs, abandonment cart recovery and it also segments the customer’s data according to the category, it also provides RFM segmentation.
Whenever any customer adds the item to the cart and leaves it for a certain time then our Integration solution treats it as an abandoned item And sends this information to HubSpot.
HubSpot already has a Workflow related with abandoned cart recovery. And that workflow will engage the customer further and increase the chance of conversion for that abandoned cart.
The Integration sends the Data from your Magento store to HubSpot after every 15 minutes.
If you are looking for the solution to cart abandonment. Then the HubSpot Magento Integration will help you out.
More From CedCommerce :
About CedCommerce :
Started in 2010, the company has been involved in over 1000 ventures of customizing solutions to address all the unique needs. And recently, it became the Official Channel Integration Partner of Walmart, Newegg and Sears, and provide multichannel seller app