Tips to reduce cart abandonment and boost ecommerce sales on Magento
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Cart Abandonment has been a persistent problem for online businesses, and cart abandonment rates are surprisingly relatively high. In a report by Baymard Institute, the average shopping cart abandonment rate is 69.80%. So this means that for every 100 shoppers, nearly 70 of them abandoned their order. This is a great loss for eCommerce businesses, especially during the holiday season.
According to an article by RetailDive, merchants are set to lose out on nearly $8.6 billion in mCommerce sales due to cart abandonment this holiday season.
So can Magento merchants reduce their cart abandonment rates this holiday season? There are many answers and tips related to this query. But before that, you should understand why users abandon their cart to understand better what is driving your customers away.
This blog will share why users abandon their carts, why it is such a big problem for eCommerce businesses, and Cart Abandonment tips for Magento stores that can help boost sales this holiday season.
But before we start getting into the nitty-gritty, one important thing to keep in mind is that reducing cart abandonment rates for your business is understanding your shoppers, their purchase decisions, and what drives them away. From the tips shared, you must identify what will work for your business and how you will implement it to boost sales.
Reduce cart abandonment rate with Magento services
Why do your users abandon the cart?
There are many reasons why users abandon their cart before making a purchase. While shipping costs and a long drawn checkout process are the main reasons for cart abandonment, there are many other reasons.
It’s difficult to say that you can prevent cart abandonment, but there are measures you can take to reduce it. But before that, let’s understand why your users are abandoning their carts.
It’s essential to maintain transparency in costs since the customer should be aware of all the charges. This will significantly lower the chance of the user abandoning the cart. The most common form of hidden cost is not displaying the price inclusive of taxes. While this does not mean cheating the customer, they still feel disappointed.
Shipping costs are levied after a customer has put in their shipping information. This takes the shopper by surprise and makes them review their purchase decision based on the product’s current price.
Everyone wants the last leg of the journey to be a smooth one. That goes for shoppers too. One of the main reasons that shoppers abandon their cart is a long and complicated checkout process. Unnecessary form filling and a complex process put off the shopper, who may never return.
All payment methods not available:
Having a limited number of payment options in this day and age will not benefit your business. Apart from the usual debit card and credit card payment options, businesses worldwide are trying to include all the payment methods without losing customers.
Payment security concerns:
Customers are cautious when it comes to online payments. So if they feel that the payment method is unsafe or have second thoughts about their personal information, they may not make the purchase.
The customer was researching/comparing:
It can also be the case that the customer was browsing through products or researching various product features like the price on multiple websites, etc. In this case, the purchase will not be completed.
How does cart abandonment pose a problem for Magento stores this holiday season?
Did you know that cart abandonment costs retailers $4.6 trillion a year? The number of customers that initiate a sale but don’t complete it is more than those who actually make a purchase. No matter which stage your business is in, this is always a problem, and those businesses who know its severity work to reduce it.
This holiday season, as always, the focus will be on maximizing sales, and cart abandonment is an obvious problem. One lost sale means you lost a customer. This may not seem alarming, but businesses know that every sale counts.
We know that just 30% of customers complete their purchases. Given the competition and changing mindset of the shoppers due to the pandemic, Magento stores have to keep a solid strategy in place to tackle cart abandonment if they want to see a boost in sales during this holiday season.
Cart abandonment tips to boost sales this holiday season
Keep everything transparent with your customers at all times, especially costs. No customer likes to be deceived in terms of pricing. Provide your customers with all the necessary information like taxes, discounts, shipping costs, or delivery expenses. Keeping all your costs transparent will not make the customer overthink when making a purchase decision.
Retargeting abandoned carts
Altogether it’s easier to convince a customer who has abandoned the cart to go through the purchase than convince a prospective customer. One of the most effective ways to tackle the rising shopping cart abandonment rate is sending personalized messages and notifications reminding the customer of their abandoned cart and a strong message prompting the customer to complete their order.
Making sure that your customer can navigate freely through your website without any glitches ups your chances of conversions. Providing a good customer experience, especially during the holiday season where customers have so many purchase decisions to make. If they encounter a snag on your website, it may lead increasing shopping cart abandonment rate.
A slow website does not appeal to anyone at any point in time and more so during the rush of the holiday season.
Simpler checkout process
Put a clean and straightforward checkout procedure in place minus all the additional information that may lead to an abandoned cart. After having made up their mind to buy a product/products, keep the last leg of their purchase journey effortlessly simple. This will give them a better experience and a faster checkout. The simplifying checkout process is one of the effective ways to reduce cart abandonment rates.
Provide guest checkout
All users are not frequent shoppers. Some may have landed from an offer promotion or were simply browsing when a product caught their eye. You can provide a guest checkout without creating an account to buy a product for such shoppers. They should be able to add their contact details, shipping address, and checkout without going through the entire account creation process.
Optimize page speed
One of the best cart abandonment tips is optimizing page speed. Fast loading pages won’t have the customer guessing if their order has been successful. That’s the last thing that should bother your customer. Fast loading pages satisfy the customer’s need for a smooth checkout process and improve the chances of customers returning to your store.
Retailers will be focusing on increasing sales this holiday season, but what comes as a drawback is the shopping cart abandonment rate and its effect on sales. Recovering even a tiny percentage of it can be a significant boost to sales.
The cart abandonment tips for your Magento store will help you to analyze the reasons for it. You will be guided well to prevent these problems even during holiday seasons.
Here at CedCommerce, we take special care to provide tailor-made specifications to our clients and aspire to solve the queries they bring to us. Being an Adobe Bronze Solution Partner, we offer robust solutions to clients that cater to their all-around business development needs. For any other eCommerce or Magento-related queries, please feel free to contact us.
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