How to Reduce Your Cart Abandonment Rate

If cart abandonment is significantly affecting your company, you must look for ways to encourage customers to complete their online transactions. This means resolving any issues with the checkout experience, whilst finding ways to encourage visitors to shop with you.

Technical Issues

Many people are forced to abandon a shopping cart due to a website’s technical problem. Slow loading times are often one of the biggest technical issues affecting a business’s turnover, which can waste your company’s time and investment.

With customers expecting a website to load within two minutes, you can guarantee they will become annoyed if they are forced to wait any longer. Not only is it annoying, but it will make your company appear unprofessional. In fact, 40% of visitors will abandon their shopping carts if they are made to wait for more than three seconds. This could result in your business losing out on a considerable amount of money.

There are numerous ways to reduce your load times, such as by minimising HTTP requests, optimising images, placing stylesheets at the top your website and placing scripts at the bottom. Your hosting provider could also be letting you down. If you want your website to offer quick load times that won’t frustrate your customers, you will need a dedicated IP address, which means finding the best web hosting for your ecommerce website to effectively deal with an influx in web traffic.

Email Marketing

According to a study by Marketing Sherpa, 50% of customers believe abandoned cart email reminders are helpful, because they prompt them to purchase a product they may have forgotten. Opt for an email marketing automation service, which will remind potential customers to complete a transaction on your website – and a percentage could soon return to shop with you.

Payment Options

A lack of payment options could be causing customers to abandon their shopping cart. Most customers expect to find multiple payment methods at the checkout area, such as credit/debit card options, mobile payment apps or third party payment gateways, such as PayPal. If a person’s preferred payment option is not available, they may choose to leave their items in the middle of the transaction.

A third-party payment option also reassures a customer that they are dealing with a reputable company, so they will more likely to trust your company and purchase a product or service.

Long Transactions

A long checkout experience will only result in one thing: abandoned carts. The more complicated the checkout, the more frustrated your customers will become. You must look for ways to simplify transactions, which can be done by eliminating the need for an account creation, or by featuring a step-by-step marker on how long a customer has until completion.

It is undeniable that tackling abandoned shopping carts can be quite a challenge, however, you must act to resolve the problems so you can reap the rewards. With a simplified checkout experience, faster loading times and various payment options, you could find customers return to shop with you in the future.

Fintech Week

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