Abandonment is a big problem that plagues eCommerce. Abandonment, in this context, refers to internet users who visit a website but do not finish performing the desired action. For online retailers, one of their biggest problems is cart abandonment. This occurs when a consumer places items into a digital shopping cart but never actually completes the purchase. Thankfully, there are strategies for stopping cart abandonment that works.
Include Multiple Payment Options
One reason why cart abandonment happens is that the consumer is not satisfied with the available payment options. Consider adding alternatives. In some instances, a person may not trust a website with their payment information. If this is the case, using a service like PayPal that works as an intermediary can give them the confidence they need to go through with it and make the purchase.
Other similar options you may want to consider implementing include third-party payment systems provided by credit card companies like Visa Checkout and Masterpass. Amazon also provides a similar service named Amazon Payments. As long as it doesn’t significantly increase your overhead, providing different payment options can increase your profits by helping to convert more of your leads into paying customers.
Implement Direct Mail Retargeting
Cart abandonment is closely related to the site abandonment. This occurs when a consumer abandons a site entirely before performing the sought-after action. There can, of course, be many reasons why a consumer may leave a digital shopping cart or an online retailer’s website. Some become distracted by other things and forget about making the purchase entirely.
In this case, direct mail retargeting can help remind them to complete the purchase. This works by recording such a person’s IP address and then using the information obtained from that data to send them direct mail related to the relevant products and services. This can help ensure that those leads do not go to waste.
Allow for Guest Checkout
Overall, you want to make it as easy as possible for a user to purchase your product. It would be best to think of different ways to remove roadblocks to ensure you can obtain more sales more quickly. While having user accounts is very beneficial for various reasons, requiring one to buy a product is unnecessary. The most important thing is to make a sale and receive payment.
That process does not need a user account. According to statistics, only 12.7 percent of e-commerce platforms required the use of a profile to make a purchase. While you should offer users the ability to create accounts, don’t create an account a roadblock to receiving revenue.
Follow Up with Email
Again, online shoppers sometimes forget about their planned online purchases. There can be a lot going on in a person’s life. This is understandable. Try to find ways to remind shoppers that there are items in their shopping cart they have yet to purchase. In addition to direct mail, email is one way to do this.
If that user already has a profile on your eCommerce store, sending them a reminder by email can be easily automated. Even if they don’t click on the email, they will still be reminded of the abandoned virtual shopping cart.
Offer Limited Time Discounts and Sales
There are also ways to incentivize making a purchase as quickly as possible. If you want to avoid the problem of cart abandonment, offering sales, discounts, and promotions that are only good for a specific period is an excellent strategy. This will provide the psychological motivation most people will need to complete the purchase.
The threat of not saving as much money as possible is always a real good motivator. It is one of the significant ways all retailers drive consumer behavior. Even a modest discount of 10 to 15 percent could improve your numbers. Combined with your standard markup, you may not end up losing that much money at all, especially if the volume of sales increases to a significant degree.
Cart abandonment is a common problem. If your site statistics show you suffer from this particular issue, you should try some of the strategies above. Just because someone hasn’t completed a sale doesn’t mean that they can’t be persuaded to do so in the future. Lessening cart abandonment also means removing roadblocks for potential buyers and offering incentives to convince them to part with their money more quickly.