How business software solutions generate growth
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Cart abandonment is a huge issue for the ecommerce sector. Customers will browse, consider, research and finally select the item they want to buy. Then, they’ll go through the process of supplying personal information, delivery instructions, possibly getting an account. But, at the last hurdle, their shopping cart is abandoned.
Your CRM might have enough information to send one or two follow-up emails. You might even tailor them carefully enough to keep someone interested in buying your product, but as for that particular sale? Nothing comes of it. This is a common problem.
The Baymard Institute recently conducted a meta-analysis of data regarding cart abandonment. Based on 41 surveys conducted between 2006 and 2018, they estimate the average rate of ecommerce cart abandonment is 70%.
The reasons for this high percentage are widespread and varied. It is estimated that approximately £210 billion is lost every year to poor checkout optimisation. That’s why optimising checkouts results in a 35% increased conversion rate.
However, checkouts are not always where the battle is won or lost. In 2020, the Baymard Institute polled over 4,500 US ecommerce shoppers about the reasons they abandoned their carts. The survey found that with just one step, stores could recoup the sales of a whopping 68% of their abandoned carts.
Keep all total costs visible. All the items in the shopper’s basket, plus delivery, taxes, credit card charges, and anything else that might have to be added on at the end of the customer’s shopping experience.
In the Baymard Institute’s survey, 50% of customers said they abandoned carts because the “Extra costs (shipping, taxes, etc) were too high”. A further 18% of carts were abandoned because customers couldn’t view or calculate the total cost of their order upfront.
50% of customers are impacted so strongly because these are extra costs to contend with. While there are ways and means of lowering the extra costs themselves, a major first step is not making them ‘extra’ in the first place.
By keeping the price upfront and visible as your customers move through the online store, you can avoid the surprise price spike at the last minute. This is also the final, most vulnerable moment when the cart is only moments away from becoming a physical package.
By making your added costs as low as possible, and displaying them throughout the website with confidence, you will make your website clearer and more conducive to sales. Learn from our ecommerce team how you can make this possible on your website by enquiring today, and discover how OrderWise can integrate your ecommerce offering further with a tailored solution built around you.
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