Cart Abandonment Cost

How Much Is Cart Abandonment Costing You?

cart abandonment costDo you know or have an estimate how much money your store is losing every month from cart abandonment?

Based on average of 20+ studies 68% of shoppers abandon shopping carts.

2 Common Indicators on Shopping Cart Abandonment

  1. Between 8-9 pm most cart abandonment happens.
  2. On Thursday most people abandon cart.

4 reason as to why do shoppers exit your site?

  1. 37% was just on window shopping
  2. 36% found a best price elsewhere
  3. 37% didn’t have much time
  4. 36% decided against buying

You can overcome by capturing the above given figure via search engine optimization, content marketing, email marketing’s or sending out coupon offers.

Top 15 Reason for Abandonment and Solutions for Retaining Customer

  1. 56% left due to unexpected cost – Always offer an upfront cost to customers before they add products in their cart
  2. 44% left due to high shipping cost – Reduce cost somewhere and offer free shipping.
  3. 32% left as product were too expensive – Check competitors price and test pricing points to offer better price.
  4. 25% left due to poor navigation – Implement simple navigation structure on your website to improve user experience (UX)
  5. 24% left as website crashed – Have a good server, platform and hosting provider.
  6. 22% left as shipping information was not available – Try to provide detailed shipping information.
  7. 21% left as process took too much time – 1 step if possible for checkout should be implemented.
  8. 18% left due to excessive payment security – Avoid security checks and Use badge or other trust elements.
  9. 17% due to payment security concerns – Add Verisign a trusted badge.
  10. 16% due to unsuitable delivery options – Implement suitable delivery options to gain trust of shoppers.
  11. 15% left due to out of stock message – Provide a related items, add date of availability and offer options to send reminder for the availability.
  12. 15% left due to website timeout – Have good hosting service so it can be at par with your website traffic.
  13. 13% left as price was not in their native language – Always offer an option for currency change or selection based on country or geographical location.
  14. 11% left as their payment was declined – Have a reliable payment processor and send emails if the issue is on the shoppers side.
  15. 3% left due to confusing product informationHire a copywriter and list details information about the product.

Strategies to Help Reduce Abandonment

Offer discount with exit intent popups as

  • 62% of online shoppers think it’s important for an e-commerce website to have sections for specially priced items
  • 27% of people who abandoned their carts did so to look for a coupon code
  • Remarketing campaigns works as abandoners spend 55% more.
  • Offer Free return options as 2 out of 3 shoppers said they would buy more online if returns are free.

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