{"id":332,"date":"2023-04-17T13:39:20","date_gmt":"2023-04-17T13:39:20","guid":{"rendered":"https:\/\/www.smallbizgenius.net\/?p=332"},"modified":"2023-06-19T05:06:08","modified_gmt":"2023-06-19T05:06:08","slug":"cart-abandonment-solutions","status":"publish","type":"post","link":"https:\/\/www.smallbizgenius.net\/knowledge-base\/cart-abandonment-solutions\/","title":{"rendered":"Cart Abandonment Solutions for Reclaiming Your Lost Sales"},"content":{"rendered":"\n
Here\u2019s the biggest nightmare of all online retailers: Seeing potential buyers dropping by their virtual store, filling the cart with items, clicking through the checkout pages, and when the payment is about to be initiated, giving up and abandoning the shopping process. A 2021 study by SaleCycle<\/a> revealed that the percentage of cart abandonment across all sectors stands at 81.8%. The figures are the highest in the travel sector that traditionally has longer research phases and more complex checkouts.<\/p>\n\n\n\n ECommerce business platforms<\/a> and online retailers often seek for cart abandonment solutions to tackle this issue and better cater to their customers. How does one go about unclogging the bottlenecks of the shopping process and boosting sales? We\u2019ve compiled a list of ideas, tips, and tricks to optimize the checkout flow. Keep reading and learn if you should stick with traditional methods or go for brand new technologies for an innovative approach to fixing the cart abandonment issue. <\/p>\n\n\n\n Let\u2019s start by diving deeper into what shopping cart abandonment is and what the abandonment rates mean for your business. When the potential buyer orders items online and initiates the checkout process but gives up before completing the purchase, we talk about cart abandonment. Other forms of this practice include booking abandonment, form abandonment (which refers to abandoning forms for quotes, subscriptions, and financial products). There\u2019s also browse abandonment, which refers to customers who give up while browsing and before placing an order.<\/p>\n\n\n\n As an important metric for tracking customer satisfaction, the cart abandonment rate should be regularly monitored and analyzed to boost sales. The rate is calculated by dividing the number of completed transactions by the number of initiated transactions. The final figures indicate the percentage of prospective buyers who initiated a purchase but never finalized it. Analyzing this rate is important, but understanding the reason behind it – why potential customers give up on buying your products – is your primary goal. <\/p>\n\n\n\n Even though the reasons vary depending on the sector, there are some common issues that all consumers experience and cite as the cause of giving up on buying the desired item. Cart abandonment analysis can give you useful insights into the bottlenecks you need to address and clear in order to offer a swift and smooth shopping experience.<\/p>\n\n\n\n Obviously, not all of these reasons behind cart abandonment can be addressed by the seller. If someone is just browsing your website and adding stuff without a serious intention to buy your products, you usually can\u2019t influence that by simply optimizing your website. <\/p>\n\n\n\n On the other hand, most of the rough edges and obstacles that make customers give up can be smoothed out. Let\u2019s take a look at some of the best cart abandonment solutions you can go for.<\/p>\n\n\n\n Exit-intent technology employs sophisticated tools to identify customers\u2019 exit behavior. If the potential customer signals reluctance, starts comparing the item with other websites\u2019 similar offers or is about to exit the page, a prompt pop-up message will try to get them back on track. <\/p>\n\n\n\n These layouts can ask for an email, or carry a message that encourages customers to stay by offering discount codes, gifts, or free shipping for purchases over a certain amount. Not only can this motivate the shopper to complete their purchase but it can increase the overall value of the cart, so it\u2019s a win-win approach.<\/p>\n\n\n\n To reduce the average cart abandonment rate, you need to implement the right strategy when creating popups; first, analyze your target audience and your site heatmap, determine your sales goals, and figure out what the best offer might be. Then, hire a designer or expert to help you out with the subtle message display and optimize popup timing for better results.<\/p>\n\n\n\n Good old emails remain one of the most effective solutions for attracting customers\u2019 attention once again and having them rethink their decision to completely abandon their digital basket. Sending a cart abandonment email to remind the potential buyer of the product they were about to buy can increase purchases 19 times more than standard marketing emails. <\/p>\n\n\n\n So, let\u2019s see how these emails should look and what information they should contain. Send the first email within 24 hours of the cart abandonment, and two more emails in the following days. Aim to create a sense of FOMO with a personalized tone and an offer such as a discount code, or simply with a reminder that the product is still waiting for them in the cart. Cart abandonment emails shouldn\u2019t sound like one of those generic, cookie-cutter marketing messages; customize them toward potential customers instead and add a touch of intimacy. <\/p>\n\n\n\n In the context of eCommerce businesses\u2019 massive migration to mobile platforms, SMS communication makes more sense than ever. According to a study, text message marketing has grown 23% since 2016. People seem to like reading SMS offers sent by companies, and they spend twice the time on texting than emailing, so that\u2019s your chance to get them back to purchase your product.<\/p>\n\n\n\n Mobile cart abandonment can be easily addressed while the consumers are still holding the phone they were shopping on, using SMS marketing tools<\/a>. <\/p>\n\n\n\n To refocus a customer\u2019s attention back to their forgotten cart, you\u2019ll first have to obtain their phone number. A good way to do it is to add a phone number capture in the checkout process. Make sure to include a message about the products they\u2019ve added to their basket or a link to the shopping cart. You can also send an SMS to thank customers for the purchase or ask for feedback.<\/p>\n\n\n\n Indecisive and reluctant consumers can be stirred into action with a couple of messages via live chat or a chatbot service. This AI-based technology for cart abandonment recovery can be a decent replacement for those employees in brick-and-mortar stores who are good at talking customers into buying their goods, and we know that 37% of people use a customer service bot <\/a>to quickly get answers. The live-chat function with a detailed and well-organized FAQ section can assist the buyers with the usual doubts and questions regarding sizes, returns, shipping, and delivery times. Of course, if you have customer agents available round the clock – even better. <\/p>\n\n\n\n Chatbots can follow the potential buyer along the whole shopping journey – from welcoming them, assisting them with the purchase, suggesting similar products in case the one they want isn\u2019t available, to serving offers and discounts to reduce shopping cart abandonment rates. Consider using chatbot builder software to help you out with writing creative and personalized chat messages. <\/p>\n\n\n\n Retargeting is a common and powerful marketing strategy. When you\u2019re retargeting someone, you have more chances of winning their attention, as you remind them of something they have already shown interest in acquiring. Focusing on people who are in-market can potentially curb the negative effects of shopping cart abandonment.<\/p>\n\n\n\nWhat Does an Abandoned Cart Mean for My Business?<\/h2>\n\n\n\n
Why Do Consumers Abandon Their Carts?<\/h2>\n\n\n\n
\n
How Can You Reduce the Number of Abandoned Baskets?<\/h2>\n\n\n\n
Exit-intent popups<\/h3>\n\n\n\n
Email remarketing campaigns<\/h3>\n\n\n\n
SMS remarketing campaigns<\/h3>\n\n\n\n
Chatbot Service<\/h3>\n\n\n\n
Retargeting advertising<\/h3>\n\n\n\n