Contrary to a common misconception that online businesses are a walk in the park, such ventures are actually challenging given the numerous competition and high expectations of customers. From building credibility and brand image to generating leads and converting browsers to consumers, online business owners need to deal with various issues just to make a sale effectively.
One of the more serious concerns facing online stores is Shopping Cart Abandonment; a term used when an e-shopper adds items to their virtual shopping cart but eventually leaves the page without completing the transaction. According to the studies conducted by the Baymard Institute, nearly 70 percent of online shopping carts are abandoned, which means a serious loss of profits for online stores.
If you are having difficulty enticing online shoppers to complete the checkout process instead of abandoning their virtual carts, here are strategies that you can implement to address the problem:
Exercise Full Transparency on Costs
Statistics reveal that 60 percent of online shoppers abandon their carts because they see additional costs that were not shown before they tried paying. Hidden fees make customers feel cheated and lied to by the online store.
To prevent shoppers from feeling duped, you should practice full transparency on costs. Do not wait for the last minute to “reveal” other charges. Show all fees from the beginning so that your customers will readily know if they can afford to order the item you are selling. When you have no additional charges, consumers will feel that your store can be trusted for not manipulating customers to buy.
Make the Buying Process Hassle-Free
Another reason why many online shoppers abandon their carts is because of inconvenience. For instance, when customers are asked to create an account before making a purchase, many of them will just leave the site. Keying-in personal details, waiting for email verification, and having to go through numerous processes can be annoying and frustrating.
Instead of forcing new visitors to create an account before they can buy something and risk losing a potential sale, it is best to provide a guest checkout option. As a general rule, make the buying process as convenient as possible. When the process is hassle-free and straightforward, visitors are happier and inclined to shop for more items.
Offer Multiple Payment Options
You can also prevent cart abandonment by offering numerous payment options so that shoppers have more control over how they are going to pay. Make sure to use a reliable payment processor that allows you to offer multiple payments and financing solutions, such as debit cards, mobile payments, bank transfers, prepaid cards, and installment plans. When you give customers control over how they want to pay, they will be inclined to shop more frequently and stay loyal to your store.
Make Security a Priority
Studies also show that as much as 19 percent of shoppers abandon their carts because of security concerns. Unless customers see security badges like Norton and McAfee displayed prominently on the site, they are not comfortable paying as they doubt the credibility and security of the online store.
Given the importance of making e-shoppers know that your store is serious about security, ensure that security badges are noticeable in your pages. You can also feature client testimonials that highlight their payment experience. You can also stress the security features of your payment processor so that your visitors will be informed.
The tips mentioned above are just some of the ways you can reduce the incidence of Shopping Cart Abandonment. These strategies are geared toward addressing online shoppers’ specific concerns, considering that, ultimately, providing excellent customer experience, coupled with high-quality products and services, is the key to completed transactions and higher sales.