Abandoned Cart is the common enemy of all sellers on e-commerce platforms. This is the process where customers select products, and add them to the product, but do not immediately checkout or pay for that order. With 70% of purchases forgotten, don't skipAbandoned Cartif you don't want to lose a big revenue stream for your store! If you don't know how to solve Abandoned carts, let's learn some tips to reduce the abandoned cart rates right here!
Have you ever searched for products on e-commerce platforms, selected to buy the products you like, and added them to the cart but skipped the checkout process for some reason? This is a typical example of an Abandoned Cart, one of the important aspects of the online shopping process that retailers need to pay attention to.
The shopping cart abandonment rate is an important metric that e-commerce businesses need to keep a close eye on. If this rate is high, this is a warning for the seller to check the factors of price, shipping time, payment process or adjust the sales channel. Ignoring Abandoned Cart is missing the opportunity to increase revenue. So proactively monitor relevant metrics to promptly minimize the abandoned cart rate.
Hundreds of studies and surveys have shown the impact of Abandoned Carts on e-commerce sellers in general and the Print On Demand industry in particular. According to Sleeknote, the average abandoned cart rate across all industries is 69.57%. Users of mobile devices have a higher checkout abandonment rate of 85.57%. Brands selling e-commerce lose $18 billion in revenue each year because of Cart Abandonment.
Optimizing the checkout process can increase conversion rates by up to 35.62% with tailored payment strategies that are faster and more convenient for consumers. Some of the issues that cause customers to abandon a purchase are excessive additional costs, such as shipping surcharges, taxes, and/or lack of transparency in the payment process.
34% of customers abandon a purchase because websites force them to create an account. To minimize this rate, sellers can offer a guest checkout feature so that customers don't have to go through a complicated account setup process.
In addition, up to 57% of customers abandon a checkout or purchase when they have to wait for a page to reload within 3 seconds. And what's scarier is that 80% of them will never come back to your store.
Many reasons lead to customers skipping the checkout process even though they have spent a lot of time searching and choosing their favorite products. The first step before starting to solve the problem is to figure out what caused the customer to abandon the purchase. Sellers can do this by reviewing store analytics, locating customer abandonment locations, conducting surveys, or comparing their checkout process with those of competitors.
Here are some ways to handle abandoned orders based on the reasons why customers quit paying for the order!
Up to 55% of customers do not make payments because other surcharges are too high, including shipping. This is also not surprising when many giants like Amazon have been allowing customers to receive goods with fast delivery speed and low shipping prices per order.
While this is what every customer wants, for the seller, the question is who will bear the deficit due to free or reduced shipping. The ideal way to make shipping costs lower is to add shipping costs to the product's price and use the free or discounted shipping factor to convince customers to make a purchase.
E-commerce is a place where both sellers and buyers can encounter sophisticated fraud. That's why customers are very careful with the payment of orders. 17% of customers stop paying for products when they realize they need help to trust the payment methods that the website provides.
Sellers when selling on any platform need to provide safe and reliable payment methods so that buyers can be assured that their personal information is not threatened or incur additional fees during the process. payment process.
What potential customers look for when shopping online is convenience. While many customers are willing to take the time to fill out the registration information and confirmation codes, many others just want to complete the payment process as quickly as possible. That's why 34% of customers leave a website without completing a purchase.
>>> Read More:What is Average Order Value- How you can increase this rate
Besides improving and optimizing the checkout experience, an important strategy for minimizing Abandoned Carts is Shopping Cart Recovery. Shopping Cart Recovery is the solution to convince customers to return even after they have left your store.
There are two methods to do this:
Use the email customers leave during the checkout process before leaving the website to remind them of the order they have forgotten. The seller may also offer some incentives or coupons to entice users to return to the site to purchase. MailChimp is one of the effective mailing applications with many available designs and effective tracking capabilities.
Note, the Abandoned Cart mail flow will include multiple emails:
Ad retargeting is a powerful tactic in persuading customers to return. With retargeting, the seller places an ad pixel during the checkout process and then uses this data to re-display the product to the customer. When surfing on social platforms, customers will see the product displayed and prompt them to pay or buy the product again.
According to a Shopify survey, up to 39% of customers do not complete a purchase due to a website crash or time-out error. And 26% of customers abandon a purchase when they have to wait too long to checkout. Therefore, sellers need to improve the customer experience on the website by:
To reduce the percentage of abandoned carts and increase sales for yourPrint On Demandstore, sellers can optimize by one of the above methods. Hopefully, these abandoned cart optimization tips will be an effective tool for sellers to boost sales on all platforms.
If you are an online seller, you can get in touch with Printway. We are proud to be the world-leading company that helps you fulfill your print-on-demand products. If you are interested in home decor, apparel, drinkware, or other products, access our website here to discover more.
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