More than 75% of sales at an eCommerce site are lost as a result of customers leaving their carts unattended while making purchases online. Smartphone has the highest rate of cart abandonment when compared to desktop, tablet, and other devices, with almost 86% of all transactions closing in a loss of revenue. If customers don’t return and make a purchase later, abandoned shopping carts reflect a sizable potential loss in revenue.
According to a study, 69% of online shoppers will add something to their carts but not complete the transaction. 59% of online buyers keep ideas in carts while they browse. 42% of people enter their emails to start the checkout process, but they do not make a purchase. Prioritizing the decrease in shopping cart abandonment is not solely about making up for lost revenue; it’s also about strengthening your eCommerce website and enhancing user experience for your custom audience as well as lookalike audience to increase conversion and customer retention over the long term.
Common Reasons for Cart Abandonment
The secret to reducing your rate of cart abandonment is to understand why your customers leave their shopping carts empty. However, determining why is not an easy task. After analyzing data, studies indicate the following reasons shoppers abandon their carts:
- 48% of shoppers abandon carts because the additional cost, which includes shipping, tax, and fees, is too high.
- Because the website requires them to sign up, 24% of them abandon their cart.
- 22% of the shoppers abandon their cart due to slower delivery.
- 17% abandons their cart because of the long and complicated checkout process.
- 13% leave the cart because of website crash.
- 12% of the shoppers abandon the cart if they do not find returns policy satisfactory.
Customers can’t be stopped from doing comparison shopping, but you can send out extra information that makes your business stand out from the rest. Free shipping, guest checkouts, a variety of payment options, and streamlining the checkout process to a straightforward one-page interface should all be taken into account. Since the majority of people look for coupon codes, encouraging customers to make a purchase might increase conversions.
Personalize the Online Shopping Experience to Close the Deal
Taking a personalized approach to your online shopping experience allows you to potentially resolves a problem, it shows the customer that you are aware of and care regarding their experience, and it kindly reminds the customer of an unmet want or need. To turn browsers into buyers, there are a number of efficient ways to personalize the online shopping experience.
Use overlays at the first indication of potential abandonment
Deploy an overlay to alert visitors to the products still lying in their cart the moment they attempt to leave your website or stop the checkout process. Offer free shopping or a discount code as an inducement to custom audience that is price-sensitive in order to entice them to their shopping cart and finish the transaction. You can easily encourage online visitors to complete their purchase by engaging with them during this critical stage of the customer journey.
Recommend additional complimentary items at time of checkout
To give customers an additional incentive to finish their purchase, you can offer them complimentary items at the checkout after analyzing data of their known carts. Think about supplemental purchases like socks for sneakers or a phone cover for smartphone. These goods aren’t just “nice-to-haves” that make the customer happy and excited; they’re also very relevant because they’re connected to the main purchase.
Use on-site recommendations according to your customer preferences
On-site overwhelm is among the most common complaints made by customers. Online shoppers frequently feel overwhelmed by the selection of goods, whether they are looking for a dress or a fresh skincare regimen. Overwhelm breeds frustration, and frustration frequently results in cart abandonment. Make an investment in smarter on-site product recommendations by analyzing data of the existing customers to combat this issue. You can use either first-party or third-party data as long as it helps you give the customer suggestions that are timelier and more relevant. You can also use the existing customers’ data to target a lookalike audience.
Improve menu bars and landing pages
Regardless of how many visitors visit your website, each landing page must perfectly convey the essence of your brand. This necessitates the creation of customized landing pages based on user browsing time of day, habits, location, etc. The likelihood of a sale will rise and the customer experience will be improved. To help customers find a product more quickly and effectively, reorganize your navigation bar on the basis of category preferences or affinity. This increases the likelihood that a transaction will occur.
Keep customers engaged on other platforms through personalized messages
It’s crucial to remember that cart abandonment prevention strategies shouldn’t stop at your website. Consumers frequently get sidetracked or are on their mobile devices while browsing but want to finish the transaction on a desktop. Personalized email reminders are a successful strategy to entice cart abandoners to visit your website again because an abandoned cart does not always indicate a lost sale. Notify them about the items that they left in their cart by using messaging and creative that are specific to the shopper’s interests and remind them to checkout. You can also use a promo code in the email nudge as an additional incentive.
So that’s everything there is to know about lowering website abandonment rates through website personalization. A great shopping experience requires work to create. Do not pass up this chance as it may help make up for what was lost. To put it briefly, you only need to worry about providing an experience that both new and returning customers will enjoy.
If you are looking to improve your company’s operations for both your clients and yourself, Cubera can help. Cubera’s rich zero party data and identity graphs can help you to understand the tastes of your clients, find a lookalike audience for your products and services and give them a personalized experience.