Imagine walking through a designer outlet one day and just seeing that 6, maybe even 8 out of 10 shoppers that come in collect up some items, possibly with the occasional look at one kind compared to another, before putting them together in the same basket and head over to the checkout.
But before they can pay for them, they suddenly drop it all on the ground and walk off to never return. One person doing this a day isn’t unusual, but what happens if that happened all the time?
That’s cart abandonment. Whatever industry your business is in, it can be anything from a hindrance to success, or even a complete commercial disaster.
During the Black Friday Sales, Cart Abandonment on eCommerce sites fell to 68%, more down to the massive influx of buyers than anything else.
But that’s the case for a large number of eCommerce sites, and while strides have been taken to address it, it remains an incredibly high number. That 6-8 out of ten-figure used earlier? That’s far closer to reality than fiction.
The global average from 2019, for example, was 77%, and 2020 is looking to continue with this trend. But, as we’ll discuss shortly, this same rate fluctuates significantly.
Some of the only times that this cart abandonment rate decrease are when there’s a huge volume of sales in a short time.
Black Friday, for example, allowed for this same rate to fall to 68%. Not terrible, but still pretty bad for companies looking to turn a profit as an eCommerce business.
One of the worst-hit industries for this is actually Travel, with nearly 81% of people dropping their purchases and going elsewhere.
To summarize, cart abandonment rates vary significantly depending on the kind of industry it is; with rates getting as high as 98%.
But why? Why is there such a stark number of people contributing to this cart abandonment rate? Let’s dig into some of the reasons why.
Reasons for Cart Abandonment and How to Solve Them
Unexpected or Overly High Costs
There’s only one kind of surprise that we can all agree on liking – pleasant. Unpleasant, on the other hand? That’s enough to get the majority of customers to drop their cart and leave.
55% of customers, for example, upon finding out that there are additional costs like tax, shipping, VAT, etc. They’re going to just find another site or just stop.
It knocks on a customer’s trust too; not having that instant knowledge of what’s in your cart doesn’t reflect what you’ll need to pay for is a test of a customer’s loyalty.
How should businesses get around this? A continually visible shopping cart is a good first step. It’s that, in tandem with having a highly intuitive screen for showing costs as a total, and breakdown for those that want it, that will really help.
56% of these same customers also ditch their carts in order to cross-reference it with another store or save it for later. For your eCommerce site, it’s important to make sure they stay on your site.
The answer? A price comparison section, this saves the user some additional legwork, while also helping to put their mind at ease that they’ve picked the right store.
Rage Click! Checking Out an Overly Long Process
eCommerce sites are some of the most severely judged stores in the world, with seconds [even milliseconds] being the difference between where a customer clicks next: to the checkout, or on the home button.
26% of customers highlight the overly long process of checking out as the reason they drop their carts. And it’s hard, at times, to blame them for that.
The online site – FullStory – refers to things that annoy us enough to just drop a website as ‘Rage Clicks.’ Along with broken pages, overly long forms, and poorly loading sites, eCommerce is just as susceptible as any other site.
So what are some of the best solutions to this? For starters, trimming off as much of the friction as possible is crucial. Right behind having an overly long payment system in things that will cause a rage click is not being able to check out using a guest account.
What this should tell you is that offering a wide variety of sign-in methods will take so much of the pain out of buying. Allowing sign-on through Google Accounts, Facebook, or other social media pages can also net you some additional followers and positive reviews (which we’ll get on to later).
One thing that can stop that rage click is exit-intent popups in the webpage or at any point during the checkout. Simply by offering a percentile discount on purchases, you can turn a cart abandonment case into a buy!
Social Media: Reviews Matter!
Ever heard the term ‘if it’s not on social media, it didn’t happen’? Well, eCommerce sites need to pay attention to this as a kind of rule.
For 90% of customers, social media is a valuable source of social proof and uncovering customer experiences with the company, as a whole. While this can include one of the many aggregated review sites, social media comes under this same category.
Why? People are highly friendly and, as a result, finding out just how the company treats individual customers can be valuable for other users. Positive experiences being something that draws in and endears a brand to users. Meanwhile, negative ones will drive them away.
What business can do to make sure it’s the latter starts off pretty simple – have a social media page. Other than that, it’s also making sure that, whenever you have a positive review, you celebrate and incentivise more of it!
75% of people (and potential customers) also admit to buying something because they saw the same thing on social media, which gets us into influencing. Along with driving engagement and encouraging people to provide feedback, a good social media page is one that is highly visual and compelling.
Pages like Burberry and Dolce & Gabbana use their pages to showcase their designs and spearhead social campaigns. Be sure to check them out for some inspiration!
If having a slow website wasn’t enough to make a user rage click, then not having their preferred payment method available may do it.
With 55% of customers already dropping an order if there are a surprise or higher than expected costs, providing flexibility with the kind of payment methods you can provide, or providing support with credit, can make a great difference.
Solutions like Unlimint help to make problems like this a thing of the past. With hundreds of local and global APMs, customers won’t have to worry about going through a whole other lengthy process to buy something.