Cart abandonment is a significant issue that eCommerce businesses face today. According to various studies, the average cart abandonment rate across different industries hovers around 70%. Moreover, this means that seven of every ten potential customers leave without completing their purchase. Now, there can be a lot of reasons that might be impacting your business directly or indirectly by playing a part in cart abandonment.
Thus, understanding the reasons behind this can help businesses implement strategies to reduce these rates and increase conversions. Here are the top five reasons for cart abandonment on eCommerce websites.
1. Unexpected Costs:
One of the primary reasons customers abandon their carts is unexpected costs. These include high shipping fees, taxes, and other additional charges not disclosed upfront. Thus, when customers see a final price that is significantly higher than what they initially expected, it often leads to abandonment.
Solution: To avoid such situations, the store admin should be transparent about all costs from the beginning. Therefore, you can display shipping fees, taxes, and any other charges on the product page itself. Furthermore, offering free shipping or flat-rate shipping can also significantly reduce cart abandonment rates.
2. Complicated Checkout Process:
A complicated or lengthy checkout process can frustrate customers and lead to abandonment. If customers are required to fill out multiple forms, create an account, or navigate through several pages, they are more likely to abandon their cart.
Solution: Simplify the checkout process. Implement a one-page checkout system and offer guest checkout options. Furthermore, at Knowband we provide the One Page Supercheckout extension for Opencart and Prestashop platforms that allows the store admin to provide the customers will a single form to complete the checkout process.
3. Lack of Trust:
Trust is crucial in eCommerce. Therefore, if customers feel that their personal or payment information might not be secure, they will hesitate to complete their purchase. This is especially true for new or lesser-known websites.
Solution: You can address this kind of concern by displaying trust signals prominently on your site. These can include SSL certificates, trust badges, customer reviews, and clear return policies. A well-designed and professional-looking website can also help build trust.
4. Limited Payment Options:
Offering limited payment options can be a significant barrier for customers who prefer using specific payment methods. If their preferred method is not available, they might abandon their cart.
Solution: As an eCommerce store admin, you should always provide a variety of payment options on your eCommerce store.
In addition to credit and debit cards, consider offering PayPal, Apple Pay, Google Wallet, and other popular payment methods. Furthermore, this flexibility can cater to a broader range of customers and reduce cart abandonment.
5. Poor Website Performance:
A slow-loading website or frequent crashes can deter customers from completing their purchases. In today’s fast-paced world, customers expect quick and seamless online experiences. If your website fails to deliver, they will likely abandon their cart and look for alternatives.
Solution: Optimize your website for speed and performance. Regularly test your site to ensure it loads quickly and functions smoothly on all devices. Implementing a content delivery network (CDN) and optimizing images can also help improve site speed.
Knowband’s Solutions for Abandoned Cart Recovery!
At Knowband, we understand eCommerce businesses’ challenges with cart abandonment. That’s why we offer powerful solutions designed to help you recover lost sales and enhance the customer experience.
1. Prestashop Abandoned Cart Addon:
Our Prestashop Abandoned Cart Addon helps you tackle cart abandonment effectively. This tool allows you to track abandoned carts and send automated follow-up emails to remind customers about their incomplete purchases. Thus, by offering personalized discounts and engaging reminders, you can encourage customers to return and complete their transactions.
2. Prestashop Back in Stock:
Never miss out on potential sales with our Prestashop Back in Stock Addon. This tool notifies customers when out-of-stock products are available again. Moreover, by capturing customer interest and keeping them informed, you can reduce the chances of losing sales due to stock issues.
3. Prestashop Return Manager:
Enhance customer satisfaction and build trust with our Prestashop Return Manager Addon. Furthermore, this comprehensive solution simplifies the return process for your customers, making it easier for them to return products if needed.
Thus, a hassle-free return policy can significantly reduce cart abandonment rates by giving customers the confidence to make a purchase.
Conclusion!
Reducing cart abandonment is essential for maximizing conversions and driving growth in your eCommerce business. By addressing the common reasons behind cart abandonment, such as unexpected costs, complicated checkout processes, lack of trust, limited payment options, and poor website performance, you can create a smoother shopping experience for your customers.
