Here’s a reality check in case you are unaware about the present market situation, recent studies shows that on an average at least 68.55% of potential customers abandon their shopping cart, IBM recorded the figure to be at 68.95%, whereas Listrak claimed it to be at an ominous figure at 75%.
As an eCommerce entrepreneur, these figures are enough to give you those sore goose bumps, enough to take away your sweet slumber. As a diligent entrepreneur, the first thing you need to know is the reason behind the “dramatic” cart abandonments. But before that realize that there exist no “concrete” science to rule down how the consumer mind functions, in fact due to the ethereal nature of this issue, marketers often refers to the consumer buying behavior as a “black box” in the field of marketing.
So let’s look at three general reasons which drive the customers into abandoning their carts:
1. The Customers Are Presented With Unanticipated Costs at the Time of Purchase
According to research, 56% of shoppers said that the main reason that they left a site without completing their purchase was the unexpected costs at checkout. Most of the customers have indeed faced this reality- you find an item you choose to buy and then you click “Add to Cart”. When you decide to check out you are presented with all sorts of additional fees and charges that weren’t mentioned on the original listed price. The next step is quite simple, leaving the site either temporary or even for good.
2. Website Crashes & Slowness in Webpage Loading
Many small eCommerce entrepreneurs, especially those with a limited budget, host their websites on poor performing servers and, as a result, their site loads slow and crashes. Rather than saving money, this strategy is, in fact, taking money out of the business. So smart investment is necessary.
3. The Checkout Process Is either Unreliable or Too Slow
Over the past few years, customers have indeed become conscious over their security when purchasing online. Many even refrain from disclosing their credit card information and desire for alternative methods of payment.
So what to do in such a challenging environment? Hopes have not actually run out as you can always look into increasing the conversion rates on your checkout page, that by helping your customers by giving them everything they need to make an informed, confident decision. Here are three practical steps which will help you to build a checkout flow that really works!
1. Improve Your Checkout Page Design
It is the flow of your checkout process which will ensure your cash flow. According to Fogg Behavior Model, the behavior is the product of motivation, ability, and trigger. Let’s now see the applicability of the model in the case of Sears. Sears’s checkout is very easy as well as reliable. The dependable reviews and product description adds up the motivation and trigger for the customer while the simple “Add to cart” button provides the customer with the ability that they desire. The smooth and concise checkout process of Sears has earned up its long lasting reputation.
Here’s the rule of the thumb, provide only “clear cut information”. No online customer enters your site to learn some fabricated tales of any product. Unnecessary ads and pop-ups can also act as the negative catalyst only inducing your customers to leave your online store. You can add a graphical view of your product giving a rotational image of your product; this is useful in case you are into clothing products. Sometimes, retailers even give short review videos from customers or even experts briefing about the usefulness of the products.
2. Setting up the “Sign Up” Process
Setting up the “Sign Up” process for your e-customers has both its pros and cons.
Pros include that you can maintain an active directory of all your potential customers and observe their behavior. Use online business analytics tools to observe the types of pages they frequently visit. With this information, you can send them promotional offers over the email to maintain your relationship with them. Other pros include giving your customers the ability to provide reviews and comments about your product quality, pricing, and service. This strategy will only give in positive sales growth. Use negative comments as a scope for self-improvement.
Cons may include the customer’s reluctance over making an account. Sometimes customers hate making several accounts over the Internet as they have to recall all those sites where they registered. Make your web design attractive and your checkout process easy so that your site resides in the positive side of your customers’ minds. Other cons can include the instance where the customer forgets the password or even change the email address. To tackle this many sites now offer a sign-up system using the Facebook account. This makes the sign-up and sign-in processes much smoother and easier.
3. The Payment Process
As discussed earlier, the payment system needs to provide multiple payment options. While a credit card can be the default option other payment methods can be added along with it. Recently, Google Wallet has earned a lot of buzz in the market especially due to its flexibility in serving its account holders. Other options include Dwolla, PayPal, Amazon Payments, Bitcoin etc.
The key towards succeeding in your business is to provide the most flexible system when it comes to dealing with your customers. The good thing is you don’t have to code your way to these upgrade. There is a handful of plugins like, Magento one step checkout that can help you streamline the checkout process. Optimize your business so as to maintain the healthiest relationship with your customer. The internet is a powerful tool; use every mean necessary to make your venture a success.