Are you ready to learn how to reduce your cart abandonment rate? You’re not alone in wanting a lower rate. Everyone in the eCommerce space meets a point where they just can’t seem to get fully ahead of their cart abandonment.
If you’re feeling overwhelmed, don’t worry! we’ve got your back. In this article, we’ll tell you what an acceptable cart abandonment rate looks like and provide strategies to help you reduce it. Instead of using blanket advice that may or may not be helpful in your current situation, we want you to walk away from this article with an actionable plan for reducing your cart abandonment rate and knowing when it’s time for a change. Let’s dive in!
What Is Cart Abandonment?
Are you curious about cart abandonment? You’re not alone. Cart abandonment is one of the most common issues that eCommerce businesses face, and it can take a significant toll on the overall performance of your business.
But what exactly is cart abandonment, and why should you care? Cart abandonment occurs when customers add items to their online shopping carts but leave before completing the checkout process. This means they’ve chosen not to make a purchase, even though they’ve invested time in researching products, selecting items, and adding them to their carts.
Cart abandonment not only results in lost sales opportunities—it also hurts the bottom line of your business. Studies have shown that an average cart abandonment rate of around 69% translates into a loss of 10-30% of potential revenue for online businesses each year.
What Is an Acceptable Cart Abandonment Rate?
Generally speaking, an acceptable cart abandonment rate will depend on the type of business you run. The average e-commerce store has an abandonment rate between 65-75%. However, if you’re offering high-value products or services, that number could be higher—up to 90%. The key is taking the necessary steps to reduce it as much as possible.
Here are some strategies to help reduce your cart abandonment rate:
- Utilize timely follow-up emails: Sending a follow-up email a few days after someone abandons their cart can encourage them to complete their purchase.
- Offer multiple payment options: Making sure customers can pay using their preferred method (ex. PayPal or Apple Pay) will increase the chances of them completing their purchase.
- Streamline checkout process: Long forms, required account creation, and complicated address entry are all big culprits when it comes to abandoned carts. Consider simplifying this process and providing a more intuitive way for customers to complete checkout quickly.
Reasons Why Customers Abandon Their Carts
Have you ever abandoned your cart? You fill your cart with items, only to find that it doesn’t fit in your budget, or there’s an issue with shipping, or you realize you don’t need it after all.
Sound familiar? If so, you’re not alone. 68% of customers abandon their carts and these are some of the top reasons why:
- Shipping and delivery times are too long or too expensive
- The website isn’t secure enough
- They can’t find the information they need to make a purchase decision
- They encountered hidden costs during the checkout process
- There wasn’t a guest checkout option
- The process was too complicated or took too long
- They changed their minds at the last minute
- The item they wanted was out of stock
Understanding why customers abandon their carts is key to reducing cart abandonment rate and getting customers to complete their purchases with your business—so it pays to spend some time really digging into these reasons and coming up with strategies that work for both your customers and your bottom line.
Strategies to Reduce Cart Abandonment Rate
If you’re looking for a way to reduce your cart abandonment rate, then you’re in the right place. There are a few tried and true strategies that can help lower it significantly.
To begin with, let’s talk about user experience. People need to be able to find what they want easily, otherwise, you can expect them to click away from the page if it takes too long to load. To that end, make sure your website is designed for easy navigation, with all pages loading quickly and accurately.
Promotional offers—like discounts or free shipping—are another great way to encourage people to complete their purchases. After all, who doesn’t love a good deal? You should also consider personalizing the offers according to each customer’s preferences, as that could make them more likely to stick around until the end of the checkout process.
Giving customers more payment options is yet another way to reduce the cart abandonment rate. People may be more inclined to finish their purchase if you provide them with multiple payment options—making it easier and more convenient for them. Consider including services like Apple Pay or PayPal, in addition to traditional credit cards and debit cards.
By taking advantage of these strategies; user experience improvement, promotional offers, and payment options improvements, you can give your customers an enjoyable shopping experience that will keep them coming back for more!
Analyzing Data To Make Informed Decisions
When it comes to your cart abandonment rate, analyzing data is key to unlocking strategies to reduce it. It’s important to study digital behavior and interpret what you’re seeing. That’s why data analysis is critical to identify any changes in customer incentives or processes needed for improvement. Analyzing data can help you do things like:
- Identify any issues with checkout navigation, product recommendations, promotions, payment options, and delivery options that could be influencing cart abandonment rates
- Track the performance of new products and promotions
- Monitor customer behavior to determine patterns of purchase behavior
- Identify trends in customer preference or demand over time
At the end of the day, quantitative and qualitative data analysis provides insights into different buying behaviors so you can make well-informed decisions on how best to reduce your cart abandonment rate. The right insights can make a big difference by enabling you to customize your strategies when it comes to optimizing your checkout process.
How to Use Automation to Improve Cart Recovery Rate
Automation can help you reduce the cart abandonment rate. How? By sending out automated emails, messages, or notifications that are triggered when someone leaves something in their cart. Here’s how automation can help your cart recovery rate specifically:
- Automated emails that get sent out to customers who abandon their carts can increase your recovery rate by up to 50%.
- You can set up automated text message campaigns with personalized follow-ups to nudge customers back to their carts and complete their purchases.
- You can also use automation to optimize the timing of your messages, people are more likely to respond to timely, relevant messages, so you want yours delivered when your customer is most likely to open it.
- Automating the cart recovery process allows you to open up time for other crucial activities to grow your business.
The best way to automate the abandoned cart recovery process is to use a plugin and we have the perfect solution for that. The best course of action is the ELEX WooCommerce Abandoned Cart Recovery with Dynamic Coupons plugin.
You can quickly build up an automatic abandoned cart recovery system if WooCommerce powers your online business. This indicates that business owners may benefit from the effective cart recovery procedure without personally emailing consumers.
After installing and activating the plugin, navigate to WordPress Dashboard > Plugins > Installed Plugins > Abandoned Cart > Settings to see the plugin’s settings.
To indicate an order as complete, choose the WooCommerce order statuses that show a successful cart recovery, turn on the Enable Abandoned Cart button under Configuration options, and specify the time limit beyond which a cart will be deemed as abandoned.
You can also select how long after that the cart is deemed to have expired and is no longer getting recovery emails. By doing this, you may avoid upsetting clients who have lost interest in your services.
The next step is to enable the option next to Guest Users settings if you want to record abandoned carts for guest users and merely the valid email format, respectively.
If you wish to email the business owner when the cart is located, check the box under Notification Settings and modify the email’s text and subject as necessary.
With the GDPR Settings, you can specify where and how you want the GDPR compliance notice to appear.
The circumstances under which recovery emails should be sent, their templates, and the automatically produced smart coupons may all be specified here.
- Email Rules
Click Add New Rule, type in an acceptable Rule Name, choose the AND or OR Rule Type, and then click Add Filter to save your changes. User role, total amount, number of products, and product ID are just a few of the numerous aspects.
- Email Templates
The recovery email templates supplied in this section can be created, edited, and deleted indefinitely. These email templates will be sent on a regular basis to the visitor’s email address together with the dynamically produced smart coupons that you define here.
A new email template will be produced if Add New Template is selected.
On the create new template page, you may decide whether you want to upload an email template or modify an existing template, input a template name and email topic, enable or disable the possibility to include a coupon code, and more.
Choose the kind of discount, enter the discount amount, and choose if you want to make the coupon valid just once before entering the prefix for the coupon code.
The goods in the abandoned basket or the customer’s email address can also be utilized to link the promo code.
With the aid of the potent shortcodes that are available, you can alter the email body and define how many days or months you want the coupon to remain valid. Also, you have the choice to send a test email to yourself so you can preview how it will look in the inboxes of your clients.
Once all the settings have been specified, click Save Template.
- Email Triggers
The Email Triggers tab of the email settings allows for the customization of recovery email triggers. Change the emails’ trigger time, turn triggers on and off, or delete them entirely from this page.
With the right combination of creativity and automation, you can reduce click rates by offering customers discounts or other incentives. Plus, you’ll be able to track exactly how many people clicked on those links or redeemed a coupon, so you can continually refine and improve your campaigns for maximum ROI.
To sum it up, it’s important to recognize that the cart abandonment rate is an important measure of success for any e-commerce platform or website. With the right strategies and tactics, you can reduce your cart abandonment rate and create better customer experiences.
Focus on customer-centric strategies, create a streamlined checkout process, and ensure your website is running smoothly and securely. With the right foundations in place, your cart abandonment rate should soon drop to an acceptable level. Invest in A/B testing and optimization to ensure continued success and make sure you’re staying ahead of the game when it comes to customer experience.