Shopping cart abandonment rate varies from industry to industry, but an average abandonment rate is somewhere in between 62% to 66%, which in my opinion is a very high number and can be brought down significantly.
If you are selling high-ticket items, where margins are huge, I must say 66% is a good number. Not everyone is your customer. You can usually make more money by targeting existing customers and up-selling them to high tickets items.
It is 6 times more expensive to get a new customer than converting existing customers.
This also applies to low-ticket items.
I am going to highlight few tactics that I personally implemented for my clients, which worked really well for them.
Add to Cart vs. Buy Now Button
Use an “Add to Cart” button rather than a “Buy Now” button. The reason for this is that the “buy now” button, in most cases, takes them straight to the shopping cart whereas the “Add to Cart,” button adds their item to the cart without leaving the page. This allows them to continue shopping uninterrupted, and buy more products if they like.
Also, the “Buy Now” button means they are committing to something where the “Add to Cart” button means they still have the option to walk away. In today’s consumer climate, commitment is the biggest problem with buyers; so don’t force them to buy a product. This strategy will ease the perceived pressure to buy and eventually go in your favour.
Always tell them what you want them to do in the call to action buttons i.e.
“Take me to Basket” or “I would like to add more Items”
These are known as subliminal messaging which help your customers make a better decision.
Early Signup vs. Late Signup
As I stated above “Not everyone is your buyer”
If the potential customer is ready to buy they will buy no matter what and they will buy from you or your competitor.
Let me give you a great example of bravery by Fab.com and how they started. We all know the success of Fab.com and how they have become a multimillion-turnover company in a short amount of time.
When they first started you could not view their products until you opt-in first. By opt-in I mean they ask you for and you provide your email address in order to see their products. This allowed Fab.com to send you their latest offers and deals to bring you back to their site again and again. So one day you will become their loyal customers. Just to let you know, now they have taken out the forced opt-in option because they have a huge email database to target and they are ready for expansion.
Here’s another example
Another site, related to luxury vintage furniture (I am afraid I cannot disclose the name of the company due to non-disclosure agreement) sells expensive vintage furniture items.
Just to give you an idea, their beds prices start at $6000 and goes up to $25000. The site was struggling with sales, no wonder why. But not anymore, they are not only selling high-ticket items but also getting repeat orders. What exactly have they done to completely turn their online business around? They actually went one step further than a forced opt-in; they put a price on viewing their products. If you would like to view their products you must pay $25 to become an exclusive member. Then you get access to luxury furniture items, which are for members only. Now their business is booming no complaints at all. Their buyers know that these items are exclusive and open to few due to the membership barrier.
I am not asking you to become as brave as Fab.com or Vintage Furniture. But slightly change your signup process. Here are two ways you can do that
- When they add a product to the cart in the light box ask them to put their email address and password to signup. Give them a reason why you are doing this. A good reason can be
“This will help us to save your item in case your browser crashes”
You can make your own reasons; be creative.
- Alternatively as soon as they hit the “take me to basket” or “add to cart” button and go to the next page, ask them to put their email address and a password to create an account. Use the same reason as stated above and then move them to the cart or basket page.
Fortune is in the Follow Up
Now you have their email address if they later abandon the cart you can always send them an email to come back and buy the item they have left in the cart. You can set frequency in auto responder that as soon as someone abandons the cart sends them an email after 12 or 24 hours that the product is waiting for them.
It’s always best to take blame on yourself i.e.
“We are extremely sorry our cart was not responsive due to unexpected demand of product you were ordering, we have resolved the problem and your item is waiting for you to continue”.
Once again make your own reasons and be creative.
In the above message we took blame on us as well as created an unexpected demand for the product. Once you have their details you are more likely to convert them.
You can also target them using Google re-marketing, great way to bring them back to your website but that’s another topic.
Follow up is the key and if you don’t follow up, most likely they will never come back. And this is how you tackle your shopping cart abandonment.
I hope you liked the article; your feedback will be much appreciated.