What’s the worst happening at your e store? It must be visitors coming at your site and leaving without completing the deal. High shopping cart abandonment rate is the most disturbing thing for e business owners. Look at the stats of top retailers who have faced high cart abandonment rate in 2014.
IBM faced 68.38%
Listrak faced 72%
Fireclick faced 62.30%
The abandonment rate of top retailers in 2013 is as under:
IBM/Coremetrics faced 67.41%
Barilliance faced 74%
Abandonaid faced 78%
SaleCycle faced 74.23%
Average cart abandonment rate for 2014 is 67.08%. Such an alarming rate is enough for online retailers to find the flaws in the system and to correct them timely while aiming to provide enhanced user experience at their web stores. What are the possible reasons or blunders behind such a high cart abandonment rate? Here are mentioned 7. Read and rectify!
- Poor FAQ Section
It is like a self-service you provide to the customers. 67% customers prefer using such service to find answers and 45% leave the site if they do not find a suitable answer quickly. Although 51% online buyers want to see a detailed FAQ page, still many ecommerce sites do not pay attention towards that. A well-maintained FAQ page carries the information about shipping, payment modes, return policy etc. Try to provide answers of the most desired questions of the customers, like how to troubleshoot, precautions to use a product, etc.
- Lacking Trustworthiness
Trust is a filtering agent for online buyers and lacking that means losing the customers. Stats reveal that 70% buyers do not complete the deal because of poor trust in transaction (Source). Placing a trust mark on the website lowers the chances of cart abandonment. Trust marks should be on every web page. It can be logo, provided customers understand that. Better to know how your competitors are dealing with trust factor and what trust seals are being used in your target market.
- No Incentives For A Deal
It is natural; customers are attracted towards a business providing the best deals in the town. During last holidays, 39% online retailers use the tactic of free shipping to attract the customers (Source). Customers tend to switch a brand if there is some amazing offer. So, targeting the customers according to their expectations is unavoidable in the environment of tough competition. Other than free shipping, the best incentives could be sales, special deals, and free coupons.
- Having Hidden Strings
Almost 55% online buyers refuse to complete a deal if there are some hidden strings involved. So, be transparent about the total cost of any product and let the customers know if there is any additional fee.
- Using Single Currency Option
Ecommerce websites deal with global clients, so displaying products in your own currency is not the right approach. Place a currency converter widget at your site and facilitate customers in knowing the exact cost of the product before they make a deal. If customers see the real cost in their credit card, which is different from what they have expected, it would leave a negative impression of the business, and they will not come again to shop.
- Confusing Checkout Process
At the point of checkout, customers can abandon the cart due to so many reasons like few mentioned below!
Single payment option: If an ecommerce website lacks multiple payment options, chances are customers do not continue with the deal. Facilitate customers at the checkout stage with multiple payment options.
Messy checkout: If there are links to navigate, banners, and categories visible at checkout, expect cart abandonment. Be effective and be simple to help customers moving through checkout smoothly.
Long form: Checkout form should be simple and short. Long forms distract customers. Ask for only the essential information and remove any clutter. Customize the page with extension, like Magento Order Attributes for merchants having online store based on Magento platform, and ask what you think is needed the most.