In today’s online shopping environment, car abandonment is the worst nightmare of every eCommerce business. What can be more devastating than losing customers who were so close to placing an order? When a customer lands on your eCommerce website, he goes through every step of the sales funnel. Consider the customer leaves right before completing the checkout. That is why it is crucial that you optimize your eCommerce store to reduce cart abandonment.
Magento is without a doubt, the most widely used eCommerce platform being used for online businesses. For business owners, cart abandonment is a sin. Consult any Magento development company, and they will tell you that it is far more a serious issue than one realizes. Statistics claim that almost 69% of customers go through cart abandonment at some point in their customer journey.
For eCommerce businesses based on Magento, here are a few suggestions that will come in handy to reduce cart abandonment.
Why Customers Abandon Cart?
There are several ways to reduce cart abandonment of your Magento eCommerce store. In order to reduce cart abandonment, you must understand why it happens in the first place. Here are some of the most common reasons why customers abandon carts.
Forcing Users to Create an Account
Some eCommerce stores force customers to create an account before making a purchase. Many customers find it difficult to create an account or are reluctant to share their personal information for a one-time purchase. This compels the users to abandon and choose other eCommerce sites.
Extensive Checkout Process
Any eCommerce store will eventually fail if they have a log or confusing checkout process. No one wants to spend time on websites to try to sort out the checkout process. The lengthy the checkout process, the more chances that the user will abandon. The more information you ask, the less interested the customer will be in making a purchase.
It is more than enough of a reason to abandon your store and purchase from your competitors. That is why it is incredibly important that you keep your checkout process as short and easy as possible. This will not only reduce cart abandonment but also improve overall customer satisfaction.
Reasonably High Shipping Costs
No customer likes to pay extra. Though store owners may despise reducing shipping costs, it is critical that you do it. Most businesses rely on third-party companies to deliver products to their customers, the shipping companies will be passive in setting prices. If your shipping prices are too high, chances are that your customers will move to another store. You can launch a free shipping program for a minimum purchase price. This will encourage the customers to buy more.
Inadequate Payment Options
Consider this: a customer is ready to make a purchase but cannot proceed because they can’t pay with their desired payment method. You will lose a valuable customer just because you have limited payment choices.
This is why it is important that you provide your customers with a variety of payment options. Some of the most common methods are credit cards, stripe, debit cards, PayPal, and AmazonPay. Make sure that you offer as many payment options as possible to your customers.
Ways to Reduce Magento Store Cart Abandonment
Now that we know the major reasons for cart abandonment, we can proceed to discuss ways you that are the most effective in reducing cart abandonment.
Integrate Magento One Step Checkout
One Step Checkout is the hottest trend in the eCommerce industry for a reason. It's not only convenient for your customers, but it can also lower your shopping cart abandonment rate significantly. Customers don't appreciate a lengthy checkout procedure when they shop online, after all. Furthermore, according to a recent study, the delayed checkout procedure accounts for 28% of all shopping cart abandonment. Therefore, if you want to lower your cart abandonment rate, you should consider adding the One Step Checkout extension to your Magento eCommerce store.
Build Trust
Customers abandon carts when they are informed of a hidden cost just as they are about to take out their wallets to pay. The hidden cost is usually delivery, but it might also be an extra payment for a warranty, a certain model color, or anything else. Customers who discover they will be paying more than the price tag originally stated not only feel cheated, but they also feel ripped off. Instead, gain trust by stating upfront whether or not shipping expenses would be additional.
And it's not only shipping prices that determine whether or not a company can be trusted. Customers have looked at a variety of websites and formed their own opinions regarding trustworthiness. Unprofessional-looking layouts give the impression that your business is suspect. Make sure your store's design is simple and straightforward.
While it's ideal to make every effort to sell, don't go overboard with it. Customers begin to have second thoughts when they visit a website that participates in digital hard selling and bombards them with various and confusing offers. Last but not least, keep the information and language straightforward and error-free. Make that the text is correct in terms of grammar, tone, and message. You're the owner of a large eCommerce store, so you'd better dress the part.
Offer Free Shipping
When customers see the label "Free shipping," 93% of people are tempted to buy more things without worrying about excessive shipping costs. Because we all despise paying shipping or other fees that make items excessively expensive for our wallets. It is a tried and true marketing strategy to set fair shipping prices that your clients would gladly pay.
Allow Check Out as A Guest Visitor
The checkout process is the best way for most first-time eCommerce entrepreneurs to obtain information on their target audience. However, requiring clients to complete a registration form at the checkout not only irritates them but also drives them away.
As a result, it's vital to offer the option of checking out as a guest. It will not only speed up the checkout process for your consumers but will also improve the overall user experience of your eCommerce site.
Continuous Support and Easy Returns
As the store owner, it is your job to provide assistance for the things that your customers have purchased from your store. Because one satisfied client tells others about his or her experience, word of mouth is very crucial to your customers. Providing quick support also allows you to stop your consumer and persuade them to complete the checkout process by answering their questions. You can also emphasize some key trust elements on your product page or basket page.
Conclusion
Shopping cart abandonment is unavoidable, as customers depart their carts for a variety of reasons beyond your control. As a result, the best strategy to combat it is to prioritize your customers and strive to recover as much as possible.