When you have an e-commerce website up and running, and you’ve started to generate revenue, it’s time to move into data analytics. And one statistic that can be particularly bothersome is the often high shopping cart abandonment rate.
As of 2019, aggregate numbers show that nearly 70% of customers ultimately abort their checkout for several reasons. The good news is that many of them are controllable if you know where to look and how to go about it. Here are three common areas where your business can begin tackling a high abandonment rate.
Optimize your design
The latest research shows that, on average, e-commerce sites could see an increase of up to 35% in conversion rates by merely investing in better checkout design. One common complaint among customers surveyed was that the checkout process of many websites required too many steps. Ask yourself, as a customer, why must every field be filled out? Is it for verification purposes or the data mining needs of the business?
Try to restore the customer’s power to opt in to providing further information if they wish, such as registering for a personal account on your website. You can give them discount codes and other exclusive promotions for doing so, but respect that some would prefer not to register and provide further information.
Also, try to make the flow of the customer’s shopping experience streamlined. They should be able to view their cart easily while continuing to shop and add items. Try to make the checkout a one-page step, and remove any visual distractions or clutter so that the call to action stands out. Provide relevant information such as shipping and total order costs upfront, with accessible links to the FAQs and full disclosures on your shipping and returns policy.
Offer multiple payment options
While it’s probably obvious that your online business should be as flexible as possible when it comes to accommodating the customer’s preferred method of payment, doing so can be easier said than done. Certain payment methods incur processing fees, which may not be worth it if you don’t have a high volume of transactions.
When you’re starting, look for a reliable business to business (B2B) credit card processing company to cover the range of standard payment options while involving minimal processing fees. As you obtain more data regarding consumer transactions, you can decide which ones to add. And make sure you display them prominently on your website so that customers know their method of choice is supported.
The e-commerce industry has been around for two decades, and everybody now knows that cybersecurity is paramount – hackers, scammers, and social engineers are always coming up with new ways to exploit vulnerabilities and steal sensitive data. Studies have shown that nearly a fifth of customers don’t go through with their purchase because they didn’t feel the transaction was secure enough.
Make sure your website has an updated SSL certificate and PCI compliance badges prominently displayed to inspire your customers’ trust in the entire purchasing process. Avoid redirecting customers to other pages throughout your design, as this has become associated with malicious website activity.
These are just three ways you can start redeeming your website’s conversion rate. Go over your website’s checkout process as though you were a customer, and see if you can identify the above or any other issues to smoothen out.