Cart abandonment is a nightmare to most merchants, it occurs when customers add items to their shopping cart but ditch the cart at checkout. This is essentially losing potential sales.
According to a study by the Baymard Institute, the average cart abandonment rate is 69.99%, meaning that nearly 7 out of 10 potential sales cut off midway. This can have a significant impact on a retailer's bottom line, as abandoned carts represent lost revenue.
With the recent upsurge in ad costs accounting for the high cost of acquiring customers and the tedious work of generating leads, having customers abandon a purchase decision for any reason is absolutely an unfortunate event.
There are so many reasons why customers abandon their purchases. In this blog post, we will delve into seven of the most common reasons why customers abandon their carts, and how retailers can work to reduce cart abandonment rates. By understanding these factors that contribute to cart abandonment, merchants can implement strategies to curtail it and improve their conversion metrics.
Here are 7 Top reasons why customers jump ships and abandon their cart:
- Speed: If you’re serious about making sales, then you should know that: 64% of smartphone users expect pages to load in under four (4) seconds, while 74% of mobile users in the US would abandon mobile sites that don’t load within five seconds. If your website is not optimised to load like a speeding train, you need Kitcart to help you out. Speed is the ultimate deciding factor for most user behaviour online, if it is blazing fast then the decision to add items to the cart and quickly checkout follows suit. Amazon calculated that a page load slowdown of just one second could cost it $1.6 billion in sales each year.
- Shipping Cost: How strange for Amazon to ask me to pay a $52 to ship an $15 book. An alarming 55% to 74% of shoppers will abandon their carts due to the high cost of delivery. The eCommerce space is still much in its infancy and there is so much logistics innovation ahead to power the smooth running of the ecosystem.
- Complex Payment System: Shoppers abandon carts when it is tedious to pay for their products. It raises doubt, fear, and frustration. Customers want a situation where they can pay for their items with their cards without going through any hassle. Also, some set of customers wants to be able to pay for the items they want with their crypto wallets, PayPal, Apple pay, etc. One of the best things you can do for your brand and your online store is to provide an easy payment system for your customers. On Kitcart, you can enable as many as possible options you want to cater for different segments of your market.
- Unexpected Charges: Having hidden charges that customers are unaware of before deciding to purchase an item from your store is one way to run your business aground. As part of a good eCommerce strategy, it is important that every amount the customer would have to pay for an item be stated plainly before the checkout form so they can make an informed decision. Customers hate to feel exploited and cheated, and hidden charges exhibit that. Kitcart makes checkout super simple for shoppers with neatly presented order breakdowns that keep the customer informed on their order and the payment to be made.
- Difficult to Navigate Your store: When customers experience technical difficulties or an error on your website, it tends to repel them from coming back and that is not you want. Unfortunately, there are too many competitors out there so if your website is giving customers a tough time, they're going elsewhere without looking back. You can simply build your website on Kitcart and choose any of our carefully crafted themes optimized for top-notch user experience and never worry about how customers feel about your site again.
- Low Buyer intent: This is majorly not your fault or the store's fault. The customer was just browsing and not ready to make a purchase. Unfortunately, you will have to deal with this set of people too. How? Always have an offer around the corner. Pop Up notifications, offer banners, and notices are great ways to convert browsers to shoppers. However, never lose sight of your main customers and keep improving their buying experience.
- Customers Hijackers: One challenge most stores have display ads from competitors. And if they have better deals Customer tends to leave, so you must give out the best deal to your customers.
You can drastically reduce your cart abandonment rate to less than 5% per year. Here are some strategies to adopt to achieve this goal.
- Make sure your website is easy to navigate and user-friendly: Having a clean, uncluttered design and clear calls to action. Customers want to see that navigating your store can be easy to enable them to find products of their choice. Our recommendation may seem like self-promotion but we have confidence that there are no solutions to compare with Kitcart in the eCommerce software space, that is why we recommend you try Kitcart for free to find out for yourself.
- Offer a variety of payment options: This includes popular ones that support credit cards, transfers, and any other means possible. This will make it easier for customers to complete their purchases.
- Offer free or low-cost shipping: High shipping costs can be a major barrier to purchase, so offering free or discounted shipping can help encourage more customers to complete their purchases.
- Provide clear and accurate product information, including detailed descriptions, high-quality images, and customer reviews. This will help customers feel more confident in their purchase decision.
- Streamline the checkout process: Remove any unnecessary steps or fields and ensure the process is secure. This will make it easier for customers to complete their purchases without getting frustrated. Kitcart makes it super simple for customers to go from products to payment eliminating all the unnecessary procedures on other solutions.
- Provide exceptional customer service: Make sure your customer service team is available to assist customers if they have any questions or issues during the checkout process. This can help prevent abandoned carts due to technical difficulties or customer concerns.
- Offer abandoned cart reminders: You can use email or other forms of communication to remind customers about the items in their cart and encourage them to complete their purchases. This can help recover some of the lost sales from abandoned carts. Recova is a plugin on Kitcart that helps you handle this automatically.
By implementing these strategies, you may be able to significantly reduce your cart abandonment rate and increase your sales. However, it's important to note that every business is different, so the specific steps you take to reduce your cart abandonment rate may vary. However, you have to keep on trying to seek ways to create a better purchasing experience for your customers as well as make more money for your business.