Shopping cart abandonment has been a challenge for businesses since as long as there's been, well, shopping carts.
Now that a good chunk of commerce has moved online, it's grown into an even bigger issue that affects businesses both large and small. And considering that shopping cart abandonment is a 260 billion dollar opportunity for online businesses in the EU and North America alone, it's definitely a challenge worth solving.
In this post, we're going to explore the things you can do to ease shopping cart abandonment, and get your piece of that $260 billion pie.
What's Causing Abandonment?
One of the biggest reasons for shopping cart abandonment is a lack of trust. Put simply, people are worried that their information will be compromised if they buy from a site, or that their product might not live up to expectations.
All of these doubts cause abandonment. That said, it’s possible to reduce shopping cart abandonment by reducing customer fear, building trust, and improving the user experience.
So how can you do that?
1. Use The RIGHT Trustmark
A trustmark, sometimes known as a seal, is a symbol that lets visitors know a website has been vetted by a trusted third-party. Typically, this third-party certifies a site's security, or its business practices.
But not just any trustmark will help you.
According to a test by the conversion experts at Inflow, only well known trustmarks actually increase your sales. Mid-tier trustmarks, such as GeoTrust and BizRate, have little to no impact on conversion rates, while lower-tier ones, such as TrustGuard and Trustwave actually hurt sales!
So which trustmark performs the best?
The same Inflow A/B test found that of all the seals out there, the McAfee SECURE trustmark performed the best:
More conversions means fewer abandoned carts. Simple, right?
2. Display Customer Reviews
Customer reviews are a fantastic way to build visitor credibility that reduces shopping cart abandonment. Like trustmarks, they're proof that someone else (namely, customers) has vetted your business and your products.
Why do reviews work? Because 88% of customers say they trust online reviews as much as personal recommendations, according to a BrightLocal survey.
But not all review platforms are created equal. It can be a bit daunting to choose one. That's why this handy guide gives you seven questions to ask yourself when picking a reviews platform.
3. Create a Smooth Checkout Process
Even though reviews on product pages, and trustmarks on every page of your site will increase trust, your checkout process is still make-or-break for your site.
Because over 46% of cart abandonment happens at the payment stage, according to Business Insider.
One of the main reasons this happens is that companies try and force consumers to create accounts. In fact, 37% of customers abandon their carts because the site wanted them to make an account, according to Baymard.
The lesson there is don't disrupt the checkout process with anything unnecessary — it's more important to get the sale than it is to get someone's email address. Consider giving your visitors the option to checkout as a guest. And remember, you can always ask for additional information after they've made their purchase.
4. If a Visitor Does Abandon Their Cart, Don't Let Them Forget About You
If you do end up losing someone to an abandoned cart, don't let that be the end of the road for that potential customer. If they made it all the way to your checkout pages, then chances are they had a strong interest in whatever it is you're selling.
Remind this visitor that you haven't forgotten about them. Nowadays, it is crucial that you set up retargeting campaigns. Retargeting is the best way to advertise to visitors who perused, but for one reason or another, didn't complete their purchase.
We recommend running retargeting ads on social media channels, like Facebook, or giving Google AdWords a try.
Using these channels, you can create a highly customized ad that encourages your long lost visitor to mosey back to your site. Better yet, offer a discount on the specific item they left behind and you'll be on your way to increasing your conversions again!
Shopping cart abandonment happens but it doesn’t need to happen as often as it does. Giving your customers a seamless shopping experience and alleviating their concerns about trust will reduce shopping cart abandonment and increase your sales.