Posted by Drew Estelle on Jul 27, 2018 2:21:26 PM
How to Reduce Cart Abandonment and Get Paid
Nothing’s more exciting than seeing people in a shopping frenzy on your page. The volume of comments promises optimistic figures and projections for your business.
However, that excitement tends to die down after a little while and the reality sets in that most of those customers may never actually pay for what they threw into their cart in the heat of the moment. An average of 69% of online carts are being abandoned by users. What can you do to mitigate this?
Set cart expirations
Setting deadlines for checkout increases time pressures and decreases delays in purchases. If given too much time, customers will often procrastinate or get distracted during checkout.
If you want them to complete this task quickly, make them understand that it will only stay in their cart for a certain amount of time. Be very clear in communicating just how long they have to complete check out, and be sure to repeat that message whenever you can. If that doesn’t work, follow up with this next tactic.
Create expiration reminders
Expiration reminders are a way of letting your customers know that lingering items in their cart that they have yet to check out. Maybe they forgot, got distracted, or were procrastinating actual purchase. Sending them a friendly email or a Facebook message will heighten their awareness of cart expiration, further enforcing those time pressures we spoke of earlier.
Everyone appreciates a good deal. Appeal to deal hunters and incentivize quick purchases by dangling a coupon offer that expires shortly after your sale. Customers will have to check out within that time frame to receive the discount.
You may also want to offer free shipping to those that pay within the hour. The cost of shipping is one of the top reasons that a customer will abandon their cart. E-commerce giants have long understood that offering free shipping contributes to conversion in big ways. That’s because free shipping completely eliminates this enormous hurdle.
Set boundaries within your group
Be clear with boundaries. Tell your audience that if they can’t pay for it within a certain amount of time, do not cart it. Repeat this message with every sale. It helps to politely remind your customers that you are a person just like them and you’re trying to run a business. Your customers will appreciate your honesty and authenticity.
Offer easy payment options
If check out isn’t easy, your customers will second guess paying for their items. Give them a couple of options in which to pay. Integration with popular payment processors will give them familiar options they’ll be feel most secure and comfortable with.
Send instantaneous invoices
This is going to be the easiest way to stop cart abandonment. Do NOT wait to send your invoices. The longer you wait, the more that shopping impulse fades. Over time, people tend to second guess their purchases. Overall positive check out experience is greatly diminished when the bill isn’t sent in a timely manner. Basically, your options to make this happen as quickly as possible are to automate invoices or process them manually with superhuman speed.
Invest in software to help get you paid faster. It is also cheaper than investing time and money into laborious administrative tasks that can be susceptible to human error. These are just a few of the reasons you should stop manually invoicing altogether.
Cart abandonment is a thing that online retailers will always have to account for. However, by implementing cart expirations, sending gentle reminders to your customers, using incentives, and providing instantaneous invoicing, you can greatly reduce cart abandonment. As a result, your customers will be happier, your life will be a lot simpler, and your business more lucrative.