Did you know that over 3 out of 4 shoppers choose to leave the ecommerce website or app without completing the purchase? As per the study and research of Baymard Institute, the average shopping cart abandonment rate is 69.23%. Shopping cart abandonment is a major problem of many eCommerce stores; in fact it is a nightmare for eCommerce startups.
Ignoring the problem of shopping cart abandonment can put your eCommerce business to risk by losing new as well as repeat customers. Compelling users to complete the purchase is the only way to get good ROI from Magento web development and money spent on marketing activities. Let’s understand the potential reasons for shopping cart abandonment and derive appropriate eCommerce solutions for the same.
What are the Major Reasons for Shopping Cart Abandonment?
- Unexpected Grand Total of the Order
Online shoppers are searching for products offered at best market price. However, they get a minor shock when acquainted with unexpected shipping charges and taxes in the grand total during the last step of purchase. This is the major reason for shopping cart abandonment.
- Security Concerns
When customers like one or more products from the eCommerce website and are influenced to make the purchase, one thing that forces them to change the mind is security related concerns. How authentic is the website? Is it safe to share personal information and carry out financial transactions through this website?
- No Option for Guest Checkout
Not all customers prefer to register or create new profile on eCommerce websites. Suppose a customer adds few items to shopping cart and moves ahead to checkout only to realize that he/she is required to mandatorily sign up with the website. This creates a sense of doubt related to security of personal data as well as frustration as first time registration is a time consuming process. This is yet another common reason for shopping cart abandonment.
- Not Many Payment Options
Imagine a customer adding items in the shopping cart and moving ahead for the last stage of checkout, i.e. making the payment. At this point of purchase, if the customer does not come across his/her preferred payment mode, there are high chances of shopping cart abandonment situation.
- Comparative Shopping or UX Related Issues
Online shoppers prefer comparative shopping so that they can strike an instant comparison of similar products with respect to features, prices and shipping time. Only if the eCommerce app or website offers seamless shopping experience to users throughout their journey, they would get converted from visitors to shoppers.
Ecommerce Solutions to Deal with Shopping Cart Abandonment Problems
- Simplified Checkout Process
Checkout process should be as simple as possible. Less number of steps in checkout reduces the chances of shopping cart abandonment. Ecommerce websites should focus on offering seamless and hassle-free shopping experience that allows users to place the order in 3 to 5 easy steps.
- Avoid Adding Hidden Costs During Checkout
Customers hate to see addition of hidden charges at the last stage of checkout. It is recommended to eCommerce merchants to given clarification on prices of products along with shopping costs and taxes from the beginning. Customers getting to know of such charges at the end are far more disappointed than those who are known of such additional charges at the initial phase of online shopping.
- Interactive Checkout
Purchasing products from online websites is exciting but it gets tedious during checkout as this step requires mandatory filling in details such as name, shipping address and payment related credentials. To ensure that shoppers do not feel lack of energy during the checkout phase, eCommerce websites can use short actionable phrases such as ‘last step to confirm your order’ or ‘you are almost done’. Such interactive checkouts have lower shopping cart abandonment rates.
- Instant Customer Support to Address Checkout Concerns
It is quite possible that customers have concerns regarding shipment, payment or product being purchased at the last stage of checkout. If there is an instant customer support service available on the checkout screen, shoppers do not need to abandon their cart to chat or contact customer care executives.
Best and Useful Magento Extensions for Reducing Shopping Cart Abandonment
Know the top Magento extensions to handle shopping cart abandonment problems:
- OneStep Checkout:
OneStepCheckout is an extension supported by Magento that simplifies the checkout process of your eCommerce store. It converts your native checkout process into the one with prices that dynamically update via AJAX.
- One Page Checkout:
One Page Checkout extension of Magento reduces the number of steps in checkout while placing the order. This ensures that customers complete the shopping process quickly and thereby increases your online profits and conversion rate.
- Abandoned Cart Emails Pro:
Abandoned Cart Emails Pro for Magento 2 limits the rate of shopping cart abandonment by sending automatic reminders to customers and allowing customers to recover carts in one click. eCommerce merchant can also use flexible extension settings to include a coupon in the reminder email.
- Follow Up Email by Aheadworks:
Follow Up Email extension for Magento 2 sends reminder emails to customers who left their shopping cart during the checkout process. Such emails are effective because it engages customers based on their actual store activity. These emails can be scheduled to send at the predefined time.
- Delivery Date & Comment:
Delivery Date & Comment extension of Magento allows you to add delivery date functionality to the checkout along with the flexibility to alter delivery time intervals, holidays and delivery exceptions from the backend.
Several other checkout enhancement extensions for Magento ecommerce store at available at marketplace. The right amalgamation of these extensions in addition to above mentioned ecommerce solutions can help in reducing shopping cart abandonment issues and boosting the conversion rates for achieving higher sales.