Living in an era full of uncertainty is not without its silver linings. This includes the rapid growth in digital innovation, such as how quickly businesses and retailers have adapted to the space. Even before the pandemic, online shopping was growing steadily […]
Living in an era full of uncertainty is not without its silver linings. This includes the rapid growth in digital innovation, such as how quickly businesses and retailers have adapted to the space.
Even before the pandemic, online shopping was growing steadily for many years. Ecommerce is mutually beneficial for everyone, the reasons are clear. Ecommerce allows consumers to shop conveniently from anywhere. This is not limited to their local shops.
Even so, there will always remain room for improvement in this constantly evolving shopping experience, particularly when it comes to converting orders.
There are many reasons why shoppers fail to see the checkout process through the entire way, regardless of whether they intend or not. Most likely, you’ve been there.
You can imagine it as follows: First, you are in the middle of choosing soon-to be-your items. Then, you click the “add to basket” button eagerly. It’s time to check out. You suddenly realize that you have a huge task ahead of you. So you start to question whether or not you really need it right now. Or if maybe I should wait until my credit card is paid off.
You decide that it is not worth the risk of placing an order after struggling with the commitment. This is known as “ shopping Cart Abandonment“, and it’s only one of many abandonment situations that retailers can face.
According to the Baymard Institute, has a shocking 69.80% abandonment rate. For every 10 shoppers, seven don’t complete their orders. Cart abandonment isn’t an isolated event. This is a common phenomenon across all industries. We are all in this together.
Emil Kristensen, CMO and cofounder of Sleeknote, shares how cart abandonment can be discouraging for businesses in an article .
“… It’s frustrating to move a customer through the sales funnel and make offers that are compelling enough to grab their attention, but then lose them at the point where they buy.
This article will help you understand and identify the factors that cause shoppers to abandon their carts. Next, we’ll help you find solutions that will reduce cart abandonment and ease ecommerce pain points both for you and your customers.
- 1 What’s Cart Abandonment?
- 2 Top Reasons to Abandon Carts
- 3 Solutions for Cart Abandonment
- 4 The Final Word
What’s Cart Abandonment?
Cart abandonment is one of the biggest contributors to lost sales in ecommerce. This refers to the case where a visitor browses an online store and adds an item to their cart but then leaves without purchasing.
Cart abandonment is still a major battle for digital marketers, despite the constantly evolving, dynamic landscape of ecommerce. Nearly 80 percent of online orders were abandoned in March 2021.
Top Reasons to Abandon Carts
It can be disappointing to lose a customer after all the efforts you have made to drive foot traffic to your websites — hyper-targeted ads, paid social media and curated emails. You may be able reduce cart abandonment and increase conversions by following the steps below.
1. High unexpected costs.
A shopping experience that isn’t as pleasant for a customer is when they discover the total cost of their purchase exceeds what they expected. Shopping cart abandonment is the number one problem, especially if extra costs come as a surprise. They can lead to cart abandonment, regardless of how high the shipping and taxes costs.
The Baymard Institute’s 2021 study “Reasons for Abandonment” found that 49% of respondents stated that cart abandonment was caused by high additional costs. While taxes are one of two guarantees in life it doesn’t make the burden of seeing the stacking costs easier.
2. Mandatory account creation
Imagine a potential customer scrolling through Instagram and then finding your ad that features a product they are interested in. They click a few times to be ready to checkout, but then they see prompts to create an account.
This context makes it easy to understand why shoppers are less likely to order. The shopper can defend themselves by saying that they don’t want to go through the account creation process. It’s much easier to just cancel.
Another reason that shoppers become disillusioned when they checkout is the requirement to create an account. It is a hassle for most shoppers and slows down checkout. It can also be a deterrent and cause shoppers to abandon their shopping cart.
3. “Window shopping.”
Ecommerce stores are always accessible, so shoppers don’t have to do much other than browse the app or web. This is why many people abandon their carts. Sometimes people shop online out of boredom, or without any particular purpose. They end up adding their favourite items to the cart but abandoning it because they don’t have a significant purchase intention.
A buyer who is on the fence about purchasing a product may lose interest when the cost increases, and consequently change their mind. The final cost can quickly take away any initial excitement or intent. They negotiate with themselves and ask if they are willing to drop that amount of money.
With Sezzle there is no fear in purchasing.
4. There are limited payment options
Trying to find variety is a natural consumer behavior that we all can relate to. We subscribe to several streaming services, or we love good charcuterie, as well as the convenience of online shopping.
You shouldn’t have to choose between different payment options. Shoppers expect to be able to choose their preferred payment method at checkout. It’s not surprising that shoppers abandon their carts if they don’t see the preferred or trusted payment option.
5. Security concerns for websites
If shoppers have any doubts about a website’s security, it is possible for them to leave. Buyers are often skeptical about a store’s security because they lack trust badges, SSL seals, and similar stamps that reinforce trust.
In some cases, customers may be concerned about what retailers might do with the information. It is understandable that customers don’t feel comfortable giving hypersensitive information. This makes placing orders impossible.
Solutions for Cart Abandonment
We all know that online shopping has its advantages, but they also have their drawbacks. Your store doesn’t need to suffer from these problems. The merchant can control most of the major causes of abandoned shopping carts. Here are some ways that shoppers can feel confident about completing their orders.
Transparency should be the gold standard as online shopping becomes more popular. It’s over. Last-minute surprises are not something anyone likes, especially at checkout.
Although not all retailers have the option of free shipping, they should be open about their costs. You should inform shoppers about shipping costs before they make payment.
A shipping calculator is another way to increase cost visibility. It is helpful if customers can access a tool that allows them to enter their zip codes on your website. This allows shoppers to know what to expect at checkout and, ideally, helps reduce cart abandonment.
There is a way to reduce the fear of high-dollar purchases by increasing cost transparency.
With a BNPL option, retailers can ease the financial burden on customers who cannot afford to pay upfront.
BigCommerce’s preferred BNPL solution for is . We think you’ll also love them. Shoppers can break up their payments with Sezzle in 6 weeks. You empower customers to place orders by offering them a method to pay in installments. There’s no catch.
Merchant partners of Sezzle receive full payment. Customers who choose Sezzle as their checkout option pay in four installments over six weeks at 0% interest.
2. Facilitate checkout
Eliminating the need to create an account is one way to make checkout easy. Instead of forcing shoppers to create accounts that they might not be interested in, let them place orders as guests. This will make it easy for new shoppers and will also allow them to place orders as a guest.
Sezzle can be added as a payment option to improve the checkout process. Existing and new Sezzle users can quickly checkout from your website without the need for a login. Sezzle was designed to speed up the checkout process, especially for repeat customers. Sezzle is easy to use for new customers. The approval decisions are instant which allows them to go through checkout quickly.
3. Flexibility in payment
There are many ways to motivate shoppers to buy, whether they’re “merely browsing” or “wishful shopping”. Perhaps it’s free shipping, or a coupon code. BigCommerce’s Buy Now, Pay Later option, Sezzle, is a sure-fire way to get rid of the fear of having to pay upfront. Customers are more likely to place an order if they have the option of paying in installments.
Shoppers who use BNPL solutions tend to be less hesitant in placing orders. This is because they can split their payments over time. Sezzle gives shoppers the ability to shop when they want, which can result in higher basket sizes and frequent orders. Customers will have more purchasing power if they can add Sezzle to their payment options. It’s a win/win situation.
4. You can choose from a variety of payment options
Everyone has different payment preferences, it’s not a secret. Based on the product or service, shoppers tend to gravitate towards one tender. You could lose your customers quickly if they don’t have the choice to choose their preferred payment. A shopper might compromise and make another payment, but that will not be good enough to keep them from returning. If you can avoid it, why not start with an inconvenience?
Sezzle allows you to explore other payment options. Sezzle widget users are more likely than others to convert orders and increase their basket sizes. Because shoppers can buy what they want sooner thanks to a flexible payment plan, In light of the pandemic, Buy Now, Pay Later has seen a sharp rise in popularity. The idea of paying over time for a purchase in installments is more appealing to shoppers. Sezzle ensures that shoppers don’t have to pay high interest rates if they pay their bills on time. Sezzle is trusted by over 47,000 merchants as their BNPL tool.
5. Increase your trust.
It’s impossible to eliminate anxiety about sharing sensitive or personal information such as credit card numbers. Retailers can at least provide some reassurance to customers in a few ways. Trust seals can be used to show shoppers that their personal information is secure.
There are many other ways to build trust with customers, besides adding security measures. A good way to build trust with customers is to look through customer reviews. You can instill confidence in shoppers by providing testimonials and reviews, as well as photos from real customers. A money-back guarantee is another way of instilling trust and building buyer credibility.
You can further demonstrate your trustworthiness to new customers by adding Sezzle as a Buy Now, Pay Later solution. Sezzle is a B Certified Corporation. Their mission is to financially empower the next generation. They allow customers to pay in installments and users don’t have to pay interest or penalties if they pay on time.
The Final Word
It can be overwhelming to tackle all the causes of cart abandonment as an ecommerce leader. The key to reducing cart abandonment is to eliminate any friction points that prevent shoppers from making a purchase quickly and easily. This may help you turn around cart abandonment and maybe even save ties with those who got away.
These best practices will help you get started quickly: Be upfront about fees and costs, make sure there is a smooth checkout process, give as many payment options and payment options as possible to build trust with shoppers and let customers have flexible payment options with Sezzle’s Payment in 4 solution.