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Dealing with the frustration of potential customers abandoning their carts when they’re one step away from making a purchase is part of the eCommerce development game.
You put tireless effort into marketing your products or services, funnel traffic to your site, generate positive reviews, yet customers still abandon their carts. Abandoned carts are such a constant, they’re enough to make you give up trying to figure out what’s going on and accept them.
But….. you MUST RESIST this urge!!
Your abandoned cart is an an area that requires “CONSTANT VIGILANCE”. Remember how much it costs to get a new ecommerce development customer compared to keeping one.
Even though it’s frustrating to put in hard work without seeing results, there a re ways to reduce your abandoned cart rates, and the slightest improvement s can have a big impact on your bottom line.
Think about your abandoned cart rate like your conversion rate: even a percentage point of improvement in the number of visitors you convert to ecommerce customers makes you more money, without adding more visitors or spending on additional marketing.
Basically, reducing your abandoned cart is a free way to make more money for your ecommerce business.
Let’s say your average sale is N2500. A recent study found that the average online shopping cart rate of abandonment rate is 68%. For every 100 customers who put items into their cart, you’re on the verge of making N250,000 – but 68% of these customers abandon their cart, so you only wind up making N80,000.
Here’s where persevering through frustration and paying close attention to your cart abandonment rates can pay dividends. The number we quoted above was the average abandonment rate of various studies, but some sources found cart rate abandonments as low as 62% in their independent studies.
If you can reduce your shopping cart abandonment rate by 5% – which the stats suggest is possible – you stand to gain N12,500 (for every 100 customers) you previously assumed was lost.
Abandoned carts are an inevitable part of eCommerce, but blindly accepting the rate at which your customers abandon their purchases is not. In the current, relatively early stages of eCommerce, striving to reduce your shopping cart abandonment rate can net you a huge advantage over competitors who aren’t quite as vigilant as you.
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