Deadly Sins. of e-commerce that cause Cart Abandonment. With Solutions

Transcription

1 7 Deadly Sins of e-commerce that cause Cart Abandonment With Solutions 1

2 Introduction 3 What are the 7 Deadly Sins of ecommerce that cause Cart Abandonment? 4 High Price 5 TABLE OF CONTENTS Shopping on Multiple Sites 6 On-Site Issues (Complicated Site Navigation) 7 Lack of Preferred Payment Currency/Gateway 8 Lack of Trust 9 Shipping Problems 10 Poor Customer Support 11 Fighting the 7 Deadly Sins of ecommerce Cart Abandonment 12 What is a Cart Abandonment Solution? 13 Offers 14 Sending Reminders 15 Work on User Experience (UI/UX) 16 Integrate Payment Gateways/Geo-Location 17 Work on Credibility 18 Provide Convenient Shipping Methods 19 Mastering customer success 20

3 Introduction You ve set up a decent online store. Unfortunately, only one third of your visitors are converting into customers. Whether you re just starting out or been in the game for half of your life, cart abandonment is an inevitable problem that just doesn t leave your site alone. If you re new to this topic, let s start from the basics: What is Shopping Cart Abandonment? Imagine you re running a grocery store. An elderly woman walks by the fruits section, throws them in a shopping cart but unfortunately changes her mind and leaves empty handed. The same scenario in the digital world would look like this: an elderly woman is browsing your online grocery store for oranges, adds 5 oranges to her cart but does not proceed to click the checkout button. Shopping cart abandonment rate cannot be completely eliminated but the best we can do is decrease it to a minimum. This, in turn, means increased conversions i.e. more sales. This brings us to our next question: 3

4 What are the 7 Deadly Sins of ecommerce that cause Cart Abandonment? There are numerous reasons behind Cart Abandonment and they re not necessarily the same for every ecommerce site. How bad is it? Let s look at the numbers: Source: Statista As of 2nd quarter 2016, global cart abandonment rate has been found at 74.52%! This means ecommerce sites are only converting one-third of site visitors. What causes customers to NOT complete their purchase? Here are the 7 deadly sins that are responsible for it: 4

5 1. High Price Your customers may or may not be on a budget but that does not stop them from shopping from multiple sources. In a market with thousands of similar online retailers, the chances of your price tag being lower than that of your competitors is unlikely. Ther e are other factors that contribute to a high priced product line as well. Some of the most common reasons behind this can range from hidden costs that appear during checkout to high profit margin and shipping costs. 5

6 2. Shopping on Multiple Sites Similar to point 1, your customers do not stick to a single site while shopping online. They might find a better price elsewhere and abandon your site even after adding a particular product to their cart. Another result of shopping on multiple sites is that they re distracted by the diarrhea of information that exists on the internet. Maybe while shopping for a hair dye, they stumbled upon a YouTube video that amplifies the health risks of using cosmetics, hence discouraging them entirely. 6

7 3. On-Site Issues (Complicated Site Navigation) Complicated site navigation stems from the overall poor user experience of a general visitor. Take a look at online shopping giants such as ebay and Amazon. Something that they share in common is a simple and intuitive user interface that even a visitor who s browsing the site for the first time can figure out. Another point that many online sellers seem to miss is the checkout page. Asking the customer to fill fields of information is an instant turn-off. 7

8 4. Lack of Preferred Payment Currency/Gateway A visitor from Germany is shopping in your site for a razor. He finds a decent shaver but the price is set at 1,256 (Japanese Yen). Is he going to go through the trouble of opening a new tab and converting the Japanese yen to his preferred currency? Probably not. He ll simply search for a different site instead. Let s assume your fix this problem and now the same visitor can view the currency in Euros. But unfortunately, your site doesn t accept payment made from German gateways. It might not seem a big of a deal but research shows that 13% of online shoppers abandoned their carts because the price was presented in a foreign currency. 8

9 5. Lack of Trust Do you prefer downloading a mobile app that has 1 star rating? Probably not. A visitor who s willing to spend any amount of money on scented candles might not consider buying from your site if all of the candles listed on your site have poor rating (or worse no rating at all). Buying anything online in the first place isn t a reliable option for online shoppers. That, on top of a site with ridiculously poor design and no clear details about any of the listed products is a red flag for trust. 9

10 6. Shipping Problems Shipping is one of the biggest factors that determine whether your visitors complete their purchase. Your site may not provide shipping service to third world countries. Even if it does, it might be to a location that is inconvenient to the customer. In case of online selling giant AliExpress, the biggest problem that every customer faces is having to wait for over 2 weeks to get their product delivered. 10

11 7. Poor Customer Support From long response times to unprofessional interactions, poor customer support is a deal breaker in online shopping. A majority of your customers ideally do not have much idea regarding a product that they re about to purchase. According to Neil Patel, implementing a live chat to your site can increase your conversions by up to 45%. Think about the number of potential sales you re losing by not properly interacting with your customers. 11

12 Fighting the 7 Deadly Sins of ecommerce Cart Abandonment Shopping cart abandonment is an inevitable part of any ecommerce site. A majority of online shoppers don t even have the intention of buying in the first place. Most of them are just browsing through the products that are available in your site (37%). However, what about the rest of the visitors that you re losing? The rate of online shopping cart abandonment is at an all-time high of 75% globally. You might not be able to recover all of those abandonments, but even a portion of those abandonments can generate relatively large revenue in the long run. Let s start with what a cart abandonment solution really means: 12

13 What is a Cart Abandonment Solution? In general terms, a cart abandonment solution like Keptify allows you recover the visitors that abandon their shopping carts. There are several ways to make your visitors proceed to complete their purchase cycle after they re abandoned their shopping cart. Keptify uses the best-in-class technology to provide personalized solutions for each and every cart abandonment problem that your site is going through. 13

14 What are the most effective cart abandonment solution techniques? We discussed about what the reasons behind cart abandonment here. Let s address those problems with a specific solution for each one: FLASH SALE UP TO 50% OFF 1. Offers Offers are a great way of quickly driving traffic to your online store. Whether it is cashback, discount or group deals, offers are a win-win for both business and the customers. Who doesn t like getting discounts while shopping? This draws customers to your store, as a result increasing your sales volume. Even with a smaller margin, you ll be able to reap higher profits with the help of offers. 14

15 2. Sending Reminders One of the most effective cart abandonment solution is sending reminders to your customers who abandon their shopping carts. Cart recovery s, when timed correctly have shown to have an average revenue of $5.64 per , compared to only $0.02 for promotional s, and $0.18 per welcome you send. 15

16 3. Work on User Experience (UI/UX) On-site issues are result of a number of problems with your site. For instance, a majority of online shoppers use a mobile device while shopping. If your site is not mobile friendly, you instantly lose that segment of customers. and overall experience, the chances of a new visitor abruptly leaving your site is reduced significantly. If your site provides a great user interface and overall experience, the chances of a new visitor abruptly leaving your site is reduced significantly. 16

17 4. Integrate Payment Gateways/Geo-Location Imagine the number of potential buyers that have abandoned your site just because they couldn t find a way to pay you even when they wanted to. Moreover, the problem is no just limited to payment gateways. The currency that is displayed for your products must be personalized to your visitor s unique location. Integrating multi-payment and geo-location feature to your site ensures that you don t lose any visitors due to payment issues. 17

18 5. Work on Credibility There are over a thousand online stores to shop from - now more than ever. If your site relatively new, your customers will naturally feel uncertain buying from you. What you can do to build your site s credibility is by starting with a site that doesn t look like its run by a 15 year old living in a garage. Provide your customers with detailed product features, customer reviews and more importantly, add security badges at the top/bottom of your site. 18

19 6. Provide Convenient Shipping Methods Perhaps an instant turn-off while shopping online is the lack of shipping options for a customer. Maybe you do provide shipping but to a point that is not accessible to your customer. In order to provide a convenient shipping solution, add and explore different shipment companies that provide worldwide shipping. You will need to maintain business relations with potential shipping partners to make sure you or your customers don t face any problems in the long run. 19

20 7. Mastering customer success 7 If you re new to providing customer support to your audience, stick to the fundamentals of mastering customer success KNOW what your customers want, provide prompt replies, show respect and ask for feedback. In today s market, word-of-mouth is a powerful marketing strategy. A study found that 51% of customers share their buying experience with their friends. So make sure your company is providing a memorable support experience for every customer, regardless of the seriousness of their queries. 20

21 HOW DOES KEPTIFY BENEFIT YOU? A staggering 70% of checkout carts get abandoned before the shopper completes their purchase. Every day businesses are missing out on hundreds, even thousands of dollars because they don t make their digital experience simple and follow up with potential customers. Studies show that 35% of shoppers who received special treatment from the merchant after or before abandoning, helps to complete their final purchase. Here comes the Keptify to save you from these cart abandonment problems. The question you may have here is What does Keptify do? Keptify is an online remarketing and retargeting solution through which we increase the online sales of our customers. Our intelligent marketing tools will help you grab your visitor s attention and turn them into engaged and 21

22 repeat customers. And even if your customer leave your site Keptify helps you to retain them with the help of offline retargeting campaigns. KEY FEATURES OF KEPTIFY ARE Advanced Cart Analyzer Profile & Reporting Intelligent Layovers Remarketing A/B Testing Marketing Automation SMS Remarketing Facebook Remarketing and Retargeting 22

23 Keptify creates smart and simple marketing technology campaigns that helps to analyze the customer behaviour to optimize customer experience with brand value. We also take care of all the setup, creation, and management of your campaigns along with monthly optimization. We re constantly evolving and developing several integrational features based on our customers demands and needs. Sign up for free at Keptify.com to start improving your conversion rate. FREE 30-DAY TRIAL! SOME OF OUR CLIENTS 23

24 Visit Keptify.com for more information. Copyright 2018 Keptify Inc. All Right Reserved