Abandoned cart is the perennial woe of every online business. With a staggering 68.71% customers abandoning their online shopping cart , its undoubtedly one of the top reasons that gives sleepless nights to many a webstore owners. Losing more than half of your potential sales can never be a happy situation.
Let’s take the help of some facts and figures and try to understand the issue better:
- Cart abandonment varies between 60-80%, depending on your ecommerce business model and industry.
- Incomplete checkout caused loss of $ 18 billion in 2012 and the figure is about to rise to $31 billion by 2016.
- 63% of the potentially lost sales can be recovered by online web store through follow ups.
- 58.6% visitors are browsers and do not intend to buy at that particular moment.
- Cart abandonment rates will increase in coming years as customers have more options to browse on multiple devices and mobiles.
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Let’s face the truth, not every visitor who lands on your webstore is going to purchase the products even if your store is offering the best product at the most affordable pricing with top notch services. With the acceptance of this fact, it becomes much easier to plan a strategy for handling the incomplete checkout for any business.
Let’s begin by making an easy 3 step plan;
Step 1: Identify some of the common cart abandonment reasons that are driving your visitors to other websites. Finding out the pain points of your customers and understanding why they are avoiding your store can give you great insights in your business practices and processes.
Step 2: After identifying the reasons start plugging the holes and find effective solutions to reduce incomplete checkouts and increase your sales.
Step 3: Cart abandonment can only be minimized not done away with. Follow the useful tips to convert your lost sales and reconnect with your customers to bring them back for completing their order.
The first two approaches usually require periodic effort and you just have to tweak your online store website to provide seamless shopping to your customers. Once you have fixed the issues you just need to maintain the flow and ensure things are still in place.
However, the last step is an ongoing process and needs a detailed plan and some smart tools that automate the whole process.
Following up with customers can be really tricky and needs a streamlined process. To begin with, you have to keep them interested in your offering and gently push them towards completing their purchase.
To plan your follow up strategy you need to understand the customer perception of your mails. Let’s take few important indicators from a study, on abandon cart emails;
- 51% of customers found cart reminder mails helpful.
- 38% customers were annoyed by the reminders.
- 16% users got extremely annoyed by constant reminders and wished to block these companies.
- 12% customers didn’t receive any reminder.
It’s very clear from the above that you can easily recover almost half of your lost cart sales with regular follow up. However, you should never bombard your customers with follow up notifications.
Now that you have the facts and figures to help you tackle the menace of cart abandonment on your online web store, you need the right tools to make this work easy and manageable.
StoreHippo has a set of features and Apps that will make cart recovery very easy and manageable for you. Keep watching this space for our next post in which we would take you through our abandoned cart recovery tools.
Meanwhile you can explore other great features of our mobile ready ecommerce platform by creating a 14 day FREE trial store.