In today’s eCommerce, shopping cart abandonment is a concern. According to a study by Baymard Institute, the average cart abandonment rate currently sits at 69.8%.1
That means that 7 out of 10 shoppers will not complete their transaction.
Even if eCommerce brands invested a lot of money to provide the best shopping experience, it still doesn’t stop the shoppers from leaving their site without ordering. It’s reported that eCommerce stores lose 18 billion in sales revenue each year because of cart abandonment according to Forrester research.
There are a lot of reasons why cart abandonment occurs but not many methods on how to stop it are known. As we move toward new technologies, we are able to prevent cart abandonment. We made a list of the main reasons why shoppers abandon their carts and how to prevent it.
1. Number of products on the cart.
– It might be surprising but Behamics insights show that one of the reasons that lead to cart abandonment is the customer choosing too many products. If the customer added too many products on the cart, by the time they have to leave they have a hard time deciding what to select and checkout therefore they leave the store without buying.
2. Having to Create an Account before purchasing.
– Some websites want their customers to register to the website before purchasing and that can be a problem.Behamics statistics show that the majority of orders are made by guest customers that are not required to register on the site. Some customers simply don’t want to share their personal information, some others just don’t have the time and enthusiasm.
3. Checkout Process.
– Customers might find the checkout process to be confusing or hard to understand, therefore abandon the cart, or they just are too lazy to fill in the long checkout process. Having a short and simple Checkout process is key.
4. Frequent transitions from cart to product page.
– Behamics insights show that customers who keep transitioning from the cart to the product page are most likely to abandon their cart, due to not being sure, or looking for better options. The more transitions the higher the chance of cart abandonment.
5. Payment method.
-If the website doesn’t provide the several credit cards and paying methods there will be cart abandonments. Studies show that 59% of online shoppers abandon a transaction if their preferred payment method is not in place.2
How to reduce cart abandonment
-If you are looking for ways on how to reduce cart abandonment and don’t know how, we are here to help. Behamics has a completely new approach on preventing cart abandonment. We do so by predicting the reasons and displaying behavioral messages to support your customer’s decision.
Observing customers’ previous behaviors is key to getting the best results. Getting constant emails reminding customers of the products left in the cart can be irritating and we don’t recommend it.
Giving the customers the right messages at the right time is crucial. Our AI-powered engine targets the right messages to the right person, at the right time based on powerful psychological mechanisms. This will lead to an increase in revenue and happy customers.
Behamics AI analyzes why online shoppers are visiting the store, what are the reasons they abandon their cart, how to prevent it, and most importantly we focus on how to convert them into a successful sale. If what Behamics offers seems like something your company needs, give us a shout.
