The majority of online shoppers abandon their purchases at the checkout phase. This worrying trend is a huge obstacle for e-commerce store owners and if nothing is done to resolve the issue a lot of stores may end up shutting down. If two out of three shoppers will abandon their shopping carts, it means that this is a serious matter that should not be handled casually. In this article, we are going to use the Magento shopping cart as an example to see you can optimize your shopping cart to being abandoned now and then.
There are many reasons why people visit online stores: looking for particular items or products, compare product prices, killing time and those who had already done all these will make a purchase. Our focus in this article will be getting rid of obstacles that destroy conversion and purchases.
Magento shopping cart
To get to the root of the problem, we need to understand what prevents visitors from purchasing. A deeper understanding of the cause is solving the problem halfway. Having exact facts in your hands allows you to take effective measures to counter your problems.
According to Baymard’s statistics, the following stats will give you reasons why most shoppers abandon their carts before purchasing.
- Extra costs they were not aware of like until the last minute – 61%
- Account registration requirement before buying – 35%
- Long and complex checkout process – 27%
- Not knowing the exact cost of the product upfront – 24%
- Technical errors or e-commerce website crashes – 22%
- Handling of sensitive payment information – 18%
- Slow delivery – 16%
- Unsatisfactory returns policy – 10%
- Few payment options – 8%
- Declined credit card – 5%
Now that we have the reasons why most consumers are abandoning their carts before checkout, let’s now try to look at the various ways to reduce or eliminate Magento shopping cart abandonment for a much profitable online store.
High added costs and lack of information on the total upfront cost
The majority of online shoppers feel cheated and betrayed at the last minute when they see the total cost of the product or item when trying to checkout. This is brought by the high cost of shopping and delivery which disappoints and discourages the consumer from purchasing. The best way to approach this is to optimize the delivery policy to minimize Magento shopping cart abandonment rate brought by the high cost.
If you want your clients to be satisfied, start by offering free shipping and delivery. When comparing product prices, many customers check whether you are offering free delivery on not. If you do, then this will encourage them. Rather than ambushing customers with shipping fees at the checkout point, include the delivery cost in the product cost so that you can tell them that you are offering free shipment. This increases the conversion rate. Also you can use Magento extensions for eCommerce website to make it more faster.
Delivering your products to your customers according to the stipulated time or earlier is a way of telling your consumers that you are reliable. The faster you deliver the products to your customers the higher the conversion rate. Out of all the people who order online, 50% of them will agree to pay extra for faster delivery. This makes your online store unique compared to other stores. Don’t forget to mention this on the delivery page and stay committed to it. The customer satisfaction rate will increase meaning that you will decrease the cart abandon rate. If you are just getting started with Magento Development, ask experts how you can improve your product delivery time.
Account registration requirement and Complicated Magento checkout process
The main reason why the majority of consumers prefer online shopping due to its convenience. It reduces the hassle of going out there looking for products and buying them which is time-consuming. Online shopping should be fast and hassle-free. If you require your consumer to register for an account before ordering, you are removing the relevance and essence of an e-commerce store. Another turn off to the majority of online shoppers is a complicated and time-consuming checkout process.
A customer is very willing to purchase, but due to the complications that come with ordering on your store, he or she ends up abandoning the cart. The best thing to do to eliminate complications during checkout is to reduce the number of checkout steps to at most five. Add a progress line so that consumers can track estimates and track the checkout process. Use the Magento one-page checkout option that allows shop owners to improve customer experience by localizing the entire checkout process on one page.
Trust is a major issue when it comes to payment options. If you choose to entrust your payment management to a third party, ensure that it’s a credible payment service. Consumers will abandon their Magento carts if they find out that you don’t have their desired payment option, they doubt the payment service, or you don’t include credit card option as one of the payment methods. To establish and retain customer’s trust, use reliable and credible payment options.
Another way to boost trust from your consumers is to include real customer reviews in your Magento shopping cart. Customers will trust their fellow consumers who have already used or purchased products from your store. Therefore include both video and written customer reviews to earn trust from your prospects. You should also include detailed information about the team and your store’s full contacts so that they are assured of help in case something goes wrong.
Magento is one of the best e-commerce platforms and is trusted by most shoppers and store owners. If you are planning to start an online business, consult a Magento Developer since this is the best option for you. It has all the features required to manage your store. We trust that these tips will help you make increase sales in your online venture.