The rate at which carts are abandoned and no conversions are made in mobile e-commerce has kept increasing over the years. In 2019, it was 77%, and now, in 2021, it has increased by about 9%.
There are a variety of reasons why online shoppers abandon their carts- Some never have intentions of buying; they just want to keep track of the item, or
check out process is laborious, or payment doesn’t seem secure. It could also be because they changed their mind. However, the right tactics can mitigate these issues.
No conversions rate is a common occurrence, and you should consider the right strategy to reduce its rate for every campaign.
How to increase conversions by reducing low checkout rate
While cart abandonment is not avoidable, it can be brought to the barest minimum. The cart abandonment rate for mobile e-commerce has kept increasing over the years. In 2019, it was 77%, and now, in 2021, it has increased by about 9%. But as they say prevention is better than cure, so let’s look at how to minimise cart abandonment:
Improve customer experience:
Navigating through your Shopify store should be straightforward. StoreBundle exists so you don’t have to install tens of apps; thus, your store loads faster.
57% of shoppers might abandon their carts if they need 3 seconds to get a page loaded.
Also, don’t force a customer to create an account before a sale can be complete. You’d be surprised by the number of people who abandon their carts just because they don’t want to create an account. According to SaleCycle, 34% of shoppers abandon their cart simply for this reason. Yes, collecting emails and other contact information can be of value to you for marketing purposes but consider collecting it in a more customer-friendly way and don’t be desperate. For instance, on the order confirmation page, you can make suggestions like- “Get email updates on your order, plus mouthwatering offers you don’t want to miss”.
That suggestion can also be made after the purchase is completed, as customers want to be able to track their orders.
Manage security concerns:
Sometimes, individuals don’t want to put in their bank details to pay because they perceive security issues, so they end up not buying. Thankfully, with Shopify, your e-commerce stores have SSL certificates. Let there be a variety of reliable payment options that most of your target customers trust.
Total costs should be clear upfront:
High Shipping costs and unnecessary taxes popping up only at the final checkout point is enough not to make a purchase. Be clear on the cost upfront and consider reliable but affordable shipping options for your customers.
Even after adopting those tactics, the right technology can augment your entire effort. StoreBundle’s primary strategy for handling cart abandonment is based on the Psychology of urgency. Marketing psychology helps us understand human cognitive biases towards making a purchase. One psychological trigger that has been used over the years is the sense of urgency. It relates to the Fear-Of-Missing-Out (FOMO). Urgency is a time-based construct that prompts us to act quicker than we originally would. StoreBundle features designed to help people make quick decisions are:
Visitor and Sold count
Besides getting to know the number of visitors on your site, you also get to display it on your store with full customisation. You can display the sold count on individual products and how much is left. These displays leave a sense of urgency in the minds of visitors. The number of visitors sold count, and FOMO creates a psychological trigger that most individuals won’t ignore- they just want to get the product quickly and not lose the chance. This tactic works as social proof for the product and further drives sales. According to a study in 2013, there was a 13% increase in revenue after displaying social recommendations.
Sold count Preview
Visitors count preview
Cart countdown timer
Time is a scarce resource; once it is gone, it is gone! A study even shows people find losing time more painful than losing money- Shocking, right! Losing both time and money will be even more painful. This cart countdown timer works best with an additional personalised coupon. This helps the customer realise you cannot hold the product down for too long, and they can lose their coupon if the timer ends.
Cart countdown timer preview
Free shipping makes people feel like they won a jackpot. Most people won’t let a free shipping opportunity go. You don’t have to give a first-time buyer free shipping. But, with StoreBundle, you can create an interactive bar that tells customers when they have qualified for free shipping. Make the customers feel like they are a few steps away from qualifying for free shipping if they purchase right away.
With StoreBundle, creating elegant pop-ups with inviting call-to-action for your store visitors is pretty straightforward. Create exit pop-ups that trigger a sense of urgency. For example, show how exiting can cause them to lose reward points or discounts they might have had.
Exit intent pop-ups could also be created to discover the reason for exiting the store. This info will be useful for abandoned cart flow.
Is the item not low in stock? Is no discount available? There is still a way out. You can play off your visitors’ desire for instant gratification. Instant gratification causes visitors to act urgently despite these enticements not being available. For instance, letting them know they’ll receive their product within the day (if possible) feeds on their desire for instant gratification. This prompts them to make the order as soon as possible, so they get to see their order quickly.
Fuel this sense of urgency with powerful CTA’s(Call To Action). However, avoid abuse of this tactic and do not create a fake sense of urgency as this doesn’t work. It is perceived as manipulative. Don’t give discounts/ sales all year long or have countdown timers that actually never end.
Interestingly, companies lose a whopping $18billion yearly due to abandoned carts.
Even after these options, visitors may still abandon some carts, but their rate will be significantly minimized. You want to do all you can to both reduce the rates and re-convert them to sales. Collecting email addresses and boosting conversions is straightforward with StoreBundle.