How many Euros are lost every year due to bad checkout flow and design?
Millions of online retailers lose revenue every day due to cart abandonment in their e-commerce store. There are some tricks you can use for your business to prevent this. But first let’s look at the problem.
After analyzing more than 37 different studies in regards to e-commerce shopping cart abandonment, statistics found that the combined average of cart abandonment is 69.23%! So if the combined total revenue would have been 1 million Euros, that’s almost 700,000€ lost during the payment funnel.
It’s a big issue and furthermore, the issue gets amplified on mobile. Studies have shown that 2017 people are browsing 60% of the time on their mobiles and yet account just for 16% of the revenue. On mobile, there is an 80% cart abandonment. This has to stop!
To close the gap between the amount of traffic and the vast lack of conversion of these people into paying customers has to be analyzed. Why do people prefer to shop on desktop? Or turning around the question: Why do people hesitate to spend their money on mobile?
Let’s have a detailed look at the shopping cart abandonment since it’s a major factor in the mobile conversion gap.
Reasons why people are abandoning shopping carts on mobile
When we look a bit deeper there is a range of reasons why mobile abandonment takes place:
- Navigating through the checkout can be difficult on mobile due to small boxes and long forms
- Sometimes navigating through the payment process is broken for a specific range of mobile devices and browsers
- The look and feel of the mobile site does not equal the desktop site – scaring people off that already know the desktop site
- Loading times are impacting the success rate – losing customers due to long waiting times in between each step. Especially on a 3G or slower connection
How to stop cart abandonment
Luckily there is a lot of support out there. Businesses that champion the cause and have a real impact on your bottom line are:
- Dynamic yield for the personalized and simplified shopping experience
- Our service wao.io for decreasing load times. Check our Performance Analyzer to see how fast your website works with us
- Hello bar for easy to use exit-popups to convince your lead directly or convert them later
These three different software providers will definitely change your conversion rates for the better.
Besides make sure to apply the basics of a performant e-commerce checkout flow. Be aware, most of them need manual labour.
Best-practices for your checkout process
Additionally, some hacks to set up for success:
- Show images: people want to see what they are buying, show a thumbnail
- Cart Editing: people change their minds all the time, it’s important to allow for a flexible cart experience so people can chop and change at will
- Payment: it is important to have as many ways of collecting money as possible – everyone is different so it helps to provide multiple options
- Support: people like support whether it´s live chat or a phone number. Keep in mind to not disturb but be there if needed
- Shipping: free shipping is always a great incentive to complete the sale. You can also play with options like “Free Shipping, if you spend more than XX€”
- Testimonials/Reviews: social proof is often a major motivator to build trust and confidence in your brand
- Price Guarantees/Refunds: price is a major issue for online sales. It’s important to give people options and certainty that they are not going to regret their purchase
Grab the money that is already on the table – convert your customer that make the long way to your shopping cart.
Improving the conversion rate can be automated with software solutions like Dynamic yield and wao.io.
Go the extra mile and manually optimize the basics.
Happy conversion rate optimization!