Cart abandonment makes a serious dent in an E-commerce business’s shopping funnel. Ask any eCommerce store, and they will tell how much it impacts their business. And when it comes to statistics and data, it paints a sombre image as well.
- As per Baymard Statistics, the average cart abandonment rate is 69.82%.
- As per Barilliance Statistics, the mobile cart abandonment rate stands at 85.65%.
Considering the time and effort an eCommerce site puts in to set up a website/app and market its products, cart abandonment is indeed a serious issue. And even though this world has grown technologically, cart abandonment challenges still persist.
What is Cart Abandonment?
In an eCommerce set-up, a customer visits an online store, explores the products, and adds the products to their carts, just like a customer does in a physical store. But when a customer leaves the online store without purchasing the products, that is called cart abandonment.
Reasons for Cart Abandonment and Steps to Do to Minimize it
Cart abandonment is an important aspect to monitor because it is correlated to revenue generation and customer conversion. Even though cart abandonment doesn’t affect branding, it is a pivotal metric to figure out the customer conversion rate, and that’s why it is crucial.
Avoid Unnecessary Account Creation
At least 24% of customers abandon their carts because they are asked to create an account! Customers shop from various online stores and create multiple accounts. Rather than asking them to create an account every time, it would be better to have a guest checkout option.
Customers feel exhausted when they are asked to create accounts in different online stores. To minimize the effort, guest checkout can be a good solution, and this is where Razorpay’s Magic Checkout comes in.
Fix Mobile-Friendly UI
More than 50% of customers shop online, which means if an eCommerce website is not mobile optimised, they are losing that 50% of customers.
Just like a customer will not want to visit a physical store that doesn’t label each category of products properly, online customers don’t want to zoom in and out of the screen just to be able to see the whole content of the website.
Any modern Ecommerce store can be mobile optimised, and it would be better to make the layout mobile-friendly when designing an online store.
Minimise Steps to Complete Purchases
18% of customers abandon their carts when they find the checkout process complicated. Hence, by minimizing the steps to complete the checkout process, an online store will increase their chances of customers shopping from them.
One can take advantage of checkout providers like Razorpay to help them with the checkout process to minimize the steps for their customers. The idea is to make the customers invest less effort and time to pay for the items they like.
Use a Clean Design and Add a Progress Bar
Customers always prefer a clean design that’s easy to navigate. Adding a progress bar to tell the customers about the steps they have already completed and the next steps they need to follow will help. The progress bar can have tabs, such as summary>address>payment.
This way, customers will stay well-informed throughout the checkout journey and will have less inclination to abandon their carts.
Use Trust Badges
Unlike brick and mortar stores where customers physically shop, online stores work differently. 17% of customers say they don’t trust the site with their credit card information and prefer COD.
As per a recent survey done by Razorpay, 30% of entrepreneurs claim that building a trustworthy brand is their biggest challenge. Customers visit offline stores because they see real people running the store.
And when it comes to an online store, a trust badge/marker can help build trust. Take Razorpay’s Trust Badge, for example. When customers see it, it gives them confidence that their money is safe.
Address and Information Inline Validation
A real-time form field validation can come in handy because it can alert customers when they miss out on a few fields or enter information that a store can’t accept.
For example, if a customer enters an invalid card number, the customer will be shown an error message, which will prompt them to enter the right details.
This works in two ways- one, customers will know exactly what to enter and second, online businesses have the correct information.
Use Incentives Carefully
Customers love discounts and different kinds of coupons. Since incentives play a significant role in letting the customers save money, one can think of making it easier for them to find coupons and add them themselves.
Personalise Shopping Experience
Customers love it when they are provided with personalized shopping experiences. For example, let them find items they have previously explored easily rather than repeatedly browsing through the whole catalogue.
Send a thank-you email after they purchase, along with their purchase details. Help them by giving suggestions of similar items when they click on a particular product.
Personalization not only benefits customers but sellers as well. Customers have a good shopping experience, and they have better chances of coming back, meaning recurring customers.
How Can Razorpay Magic Checkout Help You Reduce the Cart Abandonment Rate?
Since building a fast, secure, and easy checkout is a complex task, Razorpay is here with Magic Checkout, which takes away the pain of creating a checkout on your own. We have built it for you, so you don’t have to.
Magic Checkout enhances your chance of increasing sales by 20% by providing a faster, safer, easier, and more rewarding checkout experience.
Magic Authentication: Magic Checkout removes the redundancy of creating accounts by enabling one-time OTP and that too just once. It remembers & recognises your customers across businesses and takes away the hassle of creating and remembering passwords and even entering OTP multiple times.
Magic UI: Magic Checkout automatically prefills delivery details and information of customers who have shopped previously from Magic Checkout network stores, allowing customers to checkout 50% faster.
Magic Trust – Razorpay is a trusted checkout partner for millions of businesses across India, and customers are familiar with the interface we provide. Furthermore, if the business is a Razorpay Trusted Business, Razorpay Trusted Business badge gets displayed throughout the checkout experience, giving confidence to the customers.
Magic Rewards: The coupon codes/discount codes get listed clearly so that your customers can easily find coupon/discount codes and apply them conveniently to save money.
Even though shopping cart abandonment is inevitable, we have highlighted a few things that one can work on to lower the cart abandonment rate. And to help you minimise your shopping cart abandonment rate, Razorpay is here with Magic Checkout!
Add magic to your checkout and provide an exceptional shopping experience to your customers!