Cart abandonment is a major problem for online stores. A customer browses through the store, picks up products but finally abandons the cart and leaves the site. This means loss of revenue. As the sale is virtual; there is little scope for personal intervention here. However, it is important to come up with ways to stop this tendency. Magento store development has to take a good look at this problem.
Reasons for shopping cart abandonment and solutions
- One of the major reasons for cart abandonment by browsers is the complicated and tedious multi-step check out process. Most users are looking for a quick why to buy products. So the moment customers find they have to spend time on confirming and paying for their order, they grow impatient and abandon the cart. Introduce a one stop check out process and see cart abandonment rates drop as more customers complete their orders. The one page check out extension of Magento is useful too. It removes unnecessary steps from the checkout process and is five times faster than the standard Magento checkout.
- Among the reasons cited by customers for abandoning their cart, the majority of them responded with unexpected costs included in the final bill before the payment is made. This could be due to shipping charges or delivery time charges. Providing a transparent cost structure at the time of browsing could be a possible solution to meet this response.
- Another response refers to the complicated website navigation that leads to potential customers losing interest or simply growing tired of moving from one page to another to find what they want. Providing practical filters to narrow down the product range helps in encouraging visitors to make their choice and place orders online.
- Abandoned cart alerts sent for both abandoned cart and abandoned orders where payment did not go through could be used too. Customers browsing the site or those who forgot to finalize their purchase or kept the cart on hold can be brought back with these alerts, particularly when they are registered members. Another idea is to let customers recover their abandoned arts with a single click.
- A different strategy is needed for new visitors. Using personalized shopping offers and giving coupons are behavioral tactics that treat each as a unique customer. A good idea is to get emails early so that offers can be mailed before they discard their carts. Loyal customers would be excited to get coupons for further purchases.
- Follow up emails are a great way to stay connected with customers and a good relationship building tool. These mails help to improve conversion rates. Remember and remind customers of the products they browsed and selected the next time they visit your site.
Magento abandoned cart extension is an important part of Magento store development process. It has a fix it yourself solution that e-commerce sites can use to decrease cart abandonment and increase sales significantly.
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