18 Billion reasons ($$) to focus on abandoned shopping carts

Abandoned shopping carts have become an increasing problem for online retailers. How much of a problem, you ask? The global average: 69.75 % of carts will never make it through the check out process.

Okay. Now that you’ve taken a moment to absorb the $18 billion lost fact:

There are serial offenders among us when it comes to loading up on would-be purchases and closing the browser—some are malicious, others careless. In contrast, others still fall into a not-worth-the-effort category.  

Earlier this year, I tweeted about my unrequited online shopping escapades. (Twitter, if you’re reading, please: allow us to edit a Tweet within two minutes of sending).

I may or may not being slow walking through the Nordstrom site and filling a cart I likely won't consummate.

We all have our coping mechanisms.

— Amanda Magee she/her (@AmandaMagee) April 28, 2020

When it comes to hard numbers, the risk of not checking out increases on weekends and during the evening between 8 and 9. Beyond consumers’ shopping peccadilloes, there is clear cut data on what makes shoppers turn away from an order:

1. Shipping costs knocked the wind out of them: 63%
2. The discount code fails to work: 46%
3. Required to enter cc information more than once

Abandoned shopping carts: How do you avert The Big Mistake?

More of us have increased our time online and the percentage of shopping we do via the internet in the past six months. Home-based buying’s potential to be here for the duration is excellent, meaning e-commerce sites had better consider their shoppers’ comfort.

The data about why people leave carts behind provides a pretty clear to-do list.

11 ways to avoid abandoned shopping carts

1. Show progress: People need to know what to expect. Display the steps, from address and cc information to shipping, coupon, complete order, and you’ll put people’s minds at ease.
2. Shop safely: 35% of shoppers will bolt if they don’t trust a site. Put those badges up that reassure people that their information is safe.
3. Display the goods: If a person spends hours shopping or leaves and returns to the cart, it’s crucial to remind them what they have in their cart quickly.
4. Reinforce value: If 7 out of 10 shoppers bail, remind them why this particular shop is worth it. Offer reviews of items and cross-promote add-ons.
5. Smooth carts: Ok, they don’t have wheels online, but carts should be easy to look at, save, or minimize. Make sure the functionality is such that shoppers have control.
6. Easy returns and exchanges: This is a case of letting the customer be right, even when something is wrong. Studies have shown that a lengthy return window can lead to fewer returns as the longer a person has something, the more attached they are. It can also increase purchases as people feel comfortable knowing they can return it.
7. Payment Options: Everyone has their favorite way of paying, try to be as accepting as possible.
8. No more fine print: Remember that first statistic? Nearly 65% of shoppers walk away because of the shipping, fees, or taxes came as a surprise. Be clear about pricing.
9. Provide incentives: There are countless plug-ins people can use to get lower prices. If you can participate by offering thresholds for free shipping, or volume discounts, you can increase your average order value.
10. Look for the pain points: Check your stats and find out if people are consistently leaving at a particular stage, maybe it’s a slow loading page, could be 
11. Practice good form: Best practices for forms: no more than 12 fields. Simplify the process with a single line each for full name and address. Be sure to have a guest checkout option. 14% of people won’t buy if they have to create an account.

Remember: Retail is a service and customers have the freedom to shop with your competitors

People joke about retail therapy, but there is truth in the phrase. When we shop, we focus on our needs:

I deserve what I’m buying.

I earned a luxurious treat. 

When sites deliver a rewarding experience, the satisfaction of making the right decision stays with us. Sometimes we need a little help realizing you are there. Re-marketing has significant value as 25% of consumers can be wooed back.

And for those shoppers that walked away, 48% will open a, “Did you forget something?” email. Offer free shipping, and 79% of people are more likely to press, “Complete Purchase.”

Abandoned shopping carts, in the end, are a reminder to stay connected to your customers just as completed purchases are a reason to keep in touch. How will you connect with your customers?