Cart Abandonment Rate: Global cart abandonment is a huge issue for ecommerce retail and stands at 69.8% globally. Industries with higher cart abandonment rates include travel, fashion, and retail. Checkout abandonment can be solved for by following the right steps and implementing retention solutions for your DTC store.
Reasons for Cart Abandonment: can be a result of high shipping costs, the need to create an account before check-out – about 23% of users abandon carts due to forced account creation. Complicated checkout process with lengthy or complex forms contribute to abandonment.
How to reduce cart abandonment?
Focusing on Mobile Shopping Optimization: shopping continues to rise, with over 50% of ecommerce traffic coming from mobile devices. Mobile cart abandonment rates are higher than on desktop, emphasizing the need for mobile-friendly experiences.
Focusing on Checkout Page Optimization: Reducing the number of form fields can lead to a 20% increase in conversions. Implementing a progress indicator can enhance the user experience and reduce abandonment.
Offering multiple Payment Method Preferences: Credit/debit cards are the most popular payment methods. Alternative payment options, like digital wallets (e.g., PayPal, Apple Pay, Google Pay), are gaining popularity.
Displaying Security Badges: Displaying trust badges and security seals on the checkout page can increase conversions by up to 30%.
Optimizing for Post-Purchase Behavior: Post-purchase, providing order tracking information can improve customer satisfaction. Offering post-purchase discounts or incentives for future purchases can encourage customer retention. Launching post-purchase emails and SMS messages to inform, educate, and
Cross-Border Shopping: Cross-border ecommerce is on the rise, with shoppers increasingly buying from international retailers. Offering transparent shipping costs and delivery times is crucial for cross-border conversions.
These statistics highlight the importance of a streamlined and user-friendly checkout process, transparent pricing, and the integration of secure and convenient payment options to reduce cart abandonment and enhance the overall ecommerce experience.
Learn more on 14 best takeaways for 2023 for ecommerce stores here.
Where does the checkout experience begin?
The checkout experience literally begins way before the checkout page. As an ecommerce entrepreneur, your focus should be to design a frictionless checkout experience that inspires repeat purchases. So, lets dive into how you can craft a frictionless checkout experience for your customer that focuses on building an optimized checkout experience to drive sales, engage with your customers and build trust for your brand.
Here are the top reasons for checkout abandonment:
i. Extra costs too high ( 47%) i.e. shipping, taxes, fees
ii. Site wanted me to create an account (25%)
iii. Delivery was too slow (24%)
iv. Didn’t trust the site with my credit card (19%)
v. Too long complicated checkout process (18%)
vi. Couldn’t see or calculate total order cost upfront (17%)
Data Source : Baymard
So, because checkout begins from the product page or collection page to the checkout page, post purchase offer page and then through to the order confirmation and thankyou page – once the customer lands on your site and hits the add to cart button, the checkout experience has begun.
So, a successful checkout experience holds the key to growing your profits and building customer loyalty by earning repeat purchasing customers.
Creating a seamless and smooth checkout experience can be a breeze with ReBuy and its checkout experience products together. Let’s delve into these in a little more detail. These products are collectively also called Rebuy’s checkout Optimization Suite.
i. Smart Cart
ii. Checkout Extensions
iii. Post Purchase Offers
Smart Cart: Enhancing Customer Engagement:
Rebuy’s intelligent flyout-style shopping cart operates efficiently around the clock, transitioning passive browsers into long-term customers. Advanced AI technology is fully customizable to align seamlessly with your brand identity. This serves as an easy and convenient way for customers to access and enhances cart item readability.
The smart cart helps build trust, overcomes objections, and offers incentives.
If your shopping cart has a complicated UX and static content or if it is not allowing customers to shop like a breeze – building trust or clocking conversions is not going to be easy.
One must also focus on building the right product bundling strategy. And once your customer sees both value in terms of time and money savings or an exclusive loyalty program with exceptional perks, your customers will stick due to increased trust with your brand.
There are barriers to customers always pulling credit card from time to time. Smart Cart Apps are powerful cart integrations that fit perfectly into the cart and address almost any objection.
Learn why retention marketing is a key pillar for DTC growth and its ten benefits here.
Here are some ways in which you can address the below objections:
If your customer has concerns about shipping mishaps – then install the route smart cart app to protect the order from being lost or stolen.
Is it too expensive – then install the Klaviyo or Attentive smart cart app to exchange an SMS opt-in for a product discount?
Does your product need more convincing – then install Okendo or Yotpo or Stamped Smart Cart App to display social proof via in-cart product ratings?
Environmentally conscious – install the eco-cart smart app to offset carbon footprint
Overcoming customer friction is a challenging proposition, with smart cart apps you can address all their needs early in the process.
Offer Incentives:
You’ve built trust with personalized product recommendations and an intuitive cart flyout. You’ve overcome objections with Smart Cart Apps. However, most often your customers still need a nudge. Focus on launching a targeted incentive to guide your customer to checkout. In fact, 78% of consumers prefer to access rewards and incentives online.
Rebuy built Smart Cart with powerful incentive options like the Multi-Tier Progress Bar, Gift With Purchase, and Buy More Save More, to name a few.
One can evaluate which smart cart apps and incentives perform best for your customer base.
Optimize your checkout page
Clicking through to the checkout page strongly signals that they’re interested in buying from your store. Purchase intent is surging!
How can you help them complete the order?
Use Rebuy Checkout Extensions to inspire purchases during this vital part of the customer journey
Must-haves at this stage:
A transition from the cart that feels natural and consistent.
Timely and personalized last-minute recommendations
A frictionless payment process that makes it easy to check-out
Checkout Extensions: Elevating the Shopping Experience
After adding items in the cart, customers move through the consideration stage – at this point, purchase intent climbs. This is the crucial moment when shoppers commit to their purchase decisions.
Think of Rebuy Checkout Extensions as the store rack at your local apparel retail outlet, offering customers the chance to grab extra goodies just before completing their purchase. These offers can introduce customers to products they didn’t initially know they wanted. For example, a printed black silk stole would go well with a printed teal and black printed top resplendent with golden lotus prints.
Rebuy Checkout Extensions provide opportunities to upsell items that can push customers above the free shipping threshold, boost AOV (average order value), and increase the profitability of the order.
Learn more about Smarte Digital email marketing services here.
Post-Purchase Offers: Sustaining Customer Satisfaction
Once the checkout is complete, purchase intent is at its peak, and customers are excited about their purchase. This often-overlooked golden moment is the ideal occasion to prolong the celebration.
Rebuy Post-Purchase Offers helps you do this with irresistible upsell and cross-sell options, meticulously personalized for each new customer, ensuring they continue to explore and engage with your offerings.
Rebuy Smart Cart, Checkout Extensions, Post-Purchase Offers, and Content Blocks are designed to work together – these work together seamlessly and powerfully.
This rebuy checkout optimization suite can move customers through the purchase journey from Consideration to Conversion to Retention, delivering AOV increases of up to 30%. 📈🚀
The third stage of the checkout experience is focused on retention.
Purchase intent peaks at this time and your new customer is excited about their recent purchases. Now, it’s time to capitalize on that excitement. This is your chance to build loyalty, boost retention, and go above and beyond to inspire your new customers to come back soon. Here is where post-purchase email flows can be powerful.
In the post-purchase stage, you have 100% of your customer’s attention. This powerful post-purchase solution pulls up quick to capture customer attention and grow excitement for your brand. It extends the checkout experience in two ways: by rewarding trust and introducing your loyalty program.
Launching powerful post-purchase flows from this point on works well to accelerate revenue, build loyalty programs, launch cross-sell and upsell programs, enhance trust via review generation and launch subscription programs and surveys.
Learn more about Smarte Digital personalization solutions here.
Smarte Digital Inc. is an ecommerce retention marketing partner for modern DTC brands. We offer exclusive pricing offers for our ecommerce strategy consulting services and our lifecycle marketing services such as email marketing, SMS marketing services for Q1 2024.
We are also offering a free martech stack audit for Q1 2024. To identify gaps in your tech stack and optimize your martech stack, lets chat. Strengthen your foundational retention strategy now for growth, book a free 30 min discovery call with us at https://smartedigital/contact-us.
