Financial transactions are the key to ecommerce success, and they invariably occur in some sort of online shopping cart. By understanding the factors that lead to cart abandonment and what can be done to reduce abandonment rates, ecommerce professionals can make transactions easier to complete and improve cart conversion rates. This infographic from Fifth Gear, an order fulfillment provider, explores this important issue.
One of the more salient points in this graphic is that the average time between a customer’s initial visit to a site and their final purchase is over three hours. Many of today’s online customers are not ready to purchase the first time they visit a shopping cart and are still considering other options. In fact, 24 percent of those who leave carts wanted to save their cart and come back later. Retargeting efforts can be used to drive prospects back to the shopping cart, or increase trial downloads and subscription renewals.
Other major reasons for abandonment include:
- 11 percent thought the checkout process was too convoluted.
- 14 percent did not want to create an account with the merchant.
- 25 percent thought the product cost more than expected.
- 7 percent did not find their preferred payment option.
- 10 percent did not find adequate purchasing information.
To encourage conversions, those responsible for reducing cart abandonment must provide a clearer path to payment or incentive the visitor somehow. Providing engaging content that illustrates why your product or service is right for the visitor is important too. As online shoppers become more savvy, they know where to look to get the best price for the service or product they want. Branding efforts may stimulate the positive interaction necessary to get visitors to convert.
Ultimately, you’ll need to prioritize elements for testing to see what is really causing your visitors to abandon. With enough insight you can optimize those elements to facilitate transactions and increase revenue.
