High cart abandonment rates are a major pain point for many eCommerce businesses. Only 21% of shoppers convert on their first visit to a store, and 92%2 of first-time visitors to a website don’t intend to buy anything. It can take time and repeated visits to trust a new eCommerce site and make a buying decision - however, it’s not only new customers that abandon their carts.
In 2020, 88%3 of online shopping orders were abandoned before checkout and, while it’s understood that some people treat their cart as a wish list rather than a commitment, there are ways to encourage shoppers to head to checkout sooner, whether it’s their first time or not.
The key? Fast, safe, and easy checkouts.
In 2020, only a third of online shoppers in the United Kingdom who abandoned their online shopping carts came back to buy the item on the same website later4. Around a quarter of consumers abandoned their orders to purchase the same item from a different online retailer5. It’s possible they found their item at a lower price somewhere else, but often shoppers choose to purchase from stores that they trust, are easy to use, or have used before, so you could lose out.
So how do you persuade a shopper to take a chance on you? Here are a few easy ways you can make your checkouts more inviting:
By offering multiple options, you’re making it as easy as possible for that customer to click checkout and pay quickly, which ultimately will decrease your cart abandonment and make your eCommerce experience more desirable.
At Cashflows, we know how important seamless payments are to converting sales for your eCommerce business. Contact us to find out how we can help you maximise your payment potential.
Sources:
1 Forbes, 2020
2 Forbes, 2020
*3 Statista, 2020
4 Statista, 2020
**5 Statista, 2020
6 Marqueta, 2020