HOW TO REDUCE THE AVERAGE CHECKOUT ABANDONMENT RATE?

 U.S. retailers spend more than $23 billion on digital ads to drive traffic. Still, they're getting fewer conversions. In return, 2.68% of online shoppers make purchases after being shown the ad versus a traditional sales pitch like "come into our store." The key reasons shoppers abandon their purchase are many and varied, which is why some strategies are given here for you to implement on your ecommerce website. 



Shopping cart abandonment 


An average checkout abandonment rate is common in online businesses where shoppers leave midway without shopping. Companies need to keep track of this metric. It's one of the most critical metrics measured by customer experience and conversion rates. However, there isn't much information on what causes people to abandon their carts so early or why they decide not to purchase that process. 


AVERAGE CHECKOUT ABANDONMENT RATE STATISTICS 


To optimize your average checkout abandonment rate, you must first understand how they vary by industry and product. All industries are not equal in conversion rate, so you will want to make sure that yours is higher than the Baymard Institute's average of 69.57%. If it falls within this range or lower than the rate, a little bit of optimization should have your business on its way towards increased conversions with minimal effort required. 


Reasons for cart abandonment 


  2. The combination of a long or very confusing checkout process and multiple form fills can turn your shoppers off from ever purchasing on your site again. The goal is to create an enjoyable, fast purchase experience for customers. This includes the payment part of their journey through the checkout process. 

  1. Mandating the creation of an account before checking out is a common mistake that retailers make. It's unnecessary, especially for first-time shoppers who may not be quite ready to register for their websites. Requiring shoppers to create a username and password adds an extra step to complete checkout that slows down the process of purchase completion. 

  1. Payment security concerns - Customers are understandably very cautious about online payments. However, they still have to give up personal information, making them feel insecure and worrying that their price will not be handled securely. This is why many customers choose to abandon the transaction before it even begins for fear of having their private data compromised or being defrauded somehow.  

Summary - The average checkout abandonment rate of an online store's cart is alarmingly high, with seven out of ten customers abandoning their carts. With straightforward checkout processes from payment gateway provider like Nimbbl, merchants can streamline their online business with low rejections.   


Also read: How can Cart Abandonment Analysis Help Online Retailers?

 

 

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