Attracting customers is important. But ensuring they complete their online purchases is absolutely crucial. Never more so than now, as the pandemic-induced surge in eCommerce has been accompanied by a sharp increase in the rates of cart abandonment.
The mandatory implementation of Strong Customer Authentication across the European Economic Area aimed to make online sales more secure to protect everyone involved in the payments process – from consumer to trader, acquirer to banks. It is decreasing fraud for consumers, but there has been an impact at the online checkout.
While four out of five shoppers (80%) shifted at least some of their in-store purchasing online with the onset of the Covid-19 pandemic1 , almost nine out of ten (88%) online customers drop out at the checkout stage – leaving billions of pounds of potential sales behind. 2
If retailers could reduce the dropout rate – even by a small percentage – billions in untapped revenue could be gained.
Average cart-abandonment rates differ historically, depending on which type of device customers are using.3
It is in your interest to ensure your potential customers complete the transaction, because more than two-thirds of consumers who abandon an online shopping cart due to checkout friction end up buying from a different merchant, or not buying at all. 4
Here are five simple steps you can take to reduce cart abandonment.
Almost one in five (18.75%) shoppers abandoned their carts when their preferred payment method was not available. 5
Removing account creation speeds up the checkout process and makes it easier for customers to complete the transaction:
More than a quarter (28%) abandoned their carts because the checkout process was too long or complicated.8 Two-to-five steps are considered best.
Introduce simplicity and ease your customers’ experience:
Streamline the payments page:
Reduce the time customers spend completing checkout forms:
Satisfy the needs of your local base and potential international customers. Almost half (48%) of cross-border shoppers in a study said they abandoned purchases when their preferred payment method was not offered.11
If online retail, as a whole, used just some of these strategies, customer conversions would rise by more than a third (35%).12
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1 & * Statista, October 2020. E-Commerce worldwide – Statistics & facts.
2 & ** Statista, October 2020. E-Commerce worldwide – Statistics & facts.
3 & *** 451 Research, 2020. Covid-19 Update: 2020 Trends in Customer Experience & Commerce.
4 SaleCycle, March 2020. How Coronavirus is Affecting Ecommerce: stats.
5 Baymard Institute, 2020. Current State of Checkout.
6 Barilliance, 2020. Top 10 reasons to shopping cart abandonment.
7 Tech.co, 2020. Ecommerce battle lost passwords.
8 Barilliance, 2020. Top 10 reasons to shopping cart abandonment.
9 UPS, 2019. UPS Pulse of the Online Shopper
10 Baymard Institute, 2019. 40 Cart Abandonment Rate Statistics.
11 Baymard Institute, 2019. 40 Cart Abandonment Rate Statistics.
12 Baymard Institute, 2019. 40 Cart Abandonment Rate Statistics.