$31 Billion. That’s right, Billion! That’s the estimated total of annual abandoned shopping according to Baymard Institute. What’s even more depressing is that despite all the time, money, and effort you put toward perfecting your online store, 7 out of every 10 online shoppers (yes, 70%!) are going to leave your site just short of the finish line.
Let’s stop and think about that. If you’re currently generating $30,000 in monthly online revenue, you have the opportunity to bring in an extra $120,000 a year by improving your abandon rate by only 15%. That’s a lot of money being left on the table.
So, how do you make that happen? How can you optimize your site so that only 6 out of 10 shoppers leave? Let’s start with 5 shopping cart mistakes that are keeping you from maximizing your potential.
1.) Failing to emphasize “this site is secure” during the checkout process.
There is every reason to shop online. Not only is it often cheaper, but it can be done from the comfort of your home. As more and more people shop online, the concerns surrounding security continue to rise.
In a test published by Actual Insights, 61% of participants said they decided not to make a purchase because they didn’t see a trust seal. Trust logos, along with credit card images, lock icons, and statements, are simple ways you can reassure your shoppers and increase the chances that they will finalize their purchase.
2.) Not providing accessible customer support
One of the major differences between online and offline shopping is customer support. If you’re walking around a retail store, you can (usually) find someone nearby ready to answer your questions or address your concerns. Why should shopping online be any different?
Providing your visitors with a prominently displayed toll-free number, chat box, or email address can give your shoppers peace of mind as they make their purchase. And if you’re looking to go the extra mile, we suggest taking a page out of the book of online retailer, Jack Threads, who provides its visitors with the opportunity to talk with its style expert.
3.) Not offering a clear and practical refund policy
Visibly displaying a simple and convenient return policy allows your customers to buy with confidence and could ultimately lead to an increase in customer retention. In fact, according to Harris Interactive, 88% of adults mentioned return policies play an important role when making their purchasing decisions.
Yes, this could result in a loss in profit during one sale, but creating an exceptional return will undoubtedly increase your loyal customer base.
4.) Not providing your visitors with options
People do not like being told what to do; they enjoy the idea of making their own decisions and this applies to shopping online as well. Consider offering various shipping and payment options to create a convenient checkout experience.
For payments, this could include allowing customers to pay by American Express, Visa, Mastercard, or PayPal. In fact, Woot has credited the addition of Amazon Payments as the driving force behind 66% of its new account registrations.
5.) Lack of Transparency
As a customer, there is nothing worse than completing your shopping only to get slammed by a list of additional fees. In fact, this type of limited transparency is guaranteed to drive customers away. Unfortunately, many of the leading retailers have spoiled customers with free shipping, ultimately increasing the risk of cart abandonment for those who don’t.
Now, while we understand this isn’t for everyone, it is something worth pursuing. We also encourage you to get creative with the offer, as nearly 40% of customers will spend more to get free shipping when it’s available.
You’re losing money every day due to cart abandonment, that’s a fact, but addressing this fact provides you with a golden opportunity to grow your business to record highs. By addressing just one or all of the mistakes outlined in this article, you are all but guaranteed to decrease your cart abandonment and increase sales.