4 Reasons Consumers Scrap Their Carts and How to Recover Them
Abandon cart rates are a key eCommerce metric to consider when assessing the performance of your online store. This data can give you a clearer idea of how consumers are engaging with the checkout stage of the consumer journey that your store is creating. It can share insight into what consumers are doing at the checkout stage and why they are turning away from purchases. With a better understanding of why consumers scrap their carts, you can make smarter decisions with regard to your checkout page and the consumer journey. In this article, we share the four most common reasons consumers scrap their carts and how you can recover them.
1. Unforeseen Costs at the Checkout Stage
If you are not upfront about the costs of your products and services, then consumers are likely to abandon their carts. As consumers arrive at the checkout stage, the final cost for their purchases should not exceed the expected cost as seen in the journey up to the checkout stage. For example, delivery fees should be fairly responsible and not include any complex fee structures. You should make every effort to ensure that consumers are seeing a cost somewhere in line with the perceived value of their purchases.
2. They Are First-Time Buyers
First-time buyers need to take a leap of faith for their first purchases with online stores. They may be unfamiliar with your store, a factor that reduces their trust in your service delivery. First-time buyers are difficult to attract without positive online reviews and comprehensive information about your brand, delivery services, and other factors that influence consumer trust. You should ensure that you have the necessary information and online reviews to encourage first-time buyers to make purchases on your online store.
3. The Checkout Experience is Convoluted
When consumers are ready to buy, they will arrive at your checkout page to complete the order. If the checkout page is not up to industry standards, consumers will abandon their carts. You should ensure that your checkout page is simple to use and you can improve the odds of increasing sales values by cross-selling and upselling via the checkout page. These strategies are popularly used by eCommerce stores to ensure that consumers not only purchase their carts but purchase more expensive carts.
4. Payment Options Are Limited
Different consumers shop differently and providing many payment options is the best way to satisfy the diverse spectrum of online shoppers. Payment options like Visa and Mastercard are essential, and consumer financing payments are proving popular for their ability to add additional value to consumers. The introduction of these payment options will positively impact your abandon cart rates.
How to Reduce Abandoned Cart Rates: Consumer Financing
You can reduce the rates at which consumers abandon their carts by introducing consumer financing integrations into the checkout stage of the consumer journey. Consumer financing platforms, like those offered by ChargeAfter, enable businesses to offer customers financing at the push of a button. This financing can be used to purchase their carts, facilitating a quick and simple process whereby to acquire their purchases. The ability to provide shoppers with the simplest ways to reduce pain points such as online financing is a surefire strategy to improve abandon cart rate metrics and have more consumers making purchases.
In the world of online selling, abandon cart rates are one of the most crucial marketing metrics to understand as they provide insight into your shoppers’ behaviors at your checkout page. You should understand the common reasons consumers scrap their carts and use consumer financing platforms to reduce the negative impact of this metric on your eCommerce success.
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