4 Reasons Shoppers Abandon Their Carts and How to Stop It From Happening
Online shopping interest continues to climb and stores need to adapt to reduce common risks of online retail. When looking at key performance indicators (KPIs), brands may find that shoppers continue to leave their stores after adding items to their carts without actually making a purchase. This is a concern as many brand owners do not know the reasons why their shoppers may be leaving before making a purchase. In this article, we shed light on the main reasons shoppers abandon their carts and offer a solution to ensure that you resolve these issues before they occur.
What is Cart Abandonment
As mentioned, cart abandonment refers to the consumer act of adding items to their carts and leaving before actually making a purchase. Cart abandonment is incredibly challenging for the modern online store as mystery shrouds the decisions of consumers as to why they do so. But, we have insight into why based on industry sources as well as an answer to help you minimize the risks of cart abandonment.
Why Consumers Abandon Their Carts
Below, we explore the main reasons consumers abandon their shopping carts before making a purchase.
1. Limited Payment Options
Consumers want variety and prefer to shop with businesses that can provide payment options tailored to their unique shopping behaviors. Every shopper is different, and brands can attract a wider audience by facilitating a seamless payment experience. Through partnering with Fintech companies like ChargeAfter, brands can also leverage additional payment options that involve comprehensive consumer financing coverage. Consumer financing is one of the most attractive payment options as it allows customers to receive zero-interest repayment plans without having to go through credit checks. The benefits for businesses are that more consumers can shop with their online stores, increasing their consumer base and leveraging greater sales in the process.
2. High Costs
Consumers often choose to abandon their carts as they fear the high costs when reviewing their items. But, brands can eliminate these fears by integrating consumer financing features. Consumer financing connects consumers with lenders capable of covering the total expense without requiring any interest. This means that shoppers can not only pay for their carts on the fly but do not have to suffer from expensive monthly repayment packages. This is a key strategy for reducing abandonment rates.
3. Web Security Concerns
The modern shopper is skeptical and aware of shady marketing strategies that many brands deploy in the online retail industry. For these reasons, brands need to give consumers confidence in their purchases. Doing so can greatly reduce the risks of cart abandonment rates as building trust is critical to online eCommerce success. Ensuring that you have and clearly display web security coverage is important. From shopping guarantees to online ID protection, every security feature is noticed by the consumer. You can also build trust other ways, and the following resource provides suggestions on ways to build brand trust with your consumers beyond integrating stronger website security features.
4. Account Creation
Many shoppers steer clear of websites where they have to create an account to shop. Instead, brands should offer guest shopping functionality and continue to make consumer financing available to shoppers that choose this option. Though the checkout process is longer, consumers sometimes prefer this route as it is a more private way to shop online.
As mentioned, the integration of consumer financing can help brands reduce cart abandonment rates as shoppers are extremely attracted by the benefits that the feature offers them. Therefore, businesses should consider partnering with leading consumer financing platforms to minimize risk and improve sales, seeing long-term and profitable growth as a result.
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