- Are you an eCommerce business looking to address the problem of abandoned carts on your platform?
- Do you know how you can ensure that more people close the sales and move cart items into final purchases?
- Have you tried using some strategies like offering coupons and discounts to sweeten the deal?
According to a new and very important study made by Feefo, it has been found that there are more than 79% of customers abandoning their carts and not closing purchases on e-commerce platforms. The question, which many eCommerce-based companies are asking is- how can I change this?
In this article, we speak to leading digital marketing specialists and ask them about the various strategies, which can be used to ensure that the items are moved from the cart into the final purchase.
Why Consumers leave Items in the Cart According to the Feefo Study?
The survey is very important to read and understand if you want to improve the sales and revenue generation for your e-commerce business.
According to Feefo, most consumers leave items in the cart because of one specific reason- High Prices! In most cases, the prices displayed on the product pages are exclusive of additional costs like taxes, shipping charges, and in some very weird cases, packaging!
According to the study, it is time for eCommerce businesses to start becoming honest and transparent in showcasing prices to the consumers on the product page itself. This may remove the entire magnet strategy of-
- lower pricing,
- moving to the cart
- seeing the higher pricing
- however emotional investments and time
- ending up with the purchase
Ecommerce businesses need to realize that digital audiences have started to move beyond just baits and value transparency on digital platforms.
The study pointed out specifically to High Shipping Costs as the primary impediment to abandoned carts. Taxes too are something, which most of us take into consideration. However, additional shipping expenditures are still not acceptable to the vast majority.
How the World’s Best Ecommerce Sites Handle the Abandoned Carts Issue?
According to business experts at the best-performing sites, the need of the hour is to help customers at this stage with a small incentive. In other words, customers are already through 80% of the things a business needs to close a sale. At the cart stage, what you need is a small push, which can be offered by brands to the customers.
Not only will this result in the final sales happening, but it will also boost the image of the brand in the eyes of the customer in a positive fashion.
Some of the best businesses go for the following strategies-
- Using promotional codes for both new and existing customers.
- Taking away the Shipping Charges for customers and showing the discounted price.
- Creating personalized packaging and offering incentives to buy.
- Having multiple shipping vendors on the business and comparing prices.
- Rewarding the customer in other ways (social media shout outs).
Why Building Positive Business Relationships matter for Ecommerce Businesses?
Building a positive brand and making the customer feel special is critical for the success of your e-commerce business. This means that e-commerce businesses need to invest in their communication. In-app messages, email newsletters, WhatsApp communications, etc. are good ways to ensure that you are always having an open channel of communication.
By valuing your existing customers, you will be able to win repeat purchases for your business. Your existing customers can also spread a positive word about your brand to their family and friends, leading to more sales and revenues.
However, taking care of the costs is the number one thing, eCommerce businesses should look to address at all costs. If eCommerce businesses are able to bring their operational costs down, they will be able to further incentivize sales.
You can view the Full Study and Report of the excellent Feefo Study below: