The Best Ways to Optimize Cart Abandonment Rate
What is cart abandonment rate?
Cart abandonment rate is the metric that signals effectiveness of their checkout. A customer signals a high degree of intent that they want to buy your product if they are at checkout. If you are a ecommerce brand and you have a high cart abandonment rate, there are tactics to use to improve it. In this article we will cover the trade and true essentials of how to optimize cart abandonment.
Cart Abandonment Rate = 1 - Purchases / Add to Carts
What is the average cart abandonment rate?
For online retailers the average cart abandonment rate falls between 65%-80%.
Why do customers abandon carts?
There are many reasons why customers abandon cart:
1. Browsing and did not have buying intent
2. Sticker shock
3. Slow page speed
4. Confusing UX
How do you optimize your cart abandonment rate?
Provide discounts
The state of ecommerce is ripe with discounting. Leveraging discounts can be an effective way to optimize your checkout. Focusing on eliminating friction is a key part of checkout optimization. Leveraging a discount will remove sticker shock customers experience. Here is an example from Homage:
In the shopping cart there are a few Shopify apps to consider:
Improve pagespeed.
This is a no brainer. Pagespeed has a dramatic impact on conversion rates.
Capture email early in a customers journey.
Email capture earlier in the customer journey will help cut friction at checkout. Why? You can setup email automation to entice a customer to buy after abandoning.
Leverage abandonment remarketing
An affective way to bring customers back to your cart funnel is to leverage advertising. Both facebook and google ads can drive a strong reengagement of customers. A great place to start for ecommerce companies is for dynamic product ads.
Exit intent messaging
Exit intent messaging can be powerful when closing a conversion. The most effective exit intent messages have a strong offer. To use exit intent messaging, leverage the following Shopify apps:
Clear Cart UX
Does your cart icon change when someone adds an item to their cart? If not the customer may add an item to their cart and forget about it.
The Bottom Line
You should focus on cart abandonment optimization. It should be a focus of any conversion rate optimization strategy. If your business has a cart abandonment problem, focus on the key steps outlined here to grow you revenue.