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Revenue And Other Losses Due To Cart Abandonment
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Cart abandonment has been a big revenue killer for the eCommerce business as a whole. It acts as a severe blow to your conversion optimization plan. A whopping 68% was the cart abandonment rate in the year 2015. The problem is not just this much. Cart abandonment puts the emerging set-up out of the market if they are not capable of managing it. More often than not, an emerging set-up in eCommerce arena will find itself bowing down to the heavy subsidence from cart abandonment. The problem is a common one and requires a robust mechanism to device some results.
Some stats related to cart abandonment
The numbers associated with abandon cart are interesting one. Though they might not sound very optimistic for an E-store owner, however, the truth is that they can be channelized to positive effect.
1. In past four years, the cart abandonment rate has always remained above 68% with a whopping 70% or more in 2012.
2. Average cart abandonment rate is on an increasing since 2006. From around 60% a decade ago it has now crossed the 70% mark.
3. Yearly loss due to abandonment has been estimated to be around $18 billion. Now, that is some real pounding.
4. Shipping cost is one of the prominent reason that is driving 28% of abandonment.
5. Lengthy checkout is the second major issue in this regards. 23% of all abandonment are driven by the length of checkout processes.
Apart from revenue loss, the other losses that you face is the degradation of the usability of your website. The higher the percentage of abandonment the higher will be your revenue loss. Thus, bringing your usability rankings to lower strata. In fact, both the phenomena are seen as interlinked in most of the cases. A website having the low usability is always vulnerable to the cart abandonment as it fails to engage the visitors.
Tips and tools to tackle
The first thing that you can do is to make the transaction and log in process of your website smoother (as 23% carts get abandoned). Next you shall re-visit your shipping policy and try to avoid shipping charges as far as possible. In case the shipping charges are unavoidable, then, lure the customer with some discounts or coupons to have some psychological influence. E-mail marketing or reminders are an effective way to tackle cart abandonment by creating a personal touch with the customer.
Tools like Magento cart abandonment will make the job easy for you. Magento cart abandonment allows you the freedom to select from different e-mail templates. The integration of coupons, one click cart recovery, auto-mail sending etc makes it an effective anti-abandonment tool.
If you don’t want to get bogged down by cart abandonment then you should immediately start thinking from the prospect of your customers regarding cart abandonment. For this, you can refer to the previous article that discusses why the cart is abandoned ? A customer perspective on cart abandonment.
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