With shopping cart abandonment averaging 75%, retailers must find new ways to cut the losses. A new report provides insights into the decisions shoppers make during the online purchasing process, and how marketers can use this knowledge to improve the shopping experience, reduce abandonment and increase sales.
The report, titled: Why We Don’t Buy: Consumer Attitudes on Shopping Cart Abandonment, from Bronto Software and Magento, found that shopping cart abandonment rates now average 75%. The study analyzed the differences in consumers’ online shopping cart behaviors, post-shopping cart abandonment expectations and responses to shopping cart abandonment emails.
- Why consumers are abandoning more frequently;
- How shopping cart abandonment can be turned into marketing opportunities;
- What consumers want to happen when they abandon a cart, and the subsequent marketing actions that annoy them; and
- Key components of the shopping cart and cart abandonment strategies.
Take Advantage Of Wish Lists
Consumers often use the shopping cart as a tool for saving items to buy later, according to the study. In fact, 56% of consumers who purchase online at least once a month use the shopping cart to store items for potential purchase.
“Many consumers are using shopping carts as wish lists so they can store items to buy later,” said Jim Davidson, Manager of Marketing Research for Bronto. “Marketers who add a wish list option to the shopping experience gain another opportunity to convert shoppers to buyers.” In addition, “providing options for shoppers to modify carted items, like changing sizes, colors, or quantities, can aid the decision making process for many consumers and increase the likelihood that they’ll buy rather than abandon.”
Study findings “point to the need for retailers to improve shopping cart options and flexibility in order to give shoppers more confidence to cart and purchase their items,” said Ryan Thompson, Director of Partnerships for Magento. An additional key takeaway is for retailers to “provide innovative and fun ways for consumers to browse, consider purchases and update their shopping carts and wish lists.”
The report explored other ways for retail marketers to decrease abandonment rates while providing a superior shopping experience. For example, marketers can facilitate the online shopping process and enhance the experience “by encouraging consumers to use traditional computers and mobile devices interchangeably while shopping and buying online and in-store, providing ways to store carted products until it’s time to buy and offering tools like wish lists for gifts and aspirational items.”
Use Reminder Emails To Boost Conversion
Nearly half of all consumers surveyed found shopping cart abandonment reminder emails to be helpful. Another 61% said they likely would return to a site after receiving reminder messages. The report also examined consumers’ expectations for these messages, such as whether or not marketers should include a discount to lure them back and close the sale.
To access the complete survey results, click here.
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