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Reduce cart abandonment with Magento

Abandoned cart

According to a study by the Baymard Institute, 69.75% of online shoppers abandon their carts on desktops, 85.65% on their phones and 80.74% on their tablets. These are staggering statistics that directly impact your site’s revenue.

This issue results from many factors. For instance, the location of your customers, the product you are purchasing and even the time of year you make a purchase. Some countries and areas have a higher cart abandonment rate, while others typically have a low rate. There are also specific products with higher cart abandonment rates, especially during certain times of the year. For example, in December, we see cart abandonment skyrocketing as more sales and specials pop up every moment. This persuades shoppers to leave one online cart for another on a competitor’s site.

However, you can take action to ensure your business lowers your cart abandonment rate. Before we explore the solutions, let us investigate abandoned carts deeper.

Why customers leave online carts

Not everyone who fills their online cart has the intention to purchase it now, but everyone who creates a cart has an interest in the products they have added to their cart. Usually, customers abandon their cart due to the circumstances of the completion of an online purchase. These include:

  • High extra costs: Initially, unseen costs like delivery, shipping, and taxes

can demotivate consumers from completing their purchase.

  • Account required: Time consuming requirements like creating an account to

buy a product deters customers seeking a fast checkout experience.

  • Complex checkout: Simple and fast checkouts lead to sales conversions,

unlike long and frustrating form checkouts.

  • Unclear pricing: Costs that are not stated upfront cause cart abandonment

as customers, only realise later that they cannot/are not willing to pay the extra costs.

  • Untrustworthy site: Purchasing online requires customers’ sensitive

information. If they believe that the site is unsafe, they will stop themselves from completing the purchase.

The consequences of cart abandonment

When shoppers leave their full cart on your online store instead of completing the transaction, it represents a potential loss in the website revenue. In addition, the chances are that the customer will not return to complete their purchase, as they are more likely to buy the product from a competitor or completely forget about their existing cart.

How to decrease cart abandonment

The journey to eliminating shopping cart abandonment, specifically on your online store, is made easy by Magento, which is what Digitrade’s eCommerce solution is built. It directly tackles several of the above reasons why customers abandon carts and how this platform does it. We are going through multiple methods that can be applied to decrease cart abandonment.

  1. Use trustworthy eCommerce solution

A user experience dictates whether customers are more or less likely to complete their purchases on your website. Therefore, your eCommerce site needs fast loading times and mobile device compatibility. It also needs to be secure and trustworthy, so your clients are comfortable completing their sensitive information to complete sales.

Make sure you use an eCommerce platform that you and your customers can trust, like our Digitrade eCommerce solution. It is incredibly responsive with shorter loading times and adjusts your online store automatically for mobile compatibility.

  1. Accept more payment methods

Customers like to have options, which is no different concerning online payment methods. Although online shopping continues to increase, many people still find it uncomfortable to buy online with their credit cards, while others may not have one at all. You need to offer different methods to cater to all customers, such as:

  • Payment gateways (e.g., PayPal; Paygate)
  • Digital wallets (e.g., Apple Pay, VodaPay)
  • Buy now, pay later

You can get this setup with the help of experts, for example, Consnet, who specialises in payment gateway solutions for your online store. Digitrade’s Magento eCommerce Platform is capable of integrating with the world’s top payment solutions, including PayPal, DPO PayGate, Netcash, and Peach Payments.

  1. Retarget cart abandoner

Just because consumers leave your site does not mean you cannot reach them through a different online platform. Since a business can engage with customers through emails, social media, and search engines, you must do so with cart abandoner. Try retargeting advertisements of products they left in their carts back to them while they scroll through other platforms. This results in more customers returning to complete their purchase and higher sales.

You can set retargeting functions using the solution Digitrade’s Magento eCommerce Solution. This will allow you to choose when, where, and how those who abandon their carts are retargeted for your product adverts. This level of personalisation will enable you to increase e-commerce sales dramatically.

  1. Optimise cart abandoner emails

Similarly to retargeting, optimising emails can enable you to collect the information of products left in carts and deliver a beautifully personalised email that reminds them to return and complete their purchase. Don’t underestimate this method, as many consumers return to online stores to complete their purchases once such an email lands in their inbox.

The Digitrade’s Magento eCommerce Solution provides built-in marketing retargeting to assist you with targeting customers.

  1. Create a one-click checkout

For convenience, speed, and ease, it is advisable to offer a checkout process that requires the least number of clicks from the moment they finish adding products to their carts to the point the checkout is complete. A better checkout design increases conversion rates and sales. Yes, it is not always feasible to only have a one-click/one-page checkout, but aim to decrease the length of the checkout process as humanly possible.

  1. Employ the Digitrade Solution

Our Digitrade’s eCommerce Solution, which is on the Magento platform, has all the functions needed to transform your online store. The Digitrade platform provides several of the capabilities discussed in this article out-of-the-box to reduce cart abandonment. You can use this trustworthy solution to build an eCommerce website with a faster checkout process, multiple payment options, and retargeting abilities. Look into this solution here and improve how your business makes money.

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