It’s one of the great frustrations of online selling. Customers browse the site, add items to the shopping cart and then…..
Well, the majority of them leave the site without making a purchase, leaving behind them an abandoned and forlorn shopping cart. And sadly those who think twice and jump ship represent quite a significant majority. The statistics suggest that shopping cart abandonment rates can be anything between the low fifties and the mid-seventies in percentage terms, depending on which survey you read. In December of last year, web research company Baymard averaged data from a broad range of reports and came up with a figure of 66.22%. That represents a lot of lost business.
So why do people go to the trouble of adding items to a cart only to bail out at the last minute. Well people are people and there are undoubtedly a lot of reasons, but the syndrome known as “buyer’s remorse” undoubtedly plays a part. Or to put it another way, the intention to buy is there but when the moment comes to click through to credit card processing, doubts creep in. Is this too expensive? Do I really need this item? Is there something else I could be spending my money on? Will this particular product really do what I need it to do?
And of course, in some cases the intention to make a purchase may be relatively soft. The consumer is considering a purchase but has not yet made a final decision. He or she adds items to the cart because it’s the easiest way to keep track of things.
How to reduce shopping cart abandonment rate?
But whatever the reason every online business wants to reduce the shopping cart abandonment rate and increase conversion rates. The question is, how?
Well the first thing that has to be said is that shopping cart abandonment isn’t the end of road. Take the example of a relatively high cost item, costing upwards of £100 or a similar sum in euros. Maybe today the customer bails out but that doesn’t mean the sale is lost. The customer may well return at a later date having had a good think.
So there are at least two challenges for the retailer. Firstly to reduce the shopping cart abandonment rate. Secondly to maximise the chances of ultimately winning the business.
How can we help you reduce shopping cart abandonment?
Live Engagement can certainly help with the first. By analysing customer behaviour you can identify indicators suggesting a customer may abandon the cart or indeed jump ship at the point when card and delivery details are being keyed in.
In an offline store, assistants are accustomed to dealing with customers who are manifestly interested in buying a particular item but who also need some assurance. In these cases the assistant is on hand to nudge the sale along. That might mean running through the specs, suggesting a better alternative or helping out with finance options.
In the online environment, live chat – triggered by behavioural analysis linked to business rules – provides an ideal channel to provide similar assurances. A timely intervention often makes the difference between sale and no sale.
Equally, live engagement can play a role in driving business at a later date. For instance, when a customer returns to the site at a later date, agents can serve chat invites (based on the previously collated behavioural data) and offer pro-active assistance.
Customers abandon sales in the offline world too, but it’s much less common to see a customer changing his or her mind at the checkout desk of a bricks and mortar store. The behaviour difference is partly down to the anonymity of the online environment but service (or the lack of it) in the form of assistance ahead of the sale also plays a part. By building service into your online offering, you can reduce abandonment rates and increase conversions.