Boost Shopping Cart Conversion Rate: Are you aware that about 60% – 80% of your shoppers/customers that click the “buy now” button tend to drop out without finalizing the checkout process? It’s quite disheartening as you have worked so tirelessly to drive them to your website & funnel them thru to the checkout pipeline, just to figure out there’s a torrential hole that’s making majority of your ready-to-purchase shoppers or customers ride away. These were actually the folks that desired buying your product/item, so what distracted them or went wrong?
Why do shoppers abandon shopping carts?
The Stress or Agony of Paying
Assume you just purchased something & have the choice to pay with cash or credit card. Which of the two options would you feel more at ease and less unpleasant utilizing? Majority of the folks mentioned they’d feel more unpleasant when having to pay with cash. A professor of Psychology & Behavioral Economics – James B Duke, calls this kind of habit the “pain of paying“. When shoppers purchase a thing, they try to minimalize, or whenever likely, prevent this pain of paying. This is the self-defense mechanism functioning against you all through the checkout sequence or process.
While you can never perhaps make 100 percent of your shoppers/customers finalize their purchases, there are prompts in your shopping cart & checkout sequence/process that can influence customer habit/behavior & boost conversions. Let us take a swift observation:
Shopping Cart Optimization Hints
1. Need for Speed
Loading times are critically vital for the general user experience, though they become crucial during the checkout sequence/process. Hubspot reports a 1-sec delay in Amazon’s product/item pages loading time would cost them $1.6b in yearly sales. And, conferring to statistics reported via Kissmetrics, 40 percent of your customers/shoppers would exit/abandon your shopping cart if the pages are taking over 3 seconds to load.
Slow loading times offers your shoppers/customers more time to reason/think, & with their self-defense dispositions on high vigilance, the slimmest of reasons may be adequate to have them packing. Your page loading times is contingent on a volume of factors comprising the hosting quality & the way your website is designed. Ensure your checkout pages do not take more than a wink of an eye to load.
2. Make Prices More Comestible
I own a site that’s hosted with GoDaddy. I also have the choice to pay $120 for a yearly renewal, or pay $10 monthly fee. What option do you think I go for? The pain/trouble of parting with $120 all at go – is much higher than “parting with” $10 monthly. Though, there may be occasions where paying in breaks may take the fun out of the entire experience. By example, assume dining at a restaurant that bills you on a “per-bite” base. Supposedly, this sort of pricing may cost you the least amount of cash, though will take the pleasure out of the meal.
A U-PEN research comprising over 13k individuals breaks down your customers into 3 sectors contingent on the pain/stress of paying they experience when purchase.
Research also reveals that a marketing note concentrated on the experience that the product offers is more efficient for the un-conflicted & compulsive shopper, than a message that highlights low pricing. Though, 24 percent of your customers/shoppers (tightwads) require being convinced about the utility of the product/item before they slacken their hold on their wallets. Your pricing scheme would rely upon your product/service, though it must take into account all kinds of your customers/shoppers.
3. Offer Free Shipping
A free shipping offer that saves the shoppers/customer $6.99 is more eye-catching for many clients than a price discount of $10, conferring to an Internet retail research done by Prof. David Bell of Wharton School of Business. Free delivery/shipping usually always improves conversions, & the absence thereof is one of the major reasons for shopping cart abandonment.
The NuFace skincare business boosted their conversions by 90 percent & the average order value by 7.32 percent when they included free shipping for orders more than $75.
Conversions shot up by 90 percent when free shipping was included (Source)
4. Utilize High Quality Images/Photos
You must seek for creative means to exhibit your product/item during the checkout sequence/process. Technology has made it conceivable to include 360-degree spin to your product/item images, & businesses were capable to amplify conversions by 27% to 40% by utilizing the 360-spin functionality.
If you do not own a physical product, look into including a video to fortify trust & kill the pain points.
5. Display a Progress Bar
It’s a conversion best approach to break down a lengthier checkout sequence/process into various easily pleasant steps & display a progress bar, revealing the step that have been finalized & the stages that are yet to be accomplished. Various tests have verified a progress bar provides higher conversions almost 100 percent of the times. In the ensuing sample, John Nye attained more than 28 percent improvement in conversions after he included a progress bar to the shopping cart.
6. Create Urgency
Have you ever made up your mind to purchase a product/item & did not finalize the purchase saying – “Oh, I can purchase this some other time”? How would you react if you knew you won’t locate that product/item when you returned back next time?
Urgency is built when your shoppers/customers know that your product is somewhat scarce, limited or time-constrained. You can utilize a “low-stock indicator” to mention to the shoppers/customers that only so many products/items are left in stock, so they better hurry fast.
Here’s some other strategy to generate urgency, by making your offer time-constrained:
Building a sense of urgency can reduce the volume of dropouts & boost conversions meaningfully, by as much as 332 percent!
Bonus Tip – Follow Landing Page Best Techniques
Offer a price comparison; utilize clear action buttons; write unique product descriptions for content; optimize your call to action; utilize white space to make your images & key messaging stand out; utilize the right color blends; & do loads of testing to keep enhancing your conversions endlessly.
Optimizing your shopping cart & checkout sequence/process is going to demand some creativity, hard work, & investment. However, in the words of Mr. Jeff Eisenberg, “it’s simpler to increase your business by doubling your conversion rate rather than by working to double your traffic”. Striving to improve your business by sending more traffic to your website without optimizing your shopping cart for better conversions is similar to trying to propel more water into a leaking pipe without initially plugging the holes.
Feature image curtsey of Toondra