$4 Trillion in Abandoned Shopping Carts is Too Much to Lose
Online shopping cart abandonment is predicted to cost online retailers four trillion dollars in 2015. Dan Leberman offers a ray of hope for business owners in his article “How to Avoid Losing $4 Trillion to Abandoned Carts” on Inc.com.
Leberman, VP of PayPal’s North American Online Small & Medium Business Unit says, “Estimates based on real market impact of existing tools implies that 63 percent (or $2.52 trillion) of that $4 trillion in unrealized revenue is recoverable.” Yet for some reason, most merchants aren’t utilizing these tools to help with recovery.
Tools to prevent cart abandonment:
1. Simplify the checkout process.
• Store your customers’ payment information to allow them to complete a purchase without entering credit card details for each transaction. This is one of the most effective ways to increase checkout conversion.
• Display simple, prominent buttons such as “Add to Cart” or “Checkout” on every page to encourage the customer to add items to the cart and to complete the checkout process. The location, color, and size of these buttons is very important so they should be thoroughly tested on your website.
2. Offer financing options
Providing your customers an attractive, deferred-interest credit card takes the sting out of shopping.
3. Retargeted emails
Lieberman says that a targeted email is often just the slight nudge a hesitant shopper needs to return and complete the transaction. However, relying only on email for retargeting is not advised, as it can sometimes come across as pushy.
“In addition to traditional marketing techniques to retarget (e.g., direct mail), more cutting-edge approaches like “display retargeting” are showing strong results,” he says.
4. Provide a seamless omnichannel experience
Using multiple channels to connect with your customer throughout the buying process enables the customer to start browsing online and later complete the transaction from a mobile device.
To read this article in its entirety, please visit Inc.com