Business Insider Intelligence predicts that almost $4 trillion of merchandise will be left in abandoned carts this year. That’s several times larger than the billions of dollars the entire ecommerce industry is expected to generate in revenue! As most in the business are well aware, cart abandonment represents the biggest loss of potential revenue. Here are three major tips you should use to prevent cart abandonment, or lure customers back to complete their purchases.
Customers often abandon a cart when an element of the checkout process is either laborious or frustrating. Simplicity is the key to a good checkout experience. Take a minute to buy something from yourself and evaluate the checkout process, and make it easier where you can. Alternate payment systems like Amazon Payments, PayPal, or Google Wallet can go a long way toward streamlining your checkout since all of the customers’ billing information is taken care of.
With a good retargeting strategy, users who abandon their carts will see you again and again through web advertisements specifically targeted to them and the products they showed an interest in. You can make a retargeting campaign even more effective by combining it with email marketing and coupons. A discount may be just the thing to get a new customer off of the fence and into the checkout process.
Similarly, taking an omnichannel approach with your website can be effective in bringing customers back to their carts. Customers will jump from their work PC, to their smartphone, to their personal Mac without changing their needs or expectations. Your site’s ability to anticipate this with tracking to accommodate it, and a dynamic cart that remembers customers’ previous shopping sessions will be more and more important through 2015 and beyond.