Did you know that, on average, 43 percent of US consumers have abandoned their shopping cart? Many business owners are all too familiar with consumers abandoning items in their cart, which unfortunately means never completing checkout.
But what are the key factors stopping consumers from completing the transaction process? Thirty-five percent of US consumers cite a long delivery time as a top reason for shopping cart abandonment, with website security concerns reported as the second biggest reason at 30 percent, and then shipping costs at 29 percent.
So if you’re an online retailer, what can you do about it? VTC Pay has pulled together a cheat sheet of tips for merchants to optimize their checkout process, minimize cart abandonment and encourage shoppers to complete their purchases, and improve sales for small and global businesses with online storefronts.
Tip #1: Provide Consumers with Multiple Ways to Shop
Having several opportunities for shoppers to find your store increases the chances of completing the sale. Online businesses must ensure they are offering multiple ways for their customers to shop. This includes a mobile-friendly site that is attractive and easy to navigate. According to VTC Pay’s 2016 Cross-Border Merchant study, 50 percent of cross-border sales in the US are made from a desktop/laptop, while 25 percent are made from a smartphone, 16 percent from a tablet and 9 percent from another device.
Together, these individual platforms create a seamless shopping experience for customers where they can access your store anytime, anywhere – and on average, as stated in The International Council of Shopping Centers’ 2016 study, customers with multiple shopping channel options spend about 3 times more than single channel customers.
Tip #2: Streamline your Checkout Process
The number of steps to complete a checkout process is directly correlated to how likely a shopper is to complete the purchase. 19 percent of US customers will abandon a cart if the checkout process is too long or confusing. Pop-up windows suggesting additional items a consumer can buy, “bot tests,” entering in payment details, or even having to re-verify passwords or identity are all barriers to completing a checkout process. When obligatory registration during checkout is removed, there is a 45 percent increase in sales. And more barriers, means more time wasted for the consumer – something not everyone wants to give up.
Tip #3: Offer More Ways to Pay
Offering financial flexibility is a great way to increase the likelihood of a completed sale, especially when selling internationally. This means offering several payment options at checkout. In fact, according to VTC Pay’s 2016 Cross-Border Consumer Research, 41 percent of cross-border shoppers chose convenience as a key determinate of cross-border payment method preference. The more payment options you have, the more convenient it is for the customer, thus increasing the likelihood of them completing a purchase. 35 percent of merchants who sell cross-border already offer shoppers different payment methods in different markets, giving shoppers more ways to pay at checkout.
Tip #4: If at First You Don’t Succeed…Follow Up
Finally, don’t be scared to follow up with shoppers who abandon carts. According to a study from Smart Insights, retailers that send targeted emails to follow up on abandoned carts have a 21.44 percent open rate and a 2.65 percent click rate, which can lead to an online purchase. Another retargeting approach to consider is called "display retargeting," which is when an ad for your company pops up on the browser of a person who has previously visited your site. Sometimes all it takes is a simple reminder!
With these steps, you will be on the road to success with your online store in no time at all. Good luck!
So if you’re an online retailer, what can you do about it? VTC Pay has pulled together a cheat sheet of tips for merchants to optimize their checkout process, minimize cart abandonment and encourage shoppers to complete their purchases, and improve sales for small and global businesses with online storefronts.
Tip #1: Provide Consumers with Multiple Ways to Shop
Having several opportunities for shoppers to find your store increases the chances of completing the sale. Online businesses must ensure they are offering multiple ways for their customers to shop. This includes a mobile-friendly site that is attractive and easy to navigate. According to VTC Pay’s 2016 Cross-Border Merchant study, 50 percent of cross-border sales in the US are made from a desktop/laptop, while 25 percent are made from a smartphone, 16 percent from a tablet and 9 percent from another device.
Together, these individual platforms create a seamless shopping experience for customers where they can access your store anytime, anywhere – and on average, as stated in The International Council of Shopping Centers’ 2016 study, customers with multiple shopping channel options spend about 3 times more than single channel customers.
Tip #2: Streamline your Checkout Process
The number of steps to complete a checkout process is directly correlated to how likely a shopper is to complete the purchase. 19 percent of US customers will abandon a cart if the checkout process is too long or confusing. Pop-up windows suggesting additional items a consumer can buy, “bot tests,” entering in payment details, or even having to re-verify passwords or identity are all barriers to completing a checkout process. When obligatory registration during checkout is removed, there is a 45 percent increase in sales. And more barriers, means more time wasted for the consumer – something not everyone wants to give up.
Tip #3: Offer More Ways to Pay
Offering financial flexibility is a great way to increase the likelihood of a completed sale, especially when selling internationally. This means offering several payment options at checkout. In fact, according to VTC Pay’s 2016 Cross-Border Consumer Research, 41 percent of cross-border shoppers chose convenience as a key determinate of cross-border payment method preference. The more payment options you have, the more convenient it is for the customer, thus increasing the likelihood of them completing a purchase. 35 percent of merchants who sell cross-border already offer shoppers different payment methods in different markets, giving shoppers more ways to pay at checkout.
Tip #4: If at First You Don’t Succeed…Follow Up
Finally, don’t be scared to follow up with shoppers who abandon carts. According to a study from Smart Insights, retailers that send targeted emails to follow up on abandoned carts have a 21.44 percent open rate and a 2.65 percent click rate, which can lead to an online purchase. Another retargeting approach to consider is called "display retargeting," which is when an ad for your company pops up on the browser of a person who has previously visited your site. Sometimes all it takes is a simple reminder!
With these steps, you will be on the road to success with your online store in no time at all. Good luck!
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