Unlocking abandonment rate: This Is Why Your Customers Leave
It’s time to talk about the reasons customers walk away from making purchases. In an industry that’s expected to grow to nearly $2.5 trillion by the time we ring in 2019, it’s critical that you stop losing online sales to your competition. The typical shopping cart abandonment rate for online retailers varies between 60% and 80%, with an average of 67.91%.
Unfortunately, we all like to tell ourselves myths to explain away customer rejection: “They are probably not serious and were only looking around.” It’s not likely. More than half of Americans prefer online shopping, with Generation Xers and Millennials even more strongly preferring it to brick-and-mortar experiences.
“OK, they’re probably going to a local store to see if they can get a lower price.” Again, probably not — statistics show otherwise. More than 70 percent of people think online is the place for deals and steals.
Abandonment rate is a customer experience problem
The truth is that the problem is not with your customers or their behaviors, but with your eCommerce site. If you’re seeing a mass customer exodus, you’re probably committing one of five eCommerce deadly sins:
It’s hard to buy.
Imagine going to a retail store to buy a jacket. You pick the jacket off the rack, head to the counter, and buy it. You exit — easy.
Regrettably, plenty of eCommerce sites make buying inordinately complicated, with too many clicks and pages. The more steps you include between putting items into a shopping cart and checking out, the more people you’ll lose. Why risk frustrating the customers who ultimately pay your salary? Reduce your payment steps, erring on the side of simplicity.
Product descriptions don’t shine.
Buyers like information — lots of it. Lackluster, limited product descriptions leave shoppers cold. An excellent description should tell customers all about the product: what it does, the materials it’s made from, its dimensions, its texture, its color, its weight, etc. Be specific so customers understand what they’re getting.
A bonus to fantastic product descriptions is they can be optimized for search. This makes it perfect for both humans’ and bots’ eyes.
No trust symbols or guarantees.
Why would customers buy from your eCommerce store if it lacks indicators such as trusted symbols, certifications, reviews, money-back guarantees, and the like? Let buyers know you’re minimizing their risk when they purchase online. Your credibility will increase (and, with it, your sales).
For instance, be sure your website uses HTTPS protocol, not HTTP. HTTPS means it’s a secure domain. That boosts your trustworthiness — customers don’t want to enter their credit card information on a site with subpar security.
Functionality is more frustrating than fulfilling.
Almost half the population demands pages that load in less than two seconds; otherwise, they’ll vamoose. Test your site regularly, and amend the coding and tools you use if load time is dragging. Hear about a glitch? Repair it quickly to keep the love growing between you and your customer base.
Along these lines, remember that we’re a mobile society. Your eCommerce website should work just as well on smartphones and tablets as it does on desktops and laptops.
Targeting the wrong customers.
Why market at all if you’re talking to the wrong individuals? Know the types of customers most likely to convert so you can direct them to your eCommerce site by utilizing targeted marketing strategies.
By pinpointing the right audience using a variety of marketing tools and tactics, you can charm buyers and bring them right to your e-door. Not only will your marketing dollars be better spent, but your sales figures will also likely improve.
Examining your site’s flaws might sting at first, but it’s an essential step in your business strategy. A serious analysis of your eCommerce weaknesses and opportunities will help you get back on track with your selling, helping to reverse a trend that threatens the size of your customer base.
Need help correcting these flaws? We’re happy to help put your eCommerce site back in the spotlight — just get in touch with Luminos Labs today.
Radu Munteanu is the CEO and founder of Luminos Labs. Founded in 2010, Luminos Labs is a digital commerce solution partner offering strategy, design, build, and managed services. We specialize in highly complex B2B2C Episerver commerce platform integrations in retail, manufacturing, and wholesale.