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I've been doing some research online about "abandoned carts" on websites. I'm sure we all heard the below reasons why carts are abandoned:
- High shipping prices (72%)
- Comparison shopping or browsing (61%)
- Changed mind (56%)
- Saving items for later purchase (51%)
- Total cost of items is too high (43%)
- Checkout process is too long (41%)
- Site requires registration before purchase (34%)
- Site is unstable or unreliable (31%)
- Checkout process is confusing (27%)
My question is to the people who were able to lower their abandoned carts percentage; what methods did you use that worked on your website?
Hope that helps!
Similar sites with similar site designs and workflow in the same industry , but poor branding , relying on SEO & PPC , struggle to obtain 1.5 to 2% conversion rate.
The key may be in the brand building rather than focusing too heavily on improving the process. Both would be ideal.
There are different numbers being used in this thread which can confuse:
* Cart abandonment rates (ie within the shopping cart)
* Site conversion rates (ie Visitor to Sale)
One good source of basket conversion numbers is the fireclick index (I am not associated with the company). They track conversion and abandonment each week for a variety of sectors: These are their latest aggregate numbers:
Conversion Rate: Global 2.40%
Conversion Rate: First Time Visitors 2.30%
Conversion Rate: Repeat Visitors 2.50%
Cart Abandonment Rate 71.80%
This is not perfect but is based on the aggregated stats of their cuustomers.
Even so it is very difficult to compare like with like. Perhaps a much more meaningful comparison is with your own abandonment / conversion rates. Tracking your progress over time is essential to improving the picture. The majority of web teams that I advise do not have a good handle on their own abandonment rate, but rather track conversion.
Benchmarks are always interesting, but they rarely hold the answers.
We've generally seen results from 25% through to a massive 46% conversion of those that had abandoned as a result of sending a follow up email. A rule of thumb is that you should be able to 'reconvert' one third of those that abandon, as long as you do the follow up quickly. Response rates tail off rapidly the longer that you leave it - a 3x reduction in 24 hours, and a 7x reduction in 36.
Some customers may feel that it is an invasion, so we always advise that the tone of the follow up email is 'service' based not sales. An overt sales pitch at this point will annoy, but a service reminder can be very effective.
So as a rule we do not advise using promotional offers in these follow up emails:
(1) the tone is wrong
(2) you can train the customer to expect a free shipping offer if they abandon.
There is also a free tool now available for capturing shopping cart abandoners. If you do a search on 'Free website abandonment tracker' it should come up on the front page of Google.
One good source of basket conversion numbers is the fireclick index
Excellent find. Looks like 2-3% is typical conversion rate except for electronics where conversion is very low. I guess a lot of people use electronics sites for research.
Stats don't include phone-in or store visit conversion.
I guess catalogers get very high conversion because many customers shop from a book and enter their purchase online.
Also, your order page should automatically display currencies and language in line with the location of your customer through IP detection.
Well - I turned it off without thinking about it. It was a mistake almost. Now when a user puts something in the cart it takes him straight to the checkout - bypassing the "you may be..." screen. Checkout rates have doubled. Sales are up and I am happy. So back to the old mantra - test, test, test.
I'm in the middle of totally redeveloping my cart. It's osCommerce and the default 5 step checkout process is a joke but still the site seems to be in line with Fireclicks benchmarks in terms of abandoned carts and conversion rates.
Yes, and these are the customers that then want to place a $3.00 order for one of something....by phone, of course, because they don't want to put their information on the internet.