Navigating Cart Abandonment: Expert Insights to Beat The 70% Average

Cart abandonment remains one of the biggest challenges for e-commerce businesses worldwide. Baymard calculated the average cart abandonment rate as 70%, using data from 49 studies to compile this number, giving an unbiased and broad view of the industry.

This alarming statistic underscores businesses’ importance in optimizing their checkout process to minimize abandonment rates. This article will explore expert insights on navigating cart abandonment and offer actionable tips to reduce abandonment rates and optimize checkout.

Source: Baymard

Here is a quick snapshot of what we’re covering: 

1. Reducing the length of checkout
2. Optimizing the checkout process
3. Examples of how other retailers successfully reduced cart abandonment rates

Understanding cart abandonment:

Before exploring strategies to combat cart abandonment, it’s crucial to understand why customers abandon their carts in the first place. Common reasons include unexpected shipping costs, a lengthy checkout process, complicated navigation, and security concerns. Addressing these pain points can significantly improve businesses’ chances of converting abandoned carts into completed purchases.

Underscoring this understanding is the need to ensure you can access data that allows you to analyze each step of your checkout process. These views allow you to inspect, identify, and understand where to improve.

How to optimize your checkout process

Optimizing the checkout process requires a comprehensive approach addressing various aspects of user experience. However, the effort is worth it because, according to Baymard’s research, checkout optimization can increase conversions by up to 35%.

The first step is calculating your cart abandonment rate and thoroughly reviewing and analyzing your current checkout process. This is crucial for identifying missed opportunities and areas for improvement.

You can calculate the shopping cart abandonment rate by dividing the total number of completed transactions by the number of initiated sales. (adds to basket). You then subtract the result from one and then multiply by 100 to find your abandonment rate. You can also use an abandonment rate calculator to simplify the process.

Here are five key aspects to analyze within your checkout process

Abandonment rate at each step

Analyze the abandonment rate at each stage of the checkout process to pinpoint where customers are dropping off. Are there particular steps that have significantly higher abandonment rates? Understanding these pain points will help you prioritize optimization efforts.

SaleCycle provides a helpful walkthrough for viewing abandonment rates per step in Google Analytics. To access it, log into your Google Analytics account and go to Conversions and Shopping Behavior on the left-hand side.

You should see a report for the different stages of your customer’s on-site journey for the period you selected.

Source: Salecycle

Checkout page load speed

Evaluate the load speed of your checkout pages across different devices and browsers. Slow loading times can frustrate users and increase abandonment rates. Use tools like Google PageSpeed Insights or GTmetrix to assess and optimize page speed performance.

Form fields and information requests

Review the number and type of form fields required during checkout. Are there unnecessary fields that you can eliminate to streamline the process? Simplifying form fields and minimizing the required information can improve user experience and reduce friction.

Mobile-friendliness

Assess the mobile-friendliness of your checkout process, considering factors such as responsive design, button size, and input fields. With a growing number of users shopping on mobile devices, ensuring that the checkout process is seamless and intuitive on smaller screens is essential.

Payment options and security

Examine the variety of payment options offered to customers and assess their security features. Are you providing multiple payment methods to accommodate different preferences? Additionally, ensure that your checkout process is PCI DSS compliant and utilizes encryption to protect sensitive customer information.

By thoroughly analyzing these aspects of your checkout process, you’ll gain valuable insights into potential missed opportunities and areas for optimization. This data-driven approach will enable you to make informed decisions and implement changes that enhance the overall checkout experience for your customers.

Tips on reducing the length of checkout:

According to Baymard, 18% of shoppers leave the checkout process because it is too long. Streamlining the checkout process is one of the most effective ways to combat cart abandonment. Here are some tips to reduce the length of checkout and make it more user-friendly:

1. Implement guest checkout: Many customers leave the checkout process if they have to create an account before purchasing, or they may even be put off if they forget their password and need to reset it. A guest checkout option allows users to complete their purchases quickly without creating accounts.
2. Simplify form fields: As per Growcode’s blog, minimize the number of form fields required during checkout to expedite the process. Only ask for essential information such as shipping address, payment details, and contact information.
3. Provide multiple payment options: Offer various payment options to accommodate different customer preferences. Popular choices include credit/debit cards, PayPal, Apple Pay, and Google Pay.
4. Autofill information: Utilize autofill features to populate form fields with saved customer information, reducing the time and effort required to complete checkout.
5. Progress indicators: Implement progress indicators to give users a clear sense of how far along they are in the checkout process. This helps alleviate frustration and encourages users to complete their purchase.

Examples of how major retailers reduce cart abandonment rates

Prisync has compiled a great blog detailing how major retailers handle cart abandonment and the strategies they implement to reduce their average rates. From email to retargeting ads and chatbots, we’re hoping something in the below list will help inspire you to reduce your cart abandonment: 

1. Amazon: Utilizes personalized retargeting ads to remind customers of abandoned carts.
2. eBay: Implements dynamic retargeting ads across various online platforms.
3. ASOS: Focuses on mobile optimization for a seamless checkout experience.
4. Walmart: Utilizes exit intent pop-ups to capture attention before customers leave the site.
5. Nike: Leverages abandoned cart recovery tools to send automated reminder emails.
6. Sephora: Incorporates chat support to assist customers in real-time during checkout.
7. Best Buy: Offers persistent shopping carts to retain items across sessions.
8. Target: Streamlines the checkout process with minimal steps and guest checkout options.
9. Home Depot: Provides incentives like discounts or free shipping to encourage purchase completion.

Analyze, optimize, and reduce your checkout process  

Cart abandonment is a persistent challenge for e-commerce businesses, but you can mitigate it effectively with the right strategies. By reducing the length of checkout and optimizing the checkout process, businesses can improve their chances of converting abandoned carts into completed purchases.

Implementing user-friendly design, straightforward shipping and return policies, and trust signals can go a long way in instilling confidence and encouraging customers to follow through with their purchases. By incorporating these expert insights, businesses can beat the 70% average and maximize their e-commerce success.