This week, the Webloyalty team discusses the reason why online carts are abandoned at the last minute and looks at how retailers can start to combat this issue.
Lost sales at virtual checkouts
One of the biggest problems facing online retailers is that of lost sales at (virtual) checkouts. Incomplete and abandoned purchases are common every day occurrences and those that will negatively impact revenue for retailers.
Research conducted by Verdict Analysis for Webloyalty states that over £2bn of potential sales are lost every year due to abandoned baskets. A figure, likely to only grow over the next couple of years.
According to Mikael Lyngsø at CRM.com there are multiple ways to combat cart abandonment. He says:
“Retailers can help decrease online shopping cart abandonment by addressing issues and applying improvements to certain product pages and by clearly defining information to consumers.”
How to reduce shopping cart abandonment rate
According to Mikael Lyngsø, the following should be considered:
- Rich product descriptions that accurately describe product attributes and options
- Sizing and measurements in a manner that helps customers understand the product. For example, apparel can have sizing charts; appliances can show graphical representations of size, or fit within various environments
- Multiple product images that detail the various angles, or even use of the product
- Easy product comparisons based on in-depth specification information, not just side-by-side listings
- Rich, descriptive text that includes feature and benefit statements, that are designed to help sell, convince and/or persuade
- Consistent product details that provide the same level of information regardless of where a person chooses to shop
- Customer reviews based on shared ratings, comments, questions, answers, and stories about products and brands
- Warranty, service, installation, and product guide information, which can include digital assets
- Shipping options provided early in the sales process to let consumers know the full shipping policy
- Product Availability based on optimised inventory levels.
The Webloyalty team agrees on the above considerations. What do you believe are the most important factors when eradicating abandoned baskets?