Online retailers may be very interested in the results of 33 surveys which revealed that on average, a staggering 68.63% of eCommerce visitors abandon their shopping cart. In monetary terms, this figure was projected to forfeit approximately $3.38 trillion in abandoned shopping carts across the globe in 2015.
But what can business owners do to counteract this issue?
The following are 6 simple ways to reduce shopping cart abandonment on your international eCommerce website:
1. Increase your Website Speed
In this age of technology and high speed broadband, there is little more frustrating than a slow loading webpage and research has revealed that 46% of browsers attribute shopping cart abandonment to website speed.
Today, consumers expect immediate accessibility to the web, no matter the time or the location, and in order to meet these expectations, online retailers need to ensure they are up to speed!
In 2009, a study revealed that 47% of online shoppers expect a web page to load in 2 seconds or less while 40% of browsers will abandon a web page that takes 3 seconds to load; it could be assumed that 7 years on, expectations are even higher. Furthermore, 75% of online consumers left for a competitor’s site rather than suffer delays.
To stay ahead of the competition and convert browsers into buyers, ensure that you don’t neglect your browser speed. Test your web speed, minimise http requests, optimise images, review your web host and reduce the number of plugins used on your website. These simple tricks will optimise the consumer’s user experience.
2. Promote Website Security & Trust
Security is of the utmost importance in the eCommerce world. You wouldn’t sell to your customer in a dangerous retail location so why should your store be any different online? If your website doesn’t feel secure, it is doubtful that browsers will want to provide their card details to make a purchase.
A study by Statistica found that 17% of consumers won’t purchase online because of security concerns. It is therefore vital that you take any steps necessary to ascertain your customers of their safety in purchasing from your website.
Use accredited companies to handle your payments and publish any affiliations with these providers, adhere to the Payment Card Industry Data Security Standard (PCI DSS) policies on handling consumer information, publicise security badges or seals during the payment process, include the words “Secure Checkout” and advertise guarantees.
3. Enable Multi-Currency Pricing
A study by Behaviours & Attitudes (B&A) found that 80% of browsers prefer to shop in their own currency while 84% prefer to pay in their home currency. Additionally, research has found that up to 71% of consumers are likely to spend more money on a site that prices in their local currency. Multi-Currency Pricing or MCP is rapidly becoming the optimum solution in the eCommerce environment which can support this functionality by allowing online retailers to price goods and services in a number of foreign currencies.
MCP provides a simple solution by prompting your customer to select their preferred currency as soon as they enter your website which converts all prices, hereafter, into their selected currency. The consumer will now complete all shopping and payment in their selected currency eliminating any billing concerns.
MCP helps to localise and personalise your website for international customers and provides cardholders with comfort and choice in knowing how much they are spending. Customers can enjoy a competitive exchange rate and experience instant conversion to a familiar currency.
In summary, MCP can provide your consumers with choice and comfort and ensure your website provides a more customised international shopping experience helping to increase your bottom line.
4. Save Shopping Cart Contents
A study by SeeWhy found that 75% of browsers abandon their shopping cart with the intention of returning to the website later to click into checkout. However, if a customer returns to an empty cart, frustration could lead to a missed sale opportunity.
Avoid missing out on potential sales by allowing customers to complete their purchase at a time that’s convenient for them. Configure your website to include a ‘Save for Later’ or ‘Wishlist’ add-on which invites customers to save their favourites and buy later.
Likewise, a study by Forrester found that 41% of online shoppers abandon their shopping cart because they’re unprepared to make the sale. Cater for these browsers by creating simple and personalised e-mail templates which gently remind customers of the contents of their cart and provide a direct link to this page. This call to action is important as in one click, customers can be transported back to their shopping page to complete their purchase.
A study by Marketing Sherpa found that although reminder e-mails can be perceived as annoying, 69% of customers said that they influence their purchase decision. Rejoiner recommends humour, promotions and one click opt-out buttons as just some options for keeping your customers positively engaged.
The easier it is for your customers to save shopping cart items, the lower the likelihood of shopping cart abandonment and the higher the possibility of return shoppers and consumer sales.
5. Consider Upfront or Discounted Shipping Costs
The importance of upfront visibility on shipping costs cannot be overlooked. A survey conducted by Econsultancy found that 74.5% of eCommerce shoppers will abandon their shopping cart due to high delivery charges. To avoid any unexpected surprises, it is vital that you provide your online shoppers with an estimate of their overall cost on each product page.
Furthermore, free or discounted shipping is becoming increasingly popular. A study by Deloitte found that 69% of consumers are more likely to purchase from a retailer who offers free shopping while a study by Harris Interactive & UPS found that 4 in 5 consumers feel that free shipping is an important factor when shopping online.
Using flash shipping discounts or promo codes within e-mail campaigns entice browsers to log onto your website and grab a bargain. However, if your store cannot support free shipping deals then transparency is key. Kissmetrics suggests maybe adding a ‘calculate shipping’ feature to your website which will provide an indicative shipping cost.
6. Simplify the Check-Out Process
In the eCommerce environment, the more complex the interface, the higher the likelihood of shopping cart abandonment. According to Statistica, 21% of browsers attributed shopping cart abandonment to the length of time taken to purchase the item. It is therefore vital to streamline your process to ensure that you are only asking your customers for essential information – the shorter the process, the better.
Kissmetrics recommends including a progress bar to clearly show your customer how many steps are left before the process is complete – numbered steps are even better. This also allows the user to easily navigate back and forth and edit information as required.
Another idea is the inclusion of a tick box which the customer can click to confirm that their shipping address matches their billing address. This is a popular method of simplifying the check-out process for consumers.
To alleviate shopping cart abandonment, it is imperative that your website’s check-out process is smooth, efficient and easy navigable. A happy first time browser can become a repeat customer!
Research by BI Intelligence estimated that approximately $4 trillion would be abandoned in shopping carts in 2015 but that 63% of this could be recoverable by “savvy online retailers”. Don’t be the store who allows potential sales to remain in abandoned carts; research the above strategies, implement the solutions that you feel will fit your website and make shopping online a user friendly experience for your customers.
Fexco specialises in providing Multi-Currency Pricing (MCP) to merchants globally. Our core competency is Treasury and Cash Management as we know that the world of currency conversion services, including MCP, can be daunting.
If your website caters to visitors from abroad, MCP can help you increase sales while providing superior customer service for international shoppers. Our service ensures international cardholders will be able to view and pay for prices in their home currency removing the mystery surrounding currency conversion.