When shoppers add things to their shopping cart but depart before completing their purchase, this is known as shopping cart abandonment.

The cart abandonment rate is a crucial business measure for retailers to track since it is linked to customer conversion rates and revenue. A big cart abandonment rate is a sign that your checkout process or experience is prone to conflict.

How Do I Calculate the Shopping Cart Abandonment Rate of My Online Store?

Divide the total number of total transactions by the total number of carts created to find the cart abandonment rate. Multiply by 100 after subtracting from one.

Your cart abandonment rate is 67% if you have 300 carts and 100 completed transactions.

Methods to Decrease Shopping Cart Abandonment Rate  

Customers should never have to struggle with the checkout process. You should give them a clear catalog with maximum product description, without making it crowded on the screen. To do this job, the best way is to use a good WordPress eCommerce theme for your online shop. You will be well on your way to creating a more smooth shopping experience on your site if you focus on these cart optimization strategies.

1- Be Transparent about all Costs

Customers are less likely to be caught off guard by an unexpected price rise if you disclose all prices upfront, including any shipping expenses, applicable taxes, and any additional expenses they should expect.

2- Navigation

Customers want to be able to rapidly add things to their shopping carts and return to browsing the rest of your product. The more work you put in front of your customers, the less likely they are to purchase the items in their shopping carts.

Make it simple for your customers to add products to their carts and return them to the checkout page when they're ready to purchase. Several shops have made it feasible for customers to checkout straight from the product page to reduce the number of clicks and page views required to complete a transaction.

3- Progress Indicators 

Users may see where they are in the checkout process and how far they have to go using a progress indicator. An almost finished progress bar might also act as a visual cue for customers to complete their purchase. If customers see how much they've already spent on your checkout, they could be even more encouraged to complete their transaction.

4- Thumbnails of Products

Including thumbnails of items in the checkout process might allow consumers to feel more comfortable about their current purchase.

Customers can see and feel the item they're purchasing when they purchase in person, which they can't do with an online transaction. Product thumbnails are particularly helpful for keeping these items in mind during the checkout process.

5 – Guest Checkout Options

The checkout being hidden behind a user wall might prevent new users to your site. Instead of imposing account creation, provide the option to check out as a guest to ensure you don't exclude any potential customers. You may ask customers to keep their checkout information on the confirmation page to collect emails and other contact details for marketing reasons.

6 – Speed 

The last thing you want is a consumer who is unsure whether or not their order was completed effectively. A fast-loading page might meet your customers' need for a quick checkout process. Customers will be pleased, and they will be more likely to purchase other things from your website because they will not have to wait as long.

7 – Live Chat

Shopping in-store has the extra benefit of giving you access to pleasant employees eager to assist you in finding things or answering your queries. By incorporating customer assistance options into your checkout process, you can duplicate this same degree of care and attention. Identify regions where customers are more likely to abandon carts using cart abandonment data, and allow them to interact with a customer service representative to decrease abandonment.

8 – Payment Modes

Having only one payment option — or too few — might create unneeded barriers between you and your customers. Direct bank transfers, digital wallets, and credit cards are just a few of the payment alternatives available to today's buyers.

Supporting the most common payment methods, particularly those preferred by your target demographic, ensures you don't turn away potential customers. Consider allowing customers to purchase items with a high AOV (average order value) utilizing customer financing alternatives.

9 – Refund Policy

Return policies are crucial in e-commerce since customers do not have the option of trying on things or viewing them in person. Customers will feel more secure when purchasing items from your store if you have a solid return policy. To notify shoppers and maybe convince them to buy, include a clear link to the return policy early in the checkout process.

10 – Trust Symbols

When customers share confidential material like their credit card number and shipping address, they always want to know that your store is protected. Displaying essential security indicators and symbols throughout the process is one method to increase client confidence in your platform. Showing PCI-DSS compliance and other security marks can convince customers that their information and profile will be kept safe through the purchasing process.

Conclusion

While each consumer category is unique, many customers have some purchasing behaviors and preferences. Sure, customers who have a problematic and time-consuming checkout experience are more inclined to abandon their purchase. There are many other best strategies you can try to increase your customer base to avoid shopping cart abandonment rate

Online retailers must continue to focus on excellent buying experiences to convert visitors into paying customers in today's experience-driven market.