If you\u2019re familiar in any way with eCommerce, which considering that you\u2019re reading this you probably are, you\u2019re probably aware of the tendency for shoppers to abandon their carts, often leaving for various reasons such as shopping on competitors sites and bad reviews.<\/p>\n\n\n\n
Abandoned carts are common in the eCommerce world, about 70% of carts go abandoned, but how aware are you of the even more critical issue of checkout abandonment?<\/p>\n\n\n\n
This is a serious issue because this is truly where the money is, and it often gets overlooked in comparison to abandoned carts. You may be wondering how common checkout abandonment is, and the answer is that it happens fairly often, because according to compass.co, about 25% of checkouts get abandoned.<\/p>\n\n\n\n
With that said, it would probably be a good idea to optimize this process as much as you can to regain lost revenue and truly reach your business potential!<\/p>\n\n\n\n
So in this article, we will go over the key differences between checkout abandonment and cart abandonment, the main causes of checkout abandonment, the solutions, and why optimizing isn\u2019t enough when it comes to eCommerce and high risk merchants.<\/p>\n\n\n\n
The Differences between Checkout Abandonment and Cart Abandonment<\/strong><\/p>\n\n\n\n You\u2019re at least aware of these common occurrences in the field of eCommerce, but are you aware of their differences?<\/p>\n\n\n\n In brief, the main differences between checkout and cart abandonment can simply be boiled down to when the client decides to abandon their cart and leave the site. When it\u2019s an abandoned cart, this means that items were put in the cart, but they were abandoned before the checkout.<\/p>\n\n\n\n Similarly, when we talk about checkout abandonment, we\u2019re simply referring to a customer leaving at the checkout process, oftentimes entering payment information but not fully purchasing. This can be a frustrating issue to deal with, because it appears that your marketing is working, and that your customers are interested in purchasing your products, only to then find out that they weren\u2019t really going to buy… Or so it seems.<\/p>\n\n\n\n Fundamentally, in order to solve this problem, you need to understand the main causes before you can find the solutions.<\/p>\n\n\n\n The main causes of checkout abandonment<\/strong><\/p>\n\n\n\n So why does checkout abandonment happen? It\u2019s often because of several factors combined together, and rarely because of just one thing.<\/p>\n\n\n\n You have to keep in mind that the more complicated your checkout process is, the more likely it is that your customer will start to lose patience and want to go elsewhere. This is the fundamental underlying factor behind abandonment, and you need to assess your checkout experience.<\/p>\n\n\n\n Do you have any of these issues?<\/p>\n\n\n\n There could be other issues, but this list is a great starting point that can cover a lot of ground and get your optimization rates up. Also keep in mind that there are some points that have more weight than others, and you need to look at your analytics to see when and where your customers are dropping off.<\/p>\n\n\n\n Remember that in recent years, data from the Baymard Institute has shown that cart abandonment happens around 7 out 10 times, but it is also important to note that 2020 data has found that nearly 60% of US online shoppers abandoned due to just browsing, because they weren\u2019t ready to buy. https:\/\/baymard.com\/lists\/cart-abandonment-rate<\/a><\/p>\n\n\n\n So you need to factor in looky-loos as well, but data will give a clearer picture, so start collecting it if you aren\u2019t already\u2026<\/p>\n\n\n\n Solutions<\/strong><\/p>\n\n\n\n So what are the solutions to checkout abandonment?<\/p>\n\n\n\n It really depends on the quality of your current layout, but oftentimes it\u2019s doing the right thing at the right time. More specifically, you need to consider that checkout abandonment happens due to 3 fundamental reasons.<\/p>\n\n\n\n According to the Baymard Institute, these are:<\/p>\n\n\n\n These were found to be the most common reasons customers abandon at the checkout, so you want to make sure you address these issues head on, because these are the key movers that really make or break conversion rates!<\/p>\n\n\n\n With these in mind, you want to make sure that you at least have:<\/p>\n\n\n\n If you can handle these issues, you\u2019ll in all likelihood see an increase in conversion rates.<\/p>\n\n\n\n Why optimizing is not enough for High-risk merchants\u2026<\/strong><\/p>\n\n\n\n We\u2019ve established what causes and what you should do when dealing with checkout abandonment, and by now you\u2019re well aware of the benefits of optimization within the world of eCommerce.<\/p>\n\n\n\n However, things can get a bit more tricky as a High-risk merchant…<\/p>\n\n\n\n You may optimize your cart and checkout processes to avoid abandonments, and this will likely lead to more sales in the long-run, however, success for a business also depends on the industry that it operates in.<\/p>\n\n\n\n As a merchant operating in a high-risk vertical, you may likely find yourself dealing with abandonments and chargebacks even more frequently than traditional eCommerce merchants, and this isn\u2019t really an optimization issue, it\u2019s an industry issue.<\/p>\n\n\n\n Don\u2019t get it twisted, optimization is crucial, but only if certain components are in place and the environment is right. So once you\u2019ve done the legwork to optimize, what\u2019s next?<\/p>\n\n\n\n If you\u2019re operating a WooCommerce<\/strong> store and experiencing any checkout abandonment or general cart experience issues, our Web Development partners WP Concierges<\/a> will guide you in the right direction.<\/p>\n","protected":false},"excerpt":{"rendered":" If you\u2019re familiar in any way with eCommerce, which considering that you\u2019re reading this you probably are, you\u2019re probably aware of the tendency for shoppers to abandon their carts, often leaving for various reasons such as shopping on competitors sites and bad reviews. Abandoned carts are common in the eCommerce world, about 70% of carts … <\/p>\n