Shopping cart abandonment is one of the challenges that Singapore e-commerce companies struggle with on a daily basis. To address a high abandonment rate, you need to first recognize and track the number of customers who order your product by leave without completing the checkout process. Reputation, return policy, the prices, and reputation is some of the plausible reasons why the customers failed to finalize the purchase.
Here are simple shopping cart abandonment prevention tactics that you can start implementing today.
Understand that Customers are Price Sensitive
The price tag on your products could be the main reason why customers failed to finalize the purchase. You can reduce the abandonment rate by revising your prices. This does not mean that you should start dishing out the product at low prices. Instead, you should strive to make a healthy profit from every sale.
In some instances, the initial price may be within the customer’s budget, but the added charges could turn them away. Your goal, especially during the holiday season, is to price your products competitively to not only make a profit but also retain and attract new clients.
Secure the Checkout Process
Millions of people have lost thousands of dollars through credit card fraud. Securing the checkout process will help you to win the trust and confidence of customers. You are responsible for all the personal information that the customers provide when making purchases on your e-commerce store. Therefore, you need to put in place robust firewalls on your site to ensure that each transaction is done safely.
The first step to securing the checkout process is to make sure that your site runs on an HTTPS connection. Other companies that can help you secure the process include:
- MasterCard Secure Code
- Verified by Visa
- VeriSign Secured
Enable Customers to Make Purchase without Necessarily Creating a Profile First
Prompting customers to create a profile before making a purchase will help you to track their behavior on the site. You can also use the information they provide for email marketing strategies. However, you should not be forcing prospective clients to create a user profile before purchasing a product.
Here are two reasons why you should avoid making creating a profile a mandatory step.
- It is an extra step- the clients are in a hurry and want to complete the procedure quickly
- The customers may have a fear of getting unwanted text messages and emails
Based on these facts, you should consider creating a guest checkout option on your website for customers who do not have time to create a profile. This simple move will ensure that returning customers who have a profile can sign in to their accounts and new clients who do not have an account can also shop without creating one first. Either way, your business will profit.
Make the first step to lowering checkout abandonment rate by implementing these three strategies. You might need to retrain your personnel to ensure that these processes bear the expected results.