The top 6 ways to avoid cart abandonment during a recession
Published: November 17, 2022
Generally, about 15% of abandoned carts are due to payment security concerns. This is where secure payment gateways such as Billwerk+ Payments come into the picture.
The current economic recession has resulted in consumers becoming concerned about their spending. It has led to an increase in customer’s abandoned carts, either online or in-store. This has become a massive problem for small e-commerce businesses that are struggling to keep their business afloat.
Don’t worry if you are in the same boat! This piece shares the top six ways to prevent customers from abandoning carts.
1. Offer free shipping and reduce cart abandonments
As per Barilliance, 25% of customers abandon their carts due to unexpected shipping costs. Offering free shipping is one of the sure-shot ways to avoid this from happening. You can either eat up the shipping cost or offer it as a promotional strategy for a limited period. This will prevent cart abandonment and increase your sales and customer loyalty.
2. Provide multiple payment options
About one in three customers hesitate to shop online due to the fear of credit card data theft. Further, about 15% of the customers abandoned carts are due to payment security concerns.
This is where secure payment gateways come into the picture. Billwerk+ Pay provides a safe and seamless way to process payments, instilling trust in customers and encouraging them to complete the purchase. In addition to this, Billwerk+ Payments also provides multiple payment options such as credit/debit cards, net banking, e-wallets, etc.
3. Give discounts and coupons
In these challenging times, everyone loves a good bargain. Offering discounts is a great way to attract customers and encourage them to complete a purchase.
You can offer discounts in the form of coupons, which can be redeemed while making the purchase. You can also offer discounts on bulk purchases or for first-time customers.
4. Display product reviews and testimonials
Product reviews and testimonials play a crucial role in customers’ decision-making process. They help instill trust in potential customers and convince them to go ahead with the purchase and therefore reduce the abandoned carts. You will be shocked to find out that 88% of customers trust online reviews as much as recommendations from a trusted friend!
To get the most out of reviews, ensure that they are genuine and from a credible source. Further, display positive reviews and testimonials prominently on your website or online store so customers can see them easily.
5. Simplify the checkout process and reduce abandoned carts
Data shows that a complex and lengthy checkout process is one of the primary reasons for abandoned carts (Source: Barilliance). Make sure to keep the checkout process short and simple. Asking for too much information at this stage can overwhelm customers and make them second-guess their decision to buy from you.
Further, ensure that the process is smooth and there are no glitches. You can also provide the option to checkout as a guest, so customers don’t have to go through the hassle of creating an account.
Read more how to specifically reduce cart abandonment at the checkout.
6. Start a loyalty program
Starting a customer’s club as a subscription service is a way to retain customers. It helps the customer save money, get benefits and strengthens the customer experience. A small thing like letting the customers gain points on their purchases makes them feel like they benefit from buying from you – and make it more likely that they will go through with their purchase.
A high cart abandonment rate can be extremely frustrating, especially for small businesses. However, remember that it’s not the end of the world. You can develop a strategy to reduce abandoned carts. With the tips we shared above to get you started, you can experiment and see what works best for your business.
