5 Ways Businesses Leverage eCommerce Software to Lower Their Shopping Cart Abandonment
The rise of eCommerce has created a new era of shopping. Gone are the days when people had to physically visit stores to make a purchase. Now, with just a few clicks, consumers can order products online and have them delivered to their doorstep. This has created a unique opportunity for businesses to expand their customer base and increase their revenue. However, with the rise of online shopping, the issue of shopping cart abandonment has become a concern for eCommerce businesses.
Shopping cart abandonment is a major problem for ecommerce businesses. Based on research conducted by the Baymard Institute, the average shopping cart abandonment rate is 69%. The study analysed 48 different shopping cart abandonment studies, which showed abandonment rates ranging from 56% to 81%. For businesses, this represents a significant loss in potential revenue.
How Businesses Utilise eCommerce Software to Reduce Shopping Cart Abandonment
Many businesses use eCommerce software to help reduce cart abandonment rates by providing a better customer experience, simplifying the checkout process, and streamlining operations. According to Future Market Insights, the worldwide eCommerce software and platform market is estimated to be valued at $3.81 billion in 2022, with a projected 12.5% CAGR to reach a market size of $12.37 billion by 2032. Meanwhile, the UK eCommerce market is estimated to be worth $166.7 billion in 2023, Increasing from $144.1 Billion in 2022 according to reports from Statista
Below are the five ways businesses leverage eCommerce software to lower their shopping cart abandonment rates and increase their eCommerce sales.
Streamlining the Checkout Process
One of the most common reasons for shopping cart abandonment is a complicated or lengthy checkout process. Customers often lose patience if they need to enter their personal information multiple times or navigate through several pages to complete a purchase.
eCommerce management software like Shopify, BigCommerce, and Magento provide businesses with numerous tools to simplify the checkout process. These tools include one-click checkout options, guest checkout, and the ability to save customer information for future purchases. By providing a streamlined checkout process, businesses can increase the chances of customers completing their purchases and reduce cart abandonment rates.
Offering Multiple Payment Options with POS Software
Another common reason for shopping cart abandonment is limited payment options. Customers may abandon their cart if they cannot pay using their preferred method. eCommerce businesses can offer multiple payment options with POS software examples. Best POS software like Square, Lightspeed, and Vend accepts various payment options, including credit cards, debit cards, and digital wallets. By providing POS software with multiple payment options, businesses can cater to a wider range of customers and increase the chances of completing a sale.
Providing Real-Time Inventory Management with eCommerce Merchant Software Solutions
Another common reason for shopping cart abandonment is when customers discover that the item they want is out of stock. This can be particularly frustrating if customers have already added the item to their cart and navigated through the checkout process. To reduce cart abandonment rates, eCommerce businesses can provide real-time inventory management with eCommerce merchant tools.
eCommerce merchant software solutions like ShipStation, Ordoro, and SellerCloud allow companies to manage their inventory in real time. This means that customers can only add items to their cart if they are actually in stock. By providing real-time inventory management, businesses can reduce the chances of customers abandoning their carts due to out-of-stock items.
Personalising the Customer Experience with the Best eCommerce Software
Customers are more likely to complete a purchase if they feel valued and appreciated. One way to do this is by personalising the customer experience with the best eCommerce software. Personalisation can take many forms, including personalised recommendations, customised product suggestions, and personalised messaging.
Best eCommerce software like Klaviyo, Mailchimp, and Salesforce allows businesses to personalise the customer experience. These tools allow businesses to send targeted emails, personalise product recommendations, and customise messaging based on customer behaviour. By personalising the customer experience, companies can increase customer loyalty, rank higher in Google, reduce cart abandonment rates, and drive more revenue.
Offering Incentives and Discounts with eCommerce Software Examples
Businesses can reduce cart abandonment rates by offering incentives and discounts with eCommerce software. Customers are more likely to complete a purchase if they feel they are getting a good deal or saving money. By offering incentives and discounts, businesses can encourage customers to complete their purchases and reduce cart abandonment rates.
eCommerce software examples like WooCommerce, PrestaShop, and OpenCart allow businesses to create discounts for specific products, offer free shipping, or provide a percentage off the total purchase price.
Lower Cart Abandonment with Robust eCommerce Solutions
Reducing shopping cart abandonment is a top priority for eCommerce businesses, and leveraging eCommerce software is essential to achieving this goal. By using the best eCommerce platforms businesses can optimise their sales funnel and create a seamless shopping experience for their customers.
Implementing these strategies can help businesses increase their revenue, improve customer satisfaction, and build a successful eCommerce brand. With the right tools and strategies in place, businesses can minimise shopping cart abandonment and drive long-term success in the ever-growing world of eCommerce.