Written by Athar Ali – February 2023
To improve conversion rates on an eCommerce site, businesses should regularly track several key metrics. One of the most crucial metrics to monitor is cart abandonment. In simple terms, cart abandonment occurs when a potential customer visits an eCommerce website, adds a product to their virtual shopping cart, but then leaves the site without completing the payment process. The rate at which this happens is measured as the cart abandonment rate.
This means that if an eCommerce brand had 100 completed purchases in March, but 1000 product carts were created during the same time period, their cart abandonment rate would be 90%.
The cart conversion rate is an important indicator for the product team and the business as a whole. It helps them understand their customers’ needs, make relevant changes to the platform, and improve the shopping experience. By doing so, they can create a positive impact on revenue and brand growth.
The current average cart abandonment rate for eCommerce stores is estimated to be around 70% on desktop, and 86% on mobile. This high rate has a significant impact on eCommerce businesses’ finances leading to lost revenue, decreased profits, and lower customer lifetime value.
According to reports, the damage to eCommerce companies around the world is approximately $18 billion per year. The bottom line of enterprises may be significantly impacted by this missed revenue, which could lead to lower earnings. Many eCommerce brands need help with reducing cart abandonment rates due to the lack of an effective strategy. Creating a plan to reduce abandonment can be overwhelming, leaving businesses unsure of where to begin
Usually, any customer buying journey goes through five stages and there are some possible Image optimisation opportunities that can help in reducing the cart abandonment rate.
The old saying “A picture is worth a thousand words” stands true in the realm of eCommerce. Neuroscientists from MIT have found that it takes 13 milliseconds for the human brain to process the entire image. This highlights the importance for eCommerce brands to establish customer trust, appeal to their desires, and enable them to envision the perceived quality and value of a product before committing to a purchase.
Images are a critical aspect of website performance, but unoptimised images can contribute to slow load times and increased bounce rates. On average, unoptimised images can make up 75% of a webpage’s total weight, causing website visitors to lose patience and abandon the site. Therefore, optimising images is crucial to improve user experience and minimise website friction, ultimately leading to increased engagement and higher conversion rates.
Better Images by Frame is a powerful tool that automatically analyses and generates high-quality product images to help e-commerce businesses increase their conversion rates and boost sales. The tool evaluates your current product images and assigns a score based on their potential impact on sales. It then generates improved images that are more visually appealing and informative, resulting in higher conversion rates and increased revenue.
Connects with your Shopify, Woo-Commerce, or your own custom solution
Analyses your product images scoring them 0-100 based on our sales algorithm
Provides better images based on our image generation techniques. This will help you sell more and rank your images higher on SEO
Monitors monthly performance to suggest improvements and benchmarks vs your competitors
After conducting research, our in-house data scientist, Dr. William Carter, developed six strategies to enhance image performance and improve cart conversion rates.
We have the following case studies demonstrating the potential benefits of using Better Images by Frame for improving product images and increasing conversion rates leading to a reduction in the cart abandonment ratio.
The tool appears to be effective in identifying weaknesses in existing product images and generating new ones that are more likely to appeal to customers. These case studies also highlight the importance of product images in driving e-commerce performance and the need for continuous testing and optimisation.
In conclusion, reducing cart abandonment rates is critical for the success of any eCommerce store. Better Images by Frame is a technology solution/tool that can be integrated into your eCommerce operations to achieve your goal of providing high-quality and optimised product images that improve SEO. Using computer vision and data-driven approaches, Better Images can detect weaknesses in existing product images and generate new ones that have both quantitative and qualitative value. By improving image performance, e-commerce businesses can boost their sales metrics and conversion metrics, leading to increased reduced cart abandonment and higher revenues.
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