When it comes to online shopping, the UK wears the crown. More than a third of the British population buys something online at least weekly – yet almost three-quarters of customers tend to abandon their baskets before checking out. Why?
Basket abandonment can be perplexing for merchants. There isn’t always a clear-cut answer as to why online shoppers decide not to proceed with their order. The reality is that many factors can be at play when someone decides to abandon their cart before checking out. But here are four top factors to consider when it comes to cart abandonment.
1. Savvy Shoppers
Savvy shoppers like to compare prices before taking the plunge with payment. Some consumers abandon their baskets simply to see if they can get what they want for less elsewhere. Easy-price shopping is one of the perks of the online world and a major reason why pay-later shopping carts have increased in popularity.
If a customer can’t find what they’re looking for at a reasonable price elsewhere (or they can, but aren’t satisfied with some other part of the shopping experience) they may well come back – so this isn’t necessarily a deal-breaker.
2. Parting with Pennies
In the same vein, shoppers might add items to their cart and then at the checkout decide that what they’ve picked out isn’t worth parting with their precious pennies for. It may be that they leave the transaction for when funds allow, or that they forgo the purchase altogether.
By giving buyers the option to pay for purchases with interest free credit, more customers are convinced to part with their cash. After all, nobody likes being kept awake by money worries! DivideBuy’s interest free credit solution integrates easily with your website to provide fast and secure credit decisions for customers who need to spread the cost of their shopping.
3. High Shipping Costs
Online shopping = delivery fees. If customers feel your postage charges are too high, they may abandon their cart before checking out. Economical flat rate shipping can be ideal for shoppers placing a large order, but may be too steep for someone who’s just buying something small.
Consumers often search online for free shipping codes before ordering, and abandon their basket in the meantime. Some may wait until a free or discounted delivery code is released before placing their order. Giving customers the option to spread the total cost of an order (including the delivery fee) reduces cart abandonment. Many POS finance providers don’t allow shipping costs to be included in their credit agreement – but you can do with this DivideBuy.
4. Complex Order Process
If a customer wants to place an order, forcing them to complete a complex registration process before they can check out creates a barrier to those all-important sales. A complex registration process is often a source of frustration for shoppers who just want you to take their money!
To stop your shoppers from abandoning their baskets while creating an account, the simplest solution is to give them the option to choose a password at the end of their purchase – registering their account for future use in a single, simple step.
The online retail world is ripe with opportunities for merchants who can offer a seamless customer journey.
DivideBuy gives shoppers more control over their purchases, helping our retail partners reduce cart abandonment rate by an average of 15%. For a fifteen minute demo of our finance solution, book a slot with us today.