An abandoned cart is an event that occurs when a customer adds a set of items to their online shopping cart but exits your Shopify store/ online e-commerce store without completing the purchase.
Collectively in addition to hidden additional costs, compulsory account creation, complicated checkout process and trust issues with the payment options there are various other factors that can increase the abandoned cart rate leading to loss of business and a lower rate of profit generation for your store.
Now before you start resolving these issues, you may wish to know the rate of abandoned carts of your online store. If your store is hosted on an eCommerce platform like Shopify, then you have the built-in analytics dashboard to obtain this information, learn more about your customer cart and purchase behavior.
Get our best content on eCommerce and backend operations to optimize your distribution business for profitability in your inbox one time a week.
pro tip: Use vizB analytics to know more than just the abandoned cart rate, like which products do your customers come back for, or learn about abandoned cart emails and target the right customers with promotions to boost your sales.
Benefits that Analytics brings and how does it help in reducing Abandoned cart rate
Analytics allows you to obtain relevant information that will help track your eCommerce store’s activity and analyze your store’s transactions while empowering you to make strong strategic decisions thereby helping you build your store as one of the most trusted and most engaged stores out there.
Analytics will definitely help you in understanding your customer’s purchase behavior and how they interact with your online Shopify store’s contents. Analytics can help you make decisions to improve the shopper interface, market your product catalog better online and upsell to your loyal customers, or create product bundles and special promotions to increase the average order value of your store.
vizB Analytics will provide your team the right information required to upsell products and to reduce customer abandoned cart rate, reports contain the customer information and the products added to the customer cart allowing you to generate targeted emails and promotions to improve the average order rate, furthermore vizB also observes the products recovered hence allowing you to make strategies to reduce abandoned cart rate.
You use abandoned cart reports to grow your business by recognizing the customers with abandoned carts and sending an eCommerce-focused email to boost conversions with the least amount of time to identify the products within the carts.
With vizB, you can track your abandonment cart rates on a timestamp to identify when in the past did your customers generate incomplete purchases thereby helping you identify issues within your sales pipeline or online store transactions.
Beginner tips to reduce Abandoned cart rates:
Remove the hidden costs
If a product costs $ 50 and during the purchase event you disclose the tax to be $ 20 it is unlikely for a customer to make that purchase causing the cart to be abandoned, instead you can describe the cost breakdown before the product is added thereby retaining the customer’s trust. Also adding tax later will lead to breaking their trust. As an alternative, reducing shipping and tax cost-based abandonment is to display the full price to your consumer, and describe the cost breakdowns before they get to the Shopping Cart.
Simpler checkout page
Design your checkout page to be as simple as possible, avoid displaying non-beneficial promotions, and over complicating the user experience which often leads to distracting the customer from completing the purchase.
Compulsory customer account
Avoid forcing your users to make user accounts as an alternative to allow your customers to make guest purchases. However, instead of forcing your consumers to make an account, you can give them a reason to create an account, such as a 5% promotional discount or free gift(stickers maybe).
What other analytics does vizB provide?
vizB Analytics focuses on making your business data-driven hence generates information/ knowledge that you can use to make more informed decisions for your online Shopify store. vizB uses state of the art techniques to provide analytics on Sales and transactions, Customer lifetime and customer segmentation/ categorization, product demand and discounted price suggestion, forecasting, and a lot more.
High abandoned cart rates simply mean loss of business and customer dissatisfaction hence it is important to always be informed about the number of abandoned carts generated and the issues that cause customers to not proceed with their purchase.
Now with vizB you can monitor the abandoned carts and focus on keeping the abandoned cart rate below average/ low, additionally, you can analyze customers’ behavior patterns and many other advanced analytical reports.