“Shopping Basket Abandonment” By Srini G.
A combination of factors can lead to shopping cart abandonment on an eCommerce site. Despite the focus on online customer experience and conversion optimisation, a recent study revealed that deal seeking behaviour of potential online buyers contributed to rise in shopping cart abandonment ; the shopping cart abandonment rate reached all-time high of 72% in 2011 .
Site trust and economic uncertainty have previously been cited as two of the main reasons for a cautious approach by customers. In the last few years, marketers invested hugely in SEO, targeted email marketing campaigns, and affiliate marketing to increase traffic to their site. Furthermore checkout processes have been simplified with additional security seals, more payment methods, and a host of other conversion rate optimisation tweaks. However recent study by Forrester concluded that the top five causes of shopping cart abandonment were all price related :
- Shipping and handling costs were too high – 44%
- I was not ready to purchase the product – 41%
- I wanted to compare prices on other sites – 27%
- Product price was higher than I was willing to pay – 25%
- Just wanted to save products in my cart for later consideration – 24%
Taking these into consideration, online managers need to spend more time on refining the overall shopping experience and presenting pricing information to buyers before they add products to shopping cart. Some buyers may still abandon shopping carts as they find inconsistent product data during the shopping journey. Though shopping cart abandonment can never be completely curtailed, it can be reduced through targeted banners, enriched product data specification, product page pop ups with consistent labelling of sale price and shipping cost.
As online buyers are increasingly looking for more informed decisions, options to compare multiple products, displaying relevant search results with consistent product labelling/data will definitely help in improving customer experience and reducing shopping cart abandonment. This is where PrismaStar can really make significant impact on user experience.
Our data augmentation, data enrichment and our latest solution – Product Specification Tools – offer an enhanced user experience through 100% filled and structured product data and consistent product labelling. Site visitors will be able to make informed decisions as they don’t need to look and compare multiple websites for product specification data.