Building a solid sales funnel for your business is probably one of the toughest responsibilities in the life of an eCommerce Manager. Naturally, people attend the problems that seem the biggest in quantity and quality, although very often we might overlook the less popular problems that might cause the biggest damage. In this article, we would like to address abandoned products and carts, one of the most considerable lost potential revenues.
How big is the problem of abandoned products and carts? Statistics show that 75.8% of retail shoppers abandon purchases after adding their items to the cart. Imagine what would happen if you would focus on at least half of those and retarget them. But why do customers abandon their products and carts? Here is a list of the most important reasons shoppers abandon their journey, ranked from the most important to 5th:
1. High disincentivizing shipping costs
Online shoppers face no barriers of access towards competitors so their price sensitivity towards shipping costs is higher than ever.
2. Customers are not ready to purchase
Sometimes customers are just not convinced enough that they want to make the purchase.
3. Customers are forced to create an account
34% of shoppers abandon checkout because of this reason.
4. High product prices
Numbers add up and some people might not like it.
5. Customers wanted to save products for later consideration
Customers sometimes take advantage of the cache memory.
So now you know how big of a problem this is and what are the causes. What now?
ClaroBI's reporting of abandoned products & carts feature helps you contextualize how these problems reflect on your business. ClaroBI provides real-time empirical data about your customer's behavior and provides valuable insights about their shopping behavior. You can find out what items are abandoned most frequent so you can understand where are the weak points of your shop. The Abandonment Rate feature acts as an instant KPI to track and monitor the success of your sales funnel. You can track the evolution of abandoned carts to track progress and use real-time feedback so that you can design the perfect user experience that reduces abandonment rates. It also tells you exactly how much-abandoned revenues there is so you can have a clear picture of the opportunity you miss.
All in all, ClaroBI is perfect to study the phenomenon of abandoned carts and products, understand it, and then take action to mitigate losses.