Top 4 reasons for cart abandonment – with easy tips to solve

04 November 2021

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You’ve got your shopper to the purchase stage. They’ve clicked the Buy Now button.

Your shoppers can go two ways from here – follow through with the purchase of their selected goods and proceed through your checkout. Alternatively, they can opt-out from the sale.

There’s lots you can do to significantly reduce cart abandonments and maximise conversions, and we’re going to show you how.

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Cart abandon rates

eCommerce makes it so easy for consumers to browse, conduct research, compare prices and products, and explore options. There will always be lost sales at the checkout and the reasons may not necessarily be a problem with your website, products or business.

But what if they are?

In March 2020, 88.05% of online shopping carts were abandoned, that is, not converted into a purchase. Check for the statistics for cart abandonment worldwide in your industry.

Let’s have a look at the top four reasons for cart abandonment and how your business can overcome them:

Ikea's  2019 Campaign

Get ready for your returned shoppers

It’s not all bad news – in 2020, a third of UK shoppers that abandoned carts came back to finalise their transactions. This highlights the power of the abandoned cart email or a retargeting digital campaign.

This is the time to acknowledge they have returned and welcome them back with open arms.

Flash a free delivery offer – or a discount code voucher. Add a time limit on the coupon to bring a sense of urgency and keep their focus on finalising the purchase. This could just be the nudge they need to get them to buy.

Woo them with customer service – provide clear ways for them to contact you in the case their original reason for cart abandonment is still an issue. Email contact details, FAQs or providing a live chat gives them the opportunity to ask questions to clear up any issues.

Offer a range of payment finance options for your audience. With credit card issues down 10% since the COVID-19 pandemic, what happens when your customer does not have enough money available for their shopping?

What about finance that allows the customers to discover their shopping budget early on in the journey?

etika was one of the first finance platforms that allows customers to perform a soft credit check to let them know what they can borrow upfront to avoid the drop-offs that come with credit declines. Our technology provides their budget early in the journey, so they can browse and shop with confidence.

What is a soft credit check?

A soft credit check does not leave a mark on the customers’ credit file. It allows them to find out how much they can spend early in their shopping journey. Only customers who complete a full application after the soft search check, will have a hard search on their credit file.

Our unique lending technology delivers flexible, affordable finance fitting for you and your customers. A popular option of etika’s bespoke finance products is the customisation of our finance with your brand colours, for a seamless, consistent experience throughout the payment authorisation process.

There are so many ways you can use etika’s bespoke finance for your online shop to save your cart abandonment rates and maximise your sales conversion. Talk to us about fair finance that fits on 0800 028 9321 or contact us here.

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