Useful Solutions to Prevent Cart Abandonment
Editor’s note: Cart abandonment is one of the most disturbing problems for online merchants and the most complex one. Its solution is based on numerous practical experiments and at the same time requires substantive analysis and statistics to be successfully resolved. In this article we’ll highlight some modules you can use to reduce cart abandonment in Magento-based stores.
Abandonment rate constantly increases. The aggregated data from several sources shows the following trend:
Source: Baymard Institute
As you see, for seven years abandonment rate increased by 11.47% and seems to continue growing. Average abandonment rate really disappoints when you get the insight that customers abandon nearly four of the five shopping carts.
According to statistics customers mostly abandon their carts due to price issues (see the diagram above). Almost all of these issues are aside from the particular ecommerce software functionality and depend on specific pricing policy of every single online store.
However, aheadWorks offers some effective solutions for Magento-based stores which will mitigate customers’ perception of price and prevent them from abandonment.
The Group Deals extension allows you to organize collective purchases by offering products at significantly lower prices. Furthermore, group deals will naturally attract many prospects to your store as customers will recommend certain deals to their friends.
Subscriptions and Recurring Payments
The Subscriptions and Recurring Payments extension is especially valuable for those customers who purchase on a recurring basis. Subscriptions can be sold at lower prices than one-off items.
Points & Rewards, Refer a Friend
The mentioned modules allow you to reward customers for certain useful activities or purchases in you store and convert them into your ambassadors and regular shoppers. The prices in your store can be lower for them and, thus, much more attractive in comparison to your competitors.
One more very interesting thing is that customers often save items in their carts and abandon them with the purpose to come back later.
Here comes the second stage of cart abandonment prevention. Want to succeed on that stage? Stay in touch with your customers! Retargeting advertisements and follow up emails are the main and experimentally confirmed solutions on this stage.
The Follow Up Email extension generates and sends automated notifications to your customers via email. The functionality of this module allows carrying out various follow up activities and is ideal for abandoned carts renewal. Just imagine that you can:
- Allow customers to restore their carts with one click from the link inserted in the email;
- Allow customers restore their sessions;
- Automatically generate and send coupons to customers;
- Use flexible rules and send numerous follow ups based on specific criteria;
- Track links with abandoned cart recovery statistics.
Generally speaking, all our extensions are aimed to reduce abandonment rate as they improve one or another stage of the online shopping process. Before or after the abandonment, our extensions positively influence customers’ perception of your store, increase loyalty and, finally, reduce abandonment rates.