Abandoned carts represent massive missed opportunities for ecommerce stores. When a cart is abandoned, a lead has made it all the way through the sales funnel, expressed interest in specific products, and even gotten far enough to pick out their ideal order. This makes them a high-priority lead to focus on since they are as qualified as it gets and just need a little push to make their purchase in many cases.
There are a number of ways to reduce abandoned carts, some taking place before the consumer puts the cart together and others taking place after. By attacking all points of intervention, businesses can convert their ripest leads.
Our strategies to reduce abandoned carts include:
- Enable guest checkout
- Offer free shipping
- Use exit-intent popups
- Offer multiple payment solutions
Let’s dive into each and discuss how to implement them.
Enable Guest Checkout
While creating an account can give a consumer access to autofill payment options, one-click payment, rewards, and other benefits, some don’t want to create an account to make a one-off purchase. This can be an obstacle if an online store doesn’t offer guest checkout, leading consumers to seek similar products elsewhere.
In order to “widen the net” with which ecommerce stores capture leads, guest checkout is vital. It ensures that no matter what checkout experience a customer is looking for, the site in question can offer it. This allows users with hesitation to give their contact information or ones that simply don’t have the time to make an account, to purchase however they’d like.
Offer Free Shipping
Amazon’s massive popularity has set quite a few industry standards, and one of the most prevalent is free shipping. While smaller retailers can’t always afford to offer free shipping on every order, it is important to at least offer free shipping for orders that meet or exceed the average order value (AOV) of their customer base. This ensures that the majority of consumers can get free shipping, reducing their overall costs.
This is why many stores will have a banner at the top of their site that says, “Free shipping on orders over $X.” Not only is offering free shipping important but advertising it is as well. If customers don’t know that they are getting free shipping, there is a greater chance they will leave the site and seek a better deal elsewhere.
Use Exit-Intent Popups
Exit-intent popups are popups shown to leads that seem as though they are going to leave a website. These are often triggered when a consumer has been sitting on a page with a cart open without clicking anything for a while.
They typically include one of the following:
- A free shipping offer
- A discount offer
- A promo product offer
These are meant to entice leads back onto the site and give them a reason to follow through with their purchase. By using exit-intent popups, businesses can give consumers the little nudge they may need to push the buy button.
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Offer Multiple Payment Solutions
For many consumers, the obstacle of a hefty price tag can be easily overcome by access to different payment solutions. There are a few payment solutions that all businesses should offer their customers to ensure they reduce abandoned carts as often as possible. These include:
- Consumer financing
PayPal and Crypto give consumers a way to pay for their purchase without having to risk giving their credit card information to a website they haven’t shopped with before. Consumer financing does even more for customers, allowing them to split their bill into multiple payments. These payments are often interest-free if they are paid in four-or-fewer payments, and some stores even offer credit cards that can give consumers rewards for coming back to shop again.
For businesses looking to reduce abandoned carts, improve conversion rates, and implement flexible financing, the easiest way is by partnering with a cutting-edge fintech.
Luckily, Skeps offers a platform connecting merchants with lenders to give consumers these flexible payment options and much more.
Reduce Abandoned Carts With Skeps
Skeps offers a comprehensive, end-to-end consumer financing platform that helps businesses modernize their entire payment process. We go above and beyond one-click payment, also offering a one-click application process for several different types of consumer financing, including:
- Installment financing
- Store credit cards
- Consumer loans and leases
If you’re looking to partner with a forward-thinking fintech company that will keep consumers' eyes on the purchase while offering best-in-class financing, Skeps is the perfect fit.