Cart abandonment can be very harmful for e-merchants revenues. Find out the 10 key metrics to track & analyse to reduce it.
“The typical shopping cart abandonment rate for online retailers varies between 60% and 80%, with an average of 67.91%. It is claimed that the best optimised checkout process has an abandonment rate of 20%.”
The point is to find out when your customer abandons, either after adding an item to the cart or after starting checkout. Understanding the reasons behind this churn and the impact on your business will be key to improving your performance. Here are the main metrics you should track:
1 . Abandoned order value
A customer includes items to a basket and then they leave. Have you ever wondered what was the total amount you did not get out of that interaction? It might be that you have a small number of clients abandoning a high value baskets or vice versa. Understanding the average abandoned value gives you the full picture of the real impact of abandonment on your business.
2 . Time to checkout
The less time it takes customers to buy, the happier they are with the experience. Understanding how long the average customer takes to buy will help you find methods to decrease this time. For instance, recurring payments and the subscription economy offer a great experience in which customers can introduce their payment information just once and give their consent to be debited every time they use the product or service.
3 . Customer journey
The number of sessions it takes a customer to complete a purchase can indicate how well you are converting customers. Understanding how many times a user is likely to come back can help you reduce the friction. For instance, it can be that the user visits you five times before deciding to purchase. Maybe you can make this cycle shorter by offering the information that they are looking for in advance.
4 . Load times
The speed of your checkout process has a direct impact on your cart abandonment rate. The faster the load times are, the more likely customers will finish the process and will trust the payment provider.
5 . Abandonment rate over time
The checkout abandonment rate over a period of time (yearly, monthly, weekly, etc.) is extremely valuable for identifying trends and understanding how checkout abandonment has affected you over time.
6 . Checkout monitoring
Keeping an eye at a specific point in time will help you to identify issues and problems. Meaning it will be good to have a monthly, quarterly or yearly report, but monitoring at a random time will also give relevant insights into specific issues
7 . Device usage
Each device will have a responsive checkout experience: mobile, web, tablet, software versions. Tracking cart abandonment based on device type can help you identify problems across devices or specific to a device checkout.
8 . Traffic source
Monitoring traffic and behaviour of the traffic you receive on your website is key for marketing/sales as well as to understand the conversion. Understanding also the source: email, search, social, organic. paid search, referral, display, etc., will provide information on how users were directed to your website and can give you insights about the persona that is abandoning the checkout.
9 . Forms and required info
Required form fields for checkout impacts how long it takes to complete the payment and users normally find it very annoying. Be sure the mandatory fields you are requesting are absolutely needed for your activity and make it easy for the customer.
10 . Payment methods
Another thing that might cause users abandoning the process is the moment they arrive to pay and they don’t find the payment method they are used to. Understanding your industry, business model and payment trends will give you an idea of what are the payment methods you should offer during the checkout. But normally, you should cover the basics: direct debit, card and wallets.
Reduce your cart abandonment rate thanks to SlimPay
That being said, the whole idea is that you must put customers at the core of your business; even when we talk about payments, offering a great payment experience is key to getting a better sales conversion and a lower cart abandonment rate. At SlimPay, we can offer you:
- The most adapted payment mix
Offering a wide range of payment options is always advantageous. If you can offer the combination of card and direct debits during the same flow, you will crack the payment experience on the Checkout.
- Diversify user cases
From pay as you go to payment plans; from small to big amounts; via card or via direct debit — we cover a wide range of user cases for your business models.
- Monitor payments
Not only the payment is important, but also the post-payment experience. A must-do is monitoring all activities in real time to make sure there are no issues. On top of that, having all data in just one Dashboard will be more efficient for your company.
Interested in reducing your cart abandonment rate?