We welcome Scott Fitzgerald, SVP of Marketing at BlueSnap, who has shared this insightful guest post with us.
Site traffic is up, but sales aren’t – But why? Is it checkout abandonment? Is it cart abandonment? Time to start managing [all aspects of] abandonment. But what’s the difference between shopping cart abandonment vs. checkout abandonment? Let’s take a look.
Shopping cart abandonment
Shopping cart abandonment programs focus on the actions you can take to keep someone on your site and, if not, lure them back. The best systems apply advanced personalization to truly understand who your shopper is, what had interested them and where best to reach them. In other words, shopping cart abandonment systems work hard to find that magic combination of offers and messages to push your shopper over the mental hurdle to make that purchase decision. When these systems work their magic, they re-engage your shoppers’ enthusiasm for your product or service and get them ready to click buy.
Remarketing, remarketing, remarketing. Say it with me now! When you are remarking to an abandoned shopper, brag about the ease of checkout. No customer wants to spend the time navigating through 5 different pages of checkout just to get a single item. You have removed the friction and made it easy – with great terms, and lots of payment options. Let them envision the checkout process, fantasize about it, and buy from your site when they are ready.
If a user does attempt to abandon your site before purchasing, connect with that visitor in real-time by engaging them with targeted messaging in an email. Remind them of what they are interested in, and why they were on your site in the first place. If that customer was close to the finish line, why not send them their cart contents via email with a big “Buy Now” button to make it easy and frictionless for them to check out? Thinking about what you can do to get customers converted is key to any cart abandonment strategy.
Enter checkout abandonment
Understanding checkout abandonment involves a close look at what can go wrong after that purchase decision is reached. But – let’s be clear (alarm bells should be going off for you) – YOUR SHOPPER WANTS YOUR PRODUCT – they are ready to buy. But something in the checkout process is scaring them off (or, as we will discuss is closing them off) from completing the purchase.
To start, checkout abandonment is broken down into three parts: friction, confidence, and payments.
– Too many steps/fields – Do shoppers really need to enter their address multiple times to make a purchase?
– Displaying local currency – Your shopper wants to know what they are really paying
– Limited payment choices – (i.e. wallets or alternative payment types aren’t available).
– Local language – If shoppers can’t read your page, adios!
– Security logos and badges
– No coupons – Many shoppers won’t buy without them.
– Acquiring banks – Connections to multiple banks is key to higher conversions. If you are connected to only one bank, international transactions are less likely to be approved.
– Retries & failovers –With multiple connections to acquiring banks you can see an uplift of 3% with failovers for 1st time transactions
– Aggressive fraud rules – Make sure you proactively manage fraud rules and are staying current with the latest fraud patterns so you can avoid false positives.
– Currency mismatch – Processing transactions in local currency can increase conversions up to 10%.
– Large transaction amounts – By breaking up large payments into monthly or quarterly transactions as opposed to yearly transactions, you can decrease the chance that the payment triggers a fraud alert
Taking all of these into account will help you build a great checkout experience, but what if your customers are abandoning before they even get there? This is why you need to consider cart abandonment as well (because a great checkout can’t always do the job [unfortunately]).
If you want to learn more about the nuances of shopping cart abandonment and checkout abandonment, come to our webinar on July 12th. We have teamed up with Abandonaid to give you tips on how to better convert shoppers to buyers. Don’t miss it – register here: http://go.bluesnap.com/abandonaid-webinar
Scott Fitzgerald is the SVP of Marketing at BlueSnap. Scott has a strong background with a blend of marketing, sales and general management experience in payments and enterprise technology. At BlueSnap, Scott makes it his mission to help eCommerce merchants turn more shoppers into buyers by using our Powered Buy Platform. BlueSnap’s Powered Buy Platform fuels the growth for businesses eager to serve the global consumer and take advantage of the incremental sales opportunities that they represent.