Abandoned Carts
Online shopping has steadily increased over the past few years and 2020 as you would expect has seen a greater number of shoppers preferring to use this method. In the first quarter of 2020 there was a decrease in retail sales which has increased to a rate of £2.34bn in June 2020. E-commerce sales will continue to increase as we continue through this turbulent year although it won’t top the £688.4bn from 2018.
Along with the increase in online shopping comes increased basket abandonment, there are several reasons for this that we will look at and highlight ways to stop this from happening.
The average abandoned basket is worth around £30 a month, this equates to £18bn in lost revenue every year.
These reasons can be easily rectified by the business i.e.
- Extra costs too high – decrease shipping costs
- Had to create account – offer a guest option at checkout,
- Long or complex Process – ensure your Ecommerce platform enhances customer experience.
Many of these issues are technical related and can be defined as customer interaction, customers want the process to be quick, simple, easy to understand and secure. Online security is a hot topic at the minute and having a website that is lacking will certainly drive the customers elsewhere.
Payment options are another factor for missing sales opportunities, it is quite simple to solve, offer more payment solutions and let the customer choose their preferred method. This not only applies to online shopping but is also so important when customers visit business premises.
Having the right payment platform coupled with payment options is key to ensuring you drive down your abandoned baskets. Contact us today and start “getting paid your way” with OmniPay
