Magento eCommerce shopping cart abandonment reduction
February 27th, 2013 by Peter Wokwicz
As consumers and retailers have spent the past decade embracing the fact that online shopping is here to stay, there have been admittedly a few kinks to work out. Hurdles that seldom confronted retailers in the brick-and-mortar world are now realities of doing business.
The issue of shopping cart abandonment continues to be a worrisome one for online retailers. Shoppers can browse a website’s catalog and add any number of items into their virtual shopping cart, but when it comes time to pull the trigger and actually complete the purchase, it’s easy for them to change course, which results in a lost sale. The industry response has been to make the checkout process as quick and easy as possible, and now Magento eCommerce shopping cart abandonment reduction efforts are leading in this simplification.
Magento and their partners recognized that every step required during the checkout process was an opportunity for shoppers to come short of completing the sale. Perhaps the page might load slowly. Or shoppers would be weary of extensive registration forms to complete. In some cases, frugal consumers simply wanted time to leave their cart unattended to do a little price-comparison shopping elsewhere. In every case, once they left the site the sale was lost.
OneStepCheckout stepped in and simplified the process, turning what was once a multi-step procedure that might require as many as six page clicks into a simple one-step process that gets shoppers through the line in a hurry via a custom extension that can be purchased for a few hundred dollars. It’s the online equivalent of stores opening more checkout lanes to keep customers from having to wait.
In addition to making the process easier and faster, online retailers have discovered other insights about consumers who shop online. Many, particularly those who are relative newcomers to the online shopping experience, are still reluctant to hand over vital credit card information. Others would prefer to shop as a guest, without being required to log-in as a registered user. And some demand the ability to live chat with a customer representative throughout the buying process, or to save items in their shopping cart while they look elsewhere on the Web at prices on similar products. Those and other concerns are addressed with Magento eCommerce shopping cart abandonment reduction extensions, which install easily and allow retailers to customize the fields that are required of customers during the checkout process.
Magento enterprise provides another cart abandonment tool by allowing a business administrator to schedule a recurring job to email customers who have abandoned their carts. The email that is sent can be easily configured through the Magento administration panel.
The end-results are consistent for retailers of all products and services: higher conversion rates, fewer abandoned shopping carts, and increased sales for retailers who have come to rely on online sales to be more than a complement to in-store purchases.