So here’s the frustrating thing. Let’s say a customer obviously has an intent to buy. He or she arrives at the site, spends time browsing through a range of products and then begins to add items to the shopping cart. A conversion is clearly imminent. And then….
The customer vanishes. The virtual cart remains stacked with products but it sits unwanted and abandoned. At some stage – somewhere between selecting items and clicking on the ‘confirm purchase’ button, the customer has quietly decided not to convert.
According to research company Baymard Institute, out of every 100 customers who put items in a cart, around 67 will ultimately leave the site without making a purchase. As such, the shopping cart abandonment syndrome is not only a huge frustration, it also represents a significant loss of revenue.
But if this is a frustration it is also an opportunity.
As an online business you might be spending thousands or hundreds of thousands on online advertising and marketing campaigns aimed at bringing people to your site. It’s a numbers game. Attract 1,000 people a day and if you have a 2% conversion rate you make 20 sales. Attract 100,000 and you make 2,000. It is, therefore, a simple equation. Grow the visitor numbers and if you keep the conversion rates steady, you grow sales. So you spend to grow your visitors. Continue reading