Shopping cart abandonment refers to any time a user begins the checkout process on your site but fails to complete the transaction. Data shows that average shopping cart abandonment rates are nearing 72%—meaning over 7 in 10 people on an e-commerce platform won’t finalize their online shopping transactions. For retailers, this amounts to billions of dollars in lost prospective revenue each year.
Fortunately, there are a few tactics you can implement to reduce your company’s shopping cart abandonment rates, successfully grow your client base, simplify the shopping experience, and nail your business’s targeted sales. One of the most effective tools in this endeavor is Global Address Complete.
Why Shopping Cart Abandonment Matters
You can calculate your business’s shopping cart abandonment rate by dividing the total number of initiated transactions by the number of completed transactions during any given period in your sales cycle. If this number is around or higher than the national average, you should begin to brainstorm a remediation plan to help regain sales. Why? Shopping cart abandonment can serve as a sign of:
- Poor user experience
- Minimized sales performance
- Unclear or untrustworthy site experience
The good news is that there are many ways to counteract excessive shopping cart abandonment rates. Below, we’ll explore how Global Address Complete can play a pivotal role in reducing these rates by up to 20%.
How Global Address Complete Reduces Shopping Cart Abandonment in 4 Steps
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Streamline the Checkout Process
One of the simplest ways to reduce your shopping cart abandonment rates is by simplifying the checkout process for your user. Global Address Complete provides type-down options where a user’s address is auto-filled with the correct information as they begin to type out their address. This cuts down on the time required to checkout and helps ensure the accuracy of their data.
Additionally, minimizing the number of fields required to make a purchase—such as omitting unnecessary titles like “Ms.” or “Mr.”—can further streamline the process, reducing friction and improving user experience.
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Create a Trustworthy Experience
Consumers are hesitant to share their personal information with new sites or brands that they’re unfamiliar with. To help build a more trustworthy experience, consider incorporating the following information into your checkout page and site at large:
- Testimonials from former clients, including reviews and ratings
- Clear contact information or customer service
- Transparent policies on pricing, returns, and deliveries
By using Global Address Complete to ensure that addresses are accurate and up to date, you can further reassure customers that their deliveries will be handled professionally, increasing their trust in your site.
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Fix Any Technical Issues
Any technical issues present on a business’s site can have a significant impact on the user experience—particularly the checkout process. You are likely to drive abandonment when any portion of the checkout process is slow to load, confusing, or loading improperly.
Conduct a quick tech audit to identify if there are any errors or page speed complications present. Global Address Complete helps by reducing input errors and ensuring that the checkout process is smooth and efficient, thereby improving the overall user experience.
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Engage in Re-Marketing Campaigns
It is virtually impossible to reduce shopping cart abandonment rates to 0%. However, retargeting customers is an excellent way to send a friendly reminder to customers that their items are still waiting for them in their cart. Email validation and phone validation solutions integrated with Global Address Complete ensure you have the correct contact information on hand, which is essential for any successful retargeting campaign.
How Service Objects Can Help
When running an e-commerce business, data is the key to success. Service Objects’ Global Address Complete provides reliable data that enhances user experience and helps reduce shopping cart abandonment rates. By auto-filling accurate address information, reducing form fields, and ensuring a smooth checkout process, Global Address Complete can decrease cart abandonment by up to 20%, leading to increased sales and a more satisfied customer base.
Explore how our data validation solutions can help you navigate shopping cart abandonment rates along with other common data-related issues. Contact our friendly data quality experts for a free consultation about your specific business needs.
