We’ve all been there: adding something to our cart on a whim with no intention of making a purchase. It’s a form of self-soothing that practically became an olympic sport during the pandemic. In fact, this non-committal window shopping habit costs online retailers $18 billion in lost sales per year.
For whatever reason, the majority of consumers adding items to their online cart won't end up making a purchase. According to the Baymard Institute, 70% of online shopping carts are abandoned. And on mobile, this number jumps even higher to an average cart abandonment rate of 86%.
Cart abandonment is a big problem for brands, especially during its holiday peak. But there’s plenty you can do to combat it and recoup lost sales.
Removing friction from your checkout process can go a long way in reducing cart abandonment rates. Sometimes high-intent shoppers bounce simply because your checkout process has too many barriers to purchase.
Do you have form fields beyond shipping and billing info, or do you require customers to make an account? Your quest for more personal information from your customers is probably creating unnecessary friction at checkout. In the Baymard study, 24% of US adults said they abandoned their cart because the website wanted them to create an account and 17% said the checkout flow was too long or complicated.
With growing security concerns, and the prevalence of contactless payments systems, consumers have come to expect a wide variety of payment options. Many retailers have begun offering multiple options, including mobile wallets, Buy Now, Pay Later, or payment integrations like Paypal Checkout and Shop Pay. Merchants implementing PayPal Checkout see a 28% increase in conversion, and according to Klarna, Buy Now, Pay Later increases conversions by 44%.
SMS gives brands an immediate and effective way to reach customers where they spend their time—and a way to friction-proof the path to purchase.
The good news? Not all who abandon their carts are a lost cause. Sometimes consumers simply forget about their cart, or just need a nudge. SMS gives brands an immediate and effective way to reach customers where they spend their time—and a way to friction-proof the path to purchase.
Sending a timely cart reminder text is an effective way to re-engage high-intent shoppers. Thanks to Wizard’s abandoned cart prompts feature, our merchants can follow up on potential sales that might otherwise be lost.
The least frictionless path to purchase? Using SMS to skip the web entirely and let your customers complete purchases without having to leave their texts. No more tedious checkouts and lost passwords, or fumbling for a credit card before their cart expires. At Wizard, we let your customers complete purchases, and even arrange a refund, all via text.