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Shopping cart abandonment in e-commerce - Top Reasons & Tools to improve

Elza

April 1, 2023

Min read

Shopping cart abandonment is a recurring challenge at every online store. Data suggests this varies between 60% to 95%, depending on the country, device, category, and brand. The good thing about realizing this challenge in your business is that you are not alone, it happens at every retailer including the greats of Amazon. If you are not sure whether you face this challenge, look at the total number of unique products added to the cart and the final number of products sold. If you have a delta, you are facing the same challenge as everyone else.

So why do visitors add products to their cart and not become customers? There are many reasons, such as

Simply forgot
Got busy
Distracted by a mobile notification from another app
Waiting for a discount
Bookmarking
Others

Statista has done surveys to break this down quantitatively to give you some more insights

So, we now know this is a worldwide, industry-wide phenomenon. What can you do to fix it? There are a couple of simple things you can do right away to reduce this by a few percentage points - install a notification service, that will send an "add to cart" reminder email or notification. These notification services will reduce the abandonment rates and companies offering these services will be the experts to tell you by how much.

The question to you as a retailer is

Do you know what your overall shopping cart abandonment rate is?
Which funnel contributes the most to shopping cart abandonment rate - Search, Browse, Product listing pages, Recommendations?
Which source of traffic is the biggest influencer in shopping cart abandonment rate - Facebook, Organic, Google Ad-words, email, etc.,?
Does device type (Mobile or desktop) influence the shopping cart abandonment rate?
Are there visitors from a specific location that influence the shopping cart abandonment rate?

Finding answers to these questions can help tweak your marketing campaigns to continue improving who you target via marketing channels. While Tagalys can assist you to gather insights into these questions, we do not provide any email or notification service that can alleviate the cart abandonment rates. We do know a couple of really awesome products companies out there that do this for a living. We would be happy to recommend a few names if it can help you. Contact us (cs@tagalys.com) and we will make the connection based on your needs.

Tagalys maximizes conversion rate & gives merchants visual control of products displayed in Site Search, Category Pages & Product Recommendations at their online store. To know more about our solutions and features, get in touch with us now.

The Evolution of KYC

KYC is a fundamental regulatory requirement aimed at preventing money laundering, fraud, and identity theft. Historically, KYC involved manual verification processes that required customers to submit physical documents, leading to delays and potential errors. The advent of digital KYC has transformed this space, enabling faster, more accurate, and seamless verification processes.

Image courtesy of Vlada Karpovich via Pexels

Vision and Approach

Neokred is at the forefront of this digital transformation, offering cutting-edge solutions that simplify and streamline KYC procedures. Their approach is rooted in leveraging advanced technologies such as artificial intelligence (AI), machine learning (ML), and blockchain to create a secure, efficient, and user-friendly KYC process.

“In a world older and more complete than ours they move finished and complete, gifted with extensions of the senses we have lost or never attained, living by voices we shall never hear.”

Key Features of Digital KYC Solution

AI-Driven Verification
Neokred uses sophisticated AI algorithms to verify customer identities in real-time. By analyzing patterns and detecting anomalies, AI ensures that only genuine documents are accepted, significantly reducing the risk of fraud.
Seamless User Experience
The platform is designed with the end-user in mind, offering an intuitive interface that guides customers through the verification process effortlessly. Users can upload documents, capture selfies, and complete verification steps from the comfort of their homes.
Blockchain Security
Blockchain technology enhances the security of KYC data by creating an immutable ledger that is resistant to tampering. This ensures that customer data is protected and can be audited with transparency.

Success Stories

Conclusion

Digital KYC solution represents a significant leap forward in the way businesses approach identity verification. By harnessing the power of AI, blockchain, and seamless integration, not only simplifies the KYC process but also enhances security and compliance. For businesses looking to stay ahead in a competitive market, embracing innovation could be the key to unlocking greater efficiency, cost savings, and customer satisfaction.

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So why do visitors add products to their cart and not become customers? There are many reasons, such as

Simply forgot
Got busy
Distracted by a mobile notification from another app
Waiting for a discount
Bookmarking
Others

Statista has done surveys to break this down quantitatively to give you some more insights

The question to you as a retailer is

Do you know what your overall shopping cart abandonment rate is?
Which funnel contributes the most to shopping cart abandonment rate - Search, Browse, Product listing pages, Recommendations?
Which source of traffic is the biggest influencer in shopping cart abandonment rate - Facebook, Organic, Google Ad-words, email, etc.,?
Does device type (Mobile or desktop) influence the shopping cart abandonment rate?
Are there visitors from a specific location that influence the shopping cart abandonment rate?