Up to 70% of online shoppers abandon their shopping carts before completing the checkout process, according to SeeWhy, a company specialising in abandonment tracking software. This rate, which rose substantially from 2005 to 2008, is in part a reflection of the intensified comparative shopping that visitors conduct on many sites simultaneously.
The ability of consumers to move easily between and among competitive retail sites has increased the likelihood of shopping cart abandonment. For merchants, this abandonment equals lost revenue. Particularly in this economy, it is imperative that merchants do whatever it takes to guide consumer shopping carts through the checkout process to achieve authorised transactions.
Choosing the right payment management platform can make a big difference to help merchants drive conversion through seamless transaction. Below are some things every merchant should consider to improve overall customer satisfaction until the checkout process is complete.
