How to Reduce Cart Abandonment Using VoC Insights

With the growing competition in ecommerce, digital success is not measured just by the number of visitors or having a vast product selection, but by turning those visitors into loyal buyers. You’ve likely put in a lot of effort into curating the user experience—perfecting navigation, enhancing product descriptions, and optimizing SEO and ad campaigns. Despite these efforts, there is a persistent challenge that implicates digital retailers of all sizes - cart abandonment.

It is a significant and undesirable factor that directly impacts the bottom line. Every time a customer abandons their shopping cart - it is a missed opportunity to build customer loyalty, increase revenue, and gain valuable market insights. In 2023, the average cart abandonment rate was alarmingly high, with around 70.19% of online shopping carts left behind. This resulted in an estimated annual revenue loss of $18 billion for ecommerce businesses, with potential losses expected to reach up to $6.39 trillion by the end of 2024.

But why does this happen? What causes a customer who has shown clear intent to purchase to suddenly change their mind at the last moment? More importantly, how can you, as a business owner or marketer, address this issue effectively? How can you bridge the gap between interest and purchase, transforming those abandoned shopping carts into completed sales? Let's understand.

Why do users abandon carts?

Various factors contribute to why potential buyers leave items in their shopping carts without completing the purchase. Here are some common reasons:

• Unexpected costs: Extra charges such as shipping, taxes, and fees often surprise customers at checkout, leading to cart abandonment.
• Complex checkout process: A complicated or lengthy checkout flow can frustrate customers, causing them to leave.
• Account creation requirements: Many customers abandon their carts when forced to create an account before making a purchase.
• Website performance: Slow loading times and website crashes can deter customers.
• Lack of trust: Concerns about payment security and the legitimacy of the site can also lead to cart abandonment.
• Unclear return policies: Complicated or unsatisfactory return policies can make customers hesitant to complete their purchases.

Reasons for cart abandonment are as diverse as your customer base. But how do you pinpoint which factors are impacting your business? The key lies in deep customer understanding - not just surface-level demographics, but an in-depth understanding of their motivations, hesitations, and expectations throughout the buying journey.

Explore 8 ways to reduce shopping cart abandonment.

How to capture Voice of Customer (VoC) insights?

Analyzing abandoned cart data reveals key insights into customer preferences and their purchasing paths. These insights, also called VoC insights, when properly leveraged, can help you refine your user experience, optimize your pricing strategy, and ultimately drive more conversions.

Now, the key question arises- why would a customer take the time to leave feedback during cart abandonment? According to studies, 34% of customers will share feedback of their experience.

Customers leave feedback during cart abandonment for several reasons, including a desire to influence future improvements and a way to express frustration or dissatisfaction with the shopping experience. They may hope for resolution or expect responsive customer service, especially if the company has a reputation for acting on feedback.

Incentives or rewards, such as discounts, can also motivate customers to provide feedback. Additionally, customers who care about their shopping experience may see leaving feedback to contribute positively to future improvements. Finally, some customers simply want to vent their frustrations, finding a feedback option as a channel to express their feelings.

However, expecting a customer to leave feedback during cart abandonments can seem challenging. Here are a few ways of how you can effectively motivate customers to provide valuable feedback:

• Simplify the feedback process: Make it as easy as possible for customers to provide feedback. Implement short, one-click surveys that appear immediately after cart abandonment. These surveys should present clear and concise options like "too expensive," "found a better price," or "technical issues." Also, ensure the feedback form is minimal, requiring only essential information to reduce friction.
• Offer incentives: Sweeten the deal by offering incentives for completing the feedback survey. Consider providing discount codes for future purchases or entering customers into prize draws. This adds an element of excitement and encourages participation.
• Timely triggers: Timing is crucial when requesting feedback. Utilize exit-intent technology to trigger a feedback form when customers show signs of leaving the site. You can also send follow-up emails shortly after cart abandonment, including incentives to provide feedback.
• Personalization: Tailor the feedback experience to increase relevance and urgency. Address customers by name and reference specific items in their abandoned shopping cart. Furthermore, customize feedback questions based on browsing history and cart contents to gather customer intent and more actionable insights.
• Transparency and trust: Build trust by clearly explaining the purpose of collecting feedback and how it will be used to improve the shopping experience. Assure customers that their feedback is anonymous, and their data is protected.
• Visual appeal and UX: Create a visually appealing feedback form that aligns with your website's design for a seamless experience. Optimize the form for mobile devices to accommodate diverse user preferences.
• Multi-channel approach: Leverage various channels to gather feedback. Analyze competitor feedback on social media platforms. Integrate feedback requests into customer service interactions, such as live chats or support emails.
• Leverage technology: Utilize platforms like Qualtrics to streamline feedback collection and analysis. Automated systems can help identify patterns and areas for improvement, providing valuable insights for optimization.

How can Qualtrics help with Voice of Customer analytics?

Qualtrics Digital CX provides a robust platform for understanding customer behavior, collecting valuable feedback, and implementing effective solutions to reduce shopping cart abandonment through the following features.

• Real-time feedback collection: By integrating feedback collection directly into the customer journey, businesses can gather insights at the time of cart abandonment. This helps in identifying specific pain points and addressing them promptly.
• Personalized interventions: Using AI and machine learning, Qualtrics can personalize interventions based on customer behavior. For example, if a customer is about to abandon their cart, the system can trigger personalized offers or support messages.
• Customer journey analysis: Qualtrics provides detailed analytics on customer behavior, enabling businesses to identify patterns and trends in cart abandonment. This data-driven approach helps in making informed decisions to optimize the checkout process.
• A/B testing: Businesses can use Qualtrics to test different flows in checkout stage, messaging, and incentives based on feedback to determine what works best in reducing cart abandonment.
• Proactive engagement: With Qualtrics, companies can engage with customers through automated emails or messages reminding them of their abandoned carts and offering assistance or incentives to complete the purchase. Blend content with commerce to offer superior shopping experience.
• Actionable insights: The platform not only collects feedback but also provides actionable insights and recommendations using AI on how to improve the customer experience, thereby reducing the likelihood of cart abandonment in the future.

What’s next?

Tackling the root causes of cart abandonment and proactively engaging with customers can significantly enhance the overall shopping experience and boost sales. By utilizing the advanced capabilities of Qualtrics Digital CX, ecommerce businesses can effectively minimize abandonment rates, elevate customer satisfaction, and drive increased conversion rates, leading to more successful and profitable outcomes.

With a proven track record of delivering exceptional customer experiences for Fortune 500 companies across diverse industries, we have the expertise to help you leverage the power of data. Our partnership with Qualtrics enables us to provide a comprehensive approach to customer experience management. Together, we help you capture valuable insights, optimize customer journeys, and measure the impact of your CX initiatives.

If you want to explore how Altudo and Qualtrics can uplift your customer experience and reduce shopping cart abandonments, schedule a 1:1, no-obligation consultation call with our ecommerce experts today.