23 Sep How Cart Expirations Can Increase your Conversion Rate
‘Cart expiration is a feature that automatically removes items in a cart if they are not purchased within
an allotted amount of time.’
According to research by Baymard Insitute, the average cart abandonment rate as of 2022 is 69.9%. Because of this, businesses are determined to find ways to convert prospects into customers. Luckily there are technologies that can help make the disaster of cart abandonment vanish.
Most traditional online checkouts are missing effective elements that encourage customers to speed up their payments. With the help of cart expirations, you can optimize checkouts to speed up conversion rates and prevent cart abandonment.
Most traditional online checkouts are missing effective elements that encourage customers to speed up their payments. With the help of cart expirations, you can optimize checkouts to speed up conversion rates and prevent cart abandonment.
What is Cart Expiration?
Cart expiration is a feature on some e-commerce shops that automatically remove items in a cart if they are not purchased within an allotted amount of time. This feature encourages customers to take an action if they don’t want to miss the chance of getting the item in their cart. If you are doing a live sale, this can be very helpful to increase your conversion rate.
Here’s how cart expiration helps you increase your conversion rate
Cart expirations trigger FOMO
Some online shoppers tend to delay their checkout process, leading to a high cart abandonment rate. With cart expiration, customers will see a countdown timer that tells them the time they have left before the item in their cart gets expired.
This countdown timer is what triggers the feeling of fear of missing out (FOMO). FOMO is a term used to describe the anxiety that customers feel when they think they might miss out on an opportunity. This anxiety can lead to them making snap decisions without fully understanding the consequences.
This FOMO feeling leads customers to check out their cart immediately if they don’t want to miss out on having the items they want and for that item to be snatched up by another customer.
This tactic is effective at driving customers to quick checkout.
This countdown timer is what triggers the feeling of fear of missing out (FOMO). FOMO is a term used to describe the anxiety that customers feel when they think they might miss out on an opportunity. This anxiety can lead to them making snap decisions without fully understanding the consequences.
This FOMO feeling leads customers to check out their cart immediately if they don’t want to miss out on having the items they want and for that item to be snatched up by another customer.
This tactic is effective at driving customers to quick checkout.
Cart expiration features can help recover abandoned carts
Not all shoppers who abandon their cart don’t want to make a purchase.
When shopping online, some customers may face distraction or forgetfulness before making a purchase. That’s why it’s important to remind your customers that they have items remaining in their carts.
With cart expiration, they will receive a notification on email or Facebook Messenger that they have an item in their cart that will soon expire. Usually, a reminder can kickstart the purchasing process and win you that sale back.
When shopping online, some customers may face distraction or forgetfulness before making a purchase. That’s why it’s important to remind your customers that they have items remaining in their carts.
With cart expiration, they will receive a notification on email or Facebook Messenger that they have an item in their cart that will soon expire. Usually, a reminder can kickstart the purchasing process and win you that sale back.
Cart expirations ensure abandoned items go to the next paying customer
Cart expirations work in tandem with waitlists. If your item has high demand or is sold out, you can use waitlists to create a queue of customers who is willing to buy that item once it comes back in stock.
If a shopper who put an item that is already sold out in their cart abandoned it and it expires, the item will be counted as available stock. Then the item will be put on the cart of the first person on the waitlist and will be notified. If that person didn’t purchase the product as well and their cart expires, the next person in the queue will get it. It will continue going down the waitlist until the item is bought.
In this way, you will never miss a sale.
If a shopper who put an item that is already sold out in their cart abandoned it and it expires, the item will be counted as available stock. Then the item will be put on the cart of the first person on the waitlist and will be notified. If that person didn’t purchase the product as well and their cart expires, the next person in the queue will get it. It will continue going down the waitlist until the item is bought.
In this way, you will never miss a sale.
Final Thoughts
Cart expirations are a valuable addition to online shopping carts. They instill the feeling of FOMO, help recover abandoned carts, send checkout reminders, and ensure abandoned items go to the next paying customer. Furthermore, this is all an automated process, making simple work of converting abandoned carts to sales without lifting a finger!
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