The incidence of shopping cart abandonment is a serious cause for worry. Online shoppers are increasingly abandoning their virtual carts after filling it due to various reasons. India has a huge percentage of shopping cart abandonment at 60 to 70%.
Cart abandonment
As the term suggests, cart abandonment is a phenomenon when a shopper piles the cart with products but does not actually carry out the purchase. In the case of online shoppers, the cart remains filled and not checked out. This causes significant amount of loss to the seller. This loss is even greater if the buyer has opted for cash on delivery.
There are different reasons for cart abandonment. It could range from late delivery dates to limited payment options. One of the primary reasons is the payment options. Most online payment choices in India depend on a payment gateway, with the exception of mobile wallets. So when a buyer reaches the payment stage, she or he is limited by the third party payment gateway. When a seller accepts payments from only specific banks, the buyer becomes flustered and chooses to abandon the cart and look for other marketplaces.
Things get further annoying to the buyer when at the end of a multi-step payment process, the page fails.
Solutions to payment issues
One of the upcoming payment choices is payment through mobile wallets. Paying through a mobile wallet is quite uncomplicated, and the steps are very few. While the trend is hotting up among the youngsters, the middle aged shoppers are yet to catch up. There are legal limitations as well. To transact as a mobile wallet service, the company has to attain a mobile wallet permit from the government. It also has to choose to provide from open wallet, closed wallet, semi open wallet and a semi closed wallet.
Apart from COD, sellers and service providers can come up with simpler payment options to make things easy for buyers. This will prevent the buyer from abandoning the cart before payment.
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