Oh no! You just launched your e-commerce business and discovered many abandoned carts on the backend of your website. You think about what could have gone wrong.
Did the customers dislike the products? Maybe. The consumer may have had to wait to get paid before making a final purchase. Perhaps they’re comparing and contrasting prices with competitors.
The reason could be linked entirely to your ecommerce strategy. Do you have limited payment options? Is the checkout process too slow? Evaluate the shopping experience at all angles to reduce abandoned carts.
Revising your marketing and service options is like playing a game of roulette. You never know the results until you spin the wheel on roulette online.
The different betting strategies of choosing multiple numbers for a higher or lower risk wager make roulette that much more engaging. In turn, you also never know how much you can reduce your company’s abandoned carts by implementing these smart payment solutions.
The Major Issue With Abandoned Carts
E-commerce businesses lose potential sales as more clients abandon their virtual carts. The abandoned cart rate for Great Britain e-commerce businesses was 76.5% in 2024. Missed sales opportunities contribute to businesses struggling with adequate cash flow and poor conversion rates. Think of all the wasted marketing spend businesses experience when there are more and more abandoned carts showing up in their website’s back end.
Offer Multiple Payment Options
Not everyone pays with only a debit or credit card tied to their bank account. Some individuals use Venmo or PayPal if they don't have a standard bank account. Other consumers prefer to utilize buy now and pay later services like Klarna and Clearpay to split up their owed balance.
Offering multiple payment options attracts more consumers to your business. Think about if you were a customer for your business and you found out you couldn’t use the payment option you wanted.
Speed Up the Checkout Process
A lengthy checkout process is another reason why some individuals abandon their carts. An expeditious checkout experience is essential so people can finish their online shopping then move on with their busy days.
Some businesses force clients to make an account to check out. Allow a guest checkout option for first-time clients who want to try out your products first.
Use autofill options for name, address, and phone number for returning customers to check out faster. Integrating one-click payment options to use once a payment method is selected makes checkout much easier.
Optimize for Mobile Payments
Ensure that your e-commerce website is optimized to be mobile-friendly. About 60% of online shopping in the UK happens on consumers’ mobile devices, so ensuring mobile-friendly features will attract more clients.
Utilize Smart Account Recovery Tools
If the abandoned cart is tied to an account, send an email to remind the client to finish shopping. Sometimes we get busy and start an online shopping project, but then something else distracts us from checking out. Whatever the case, a friendly email reminder could garner more sales so they aren’t lost.
There may be specific cart features for logged-in users. Guest users may be able to access their cart for about a week even while not logged in. Logged-in users can access their cart across multiple devices. They might start online shopping on a work break by using their laptop and then check out on their mobile device.
Send SMS payment reminders. Text a client confirming their whole payment and invoice number. If they have a payment plan, remind them at least 3 to 5 days in advance when their next installment is coming out of their bank account later that night while relaxing at home.
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