As a business owner, you know getting customers to your online store and adding items to their cart is only part of the equation. Two of the biggest problems for ecommerce sellers are cart abandonment and buyer’s remorse. Cart abandonment happens when someone puts something in their shopping cart but fails to complete a purchase. Cart abandonment ranges as high as 70%, according to multiple studies.
Buyer’s remorse occurs when customers buy something, but then realize they aren’t happy with the purchase. Nearly three-quarters of consumers say they have dealt with buyer’s regret, perhaps one reason why return rates are so high for ecommerce platforms.
But there’s hope. Utilizing online reviews can reduce both cart abandonment and buyer’s remorse. Positive reviews help affirm purchases and give consumers the confidence to follow through.
Importance of Reviews in the Buying Process
Consumers trust reviews and actively seek them out. If you’re not leveraging reviews, you’re missing out on sales. 58% of consumers say they left ecommerce stores without making a purchase because there weren’t any reviews.
The biggest reason people leave something in their cart or regret making a purchase has to do with pricing. It’s not just about what’s printed on the actual price tag — it’s the perceived value. If consumers aren’t convinced that the price justifies the value they get, they may hesitate to complete a purchase or immediately regret the purchase decision.
How Reviews Can Eliminate Buyer’s Remorse
Two key factors heighten buyer’s remorse, and they’re both rooted in psychology. Without getting too technical, let’s explore cognitive dissonance and the paradox of choice, and how they impact customers.
Cognitive Dissonance
Cognitive dissonance occurs when people expect a particular outcome, but experience something else. Reviews help overcome these feelings by providing social proof and building trust. When prospective customers see that others have enjoyed a positive experience with products that met or exceeded expectations, it reinforces the purchase decision. At the same time, honest reviews help create realistic expectations, so buyers have a better idea of what they are really getting.
The Paradox of Choice
Today’s buyers have a significant number of choices — sometimes too many. This plethora of choices provides so many options that it can be paralyzing and lead to cart abandonment or buyer’s remorse. Positive reviews can reinforce a buyer’s decision and reduce post-purchase regret.
Overcoming Buyer’s Remorse
There are two key business strategies to overcome buyer’s remorse:
- Reviews
- Surveys
Reviews, especially those on independent review sites like Sitejabber, can help buyers see how others value your product and how you value your customers. Responding to reviews, especially if there are problems, can send a big message to potential customers about your company. This is one reason why negative reviews aren’t necessarily bad. If you can demonstrate that you stand behind your products and will resolve any issues that arise, it helps others feel more comfortable with a purchase.
Surveys can also be an effective tactic to help mitigate buyer’s remorse. They can help you more accurately gauge how customers feel about their purchases. By analyzing this information, you can identify features that are lacking, pinpoint where you aren’t meeting customer expectations, and refine your product listings accordingly.Asking for feedback can give you data to improve your product or craft content to address potential concerns customers may have before they buy.
How Reviews Can Prevent Cart Abandonment
Cart abandonment often occurs when customers encounter unexpected costs in the checkout process. Friction during the checkout process, such as limited payment options or higher than expected shipping costs, can also prevent purchase completion. If buyers aren’t fully sold on the value of your products, it’s too easy to cancel or head to your competitor to look for a better price.
It’s an unfortunate fact that buyers often don’t trust the marketing and advertising you do about your products. Anything you present is seen as biased and may be ignoring any potential concerns. Reviews help buyers overcome these feelings. Nine in ten consumers say they trust user-generated content like reviews more than advertising and marketing.
Quite simply, authentic reviews from real customers provide reassurance and create trust — key factors in driving higher conversion rates.
Overcoming Cart Abandonment
Reviews also provide valuable information from a customer perspective. For example, reviews can validate your messaging about quality, shipping, delivery, and customer service. When customers make an informed decision, they are more likely to be confident in their decisions and complete more sales.
Reviews can also mitigate concerns such as returns or refunds. Three-quarters of buyers say returns are an important consideration when shopping online. 84% of shoppers say they read return policies. Positive reviews talking about your easy return policy can alleviate risk, fear, and remorse. From a customer’s point of view, if they know it’s easy to return a product, they are more likely to complete a purchase. And, the longer they keep a product, the less likely they are to return it. In turn, this lowers your costs for return logistics.
Customers also use reviews to comparison shop when researching multiple options. Buyers often scan reviews looking for negative information that has gone unaddressed or specific keywords that can help them narrow their searches.
Conversely, a lack of reviews can give the impression that a product or brand isn’t a popular choice, which may increase the odds of cart abandonment.
Reviews Drive Conversions
No matter what industry you’re in or the products you’re selling, reviews play a crucial role for customers. You need a proactive strategy to collect and display online reviews to optimize your performance.
Reviews help mitigate the impact of buyer’s remorse and cart abandonment — with results you can measure. A study done at the Spiegel Research Center at Northwestern University’s Medill School of Journalism, Media, and Integrated Marketing Communications found that companies showcasing reviews along with products increase the likelihood of conversion. For example, a product with five reviews is 270% more likely to lead to a purchase than a product that does not have any reviews. This applies across the board, but most significantly with higher-priced purchases. Reviews for lower-priced products showed a 190% better conversion rate. For higher-end products, conversion rates increase by 380%.
Businesses that want to reduce buyer’s remorse and cart abandonment need to prioritize reviews as a tool to improve customer satisfaction, increase conversions, and generate more sales.
Sitejabber can help.
Businesses that are proactive about collecting reviews from their customers on Sitejabber get more than 95% positive reviews. Automatically display them on your company profile, product pages on your websites, or third-party platforms like Google — which helps drive traffic and increases your leads and conversions.
Contact Sitejabber today and take control of your online presence.
