Marketing places a high emphasis on consumer engagement and consumer base expansion. However, an engaged consumer is not always guaranteed to buy. Shopping cart abandonment is one of the major problems for retailers to overcome. Retailers should be extra careful of this issue because a high abandonment rate leads to poor user experience or a broken sales funnel.Reduced shopping cart abandonment increases the volume of sales and revenue, so improving checkout flow should be the key area of focus for online businesses.
The phenomenon of a customer simply deciding to leave an e-commerce transaction has come to be referred to as shopping cart abandonment. Any item that is added to the shopping cart by the shopper but exit without completing the purchase is called an abandoned shopping cart.
The percentage of abandoned carts ranges anywhere from 50% to 80%. Here are more surprising shopping cart abandonment statistics from a ReadyCloud report.
Abandonment by Sector (Smart Insights, 2017):
Around the World
By Device (Barilliance, 2018):
About Abandonment Recovery:
How to Reduce Shopping Cart Abandonment?
Your potential customers abandon their shopping carts for many different reasons, addressing those issues at an early stage results in reduced shopping cart abandonment.
Let’s delve into the tips on reducing shopping cart abandonment across your site.
Using exit-intent popups is the best strategy for online retailers to reduce shopping cart abandonment. It helps you grab your customers’ attention by offering them a coupon code or promotional discount the moment they make up their mind to leave their shopping carts.
Giving such exciting offers at that critical stage when your customers are indecisive motivates them to complete the transaction, which results in reduced abandoned shopping carts. This strategy also converts window shoppers into regular customers.
Users do not like to spend much time while going through the checkout process; they abandon the cart when they find it complicated or time-consuming. You should focus on making navigation between a shopping cart and your store as easy as possible to reduce complications during the checkout process.
Optimizing the checkout experience for your users will motivate them to buy more products from your store.
Customers pay only when their preferred payment option is available on the website or app. Consumers like to have more payment options than before for paying for their online shopping. More payment options eliminate the risk of shopping cart abandonment and increase your sales and profits. You should design a checkout page that does not create any obstacles between your customers and sales; it should offer a seamless shopping experience.
One of the biggest reasons for the abandoned shopping cart is shipping charges, followed by discount coupons that do not work and taxes at the end of the checkout process. You can avoid losing your customers by offering free shipping without any tax. With no surprise fee, your customers won’t hesitate to load their cart and complete their purchase.
Statista data shows that 88.05 percent of online orders were abandoned in March 2020. Out of all the categories, automotive witnesses the highest cart abandonment rate with 96.88 percent.
Retail suffered from an 84.51% cart abandonment rate whereas it is 79.95% for the travel industry. The abandonment rate is as low as 67.92% for insurance and as high as 96.88% for automotive.
When compared to other sectors, the cart abandonment rate for fashion is at 90.68%, which is on par with airlines at 90.91%.
With high rates of abandonment, e-commerce cart retention should be a priority.
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