On average, three out of four online shoppers abandon their carts without purchasing. That means the global shopping cart abandonment rate is 75%. Making matters even worse for ecommerce brands is data showing that 90% of those leads go cold after just one hour!
The infographic from FulleStop below shows these statistics and more. For example, did you know that 52% of shopping cart abandonments occur on mobile devices? Also, shopping cart abandonment is more common in some industries than others. Here’s the breakdown from the first quarter of 2017:
- Financial Industry = 83.6%
- Non-Profit Industry = 83.1%
- Travel Industry = 81.7%
- Retail Industry = 72.8%
- Fashion Industry = 68.3%
- Gaming Industry = 64.2%
Based on the data, approximately $4 trillion in sales are lost each year due to abandoned shopping carts. Some of the most common reasons people abandon their shopping carts include:
- Slow website = 75%
- Shipping, tax and other extra costs = 61%
- Account registration required = 35%
- Complicated checkout process = 27%
- Problem in calculating total order cost = 24%
- Website crashed = 22%
- Site perceived to be unreliable for customers’ credit card details = 18%
- Delivery too slow = 16%
- Unsatisfactory return policies = 10%
- Not enough payment options = 8%
- Credit card declined = 5%
Based on this data, reducing shopping cart abandonment requires some simple changes. For example, offering free shipping can make a big difference. In total, 93% of shoppers will spend more when they’re offered free delivery.
Here are the top five actions ecommerce businesses can take to close more online sales:
- Make sure the ecommerce website functions properly and pages load quickly.
- Keep shipping and other extra costs to a minimum or eliminate them entirely if possible.
- Do not require shoppers to register for an account to make a purchase. Instead, let them check out as guests.
- Make the checkout process easy with as few steps as possible.
- Ensure all costs and calculations are easy to see and understand so there are no surprises.
Take a look at the infographic below to see all of the data. I’d also recommend investing in ad retargeting to recapture people who abandon their shopping carts as well as email remarketing to anyone who provided their email address prior to abandoning their carts. Both are extremely effective in recouping lost ecommerce sales from abandoned shopping carts.