Table of Contents
- 1. The Average Cart Abandonment Rate Across All Industries is 69.57%
- 2. Mobile Users Have an Even Higher Abandonment Rate of 85.65%
- 3. eCommerce Brands Lose $18 Billion in Sales Revenue Each Year Because of Cart Abandonment
- 4. Checkout Optimization Can Increase Conversions by 35.62%
- 5. Extra Costs are the Number One Reason Why Shoppers Abandon
- 6. Being Forced to Create an Account is the Number Two Reason People Abandon
- 7. 57% of Shoppers Will Abandon if They Have to Wait Three Seconds for a Page to Load
- 8. The Average Checkout Flow Has 23.48 Form Elements and 14.88 Form Fields
- 9. A Fully Optimized Checkout Flow Can Have as Few as 12 Form Elements and 7 Form Fields
- 10. 55% of Shoppers Will Abandon if They Have to Re-Enter Their Credit Card or Shipping Information
- 11. 46% of Shoppers Abandon Because a Discount Code Doesn’t
Work - 12. 39% of Mobile Users Abandoned Because of Difficulty Entering Their Personal Information
- 13. Using Retargeted Ads Can Send 26% of Shoppers Back to Your Site
- 14. Personalizing Retargeted Ads Can Lead to ROIs of Over 1,300%
- 15. Facebook and the Google Display Network are the Best Platforms for Retargeting
- Wrapping up
Challenge: Shopping cart abandonment is a persistent problem that continues to haunt online retailers.
Good news: You can avoid some, if not all, of these cart abandonment cases!
Before you try to solve the concern of shopping cart abandonment on your eCommerce website, you need to understand more about why your customers are not completing their purchase journey. In this rapidly evolving eCommerce industry, understanding consumer behavior can be the differentiating factor between you and your competitors.
So, let’s take a look at 15 shopping cart abandonment statistics and invaluable insights that every eCommerce business owner, marketer, and strategist must know.
1. The Average Cart Abandonment Rate Across All Industries is 69.57%
That’s right! Nearly seven out of ten customers abandoned their virtual carts, leaving behind a trail of unrealized revenue and missed opportunities. While this number may seem daunting, it serves as a call to action for businesses to dig deeper and explore the reasons behind this.
From unexpected shipping costs to cumbersome and complicated checkout processes, each hurdle presents an untapped potential for improvement.
With this knowledge, entrepreneurs and business managers can optimize their eCommerce strategies, leading to higher conversions.
2. Mobile Users Have an Even Higher Abandonment Rate of 85.65%
The mobile revolution is in full swing, but unfortunately, it brings with it an even higher shopping cart abandonment rate of 85.65%.
With a vast majority of customers using their smartphones to shop, optimizing the mobile shopping experience becomes paramount. Factors such as slow loading times, unresponsive designs, and cumbersome checkout processes can drive potential customers away. To capitalize on the mobile market’s potential, businesses must ensure seamless experiences that cater to the needs of on-the-go consumers.
Mobile users have unique preferences and needs, and their behavior differs from desktop users. Websites must be optimized for mobile devices to ensure quick loading times and a user-friendly interface. Studies show that mobile users are more likely to abandon their shopping carts if the checkout process is lengthy and complex.
Therefore, businesses should invest in responsive web design, streamlined checkout flows, and mobile-friendly payment options to retain mobile shoppers and improve conversion rates.
3. eCommerce Brands Lose $18 Billion in Sales Revenue Each Year Because of Cart Abandonment
Cart abandonment is more than just a minor inconvenience; it can have serious financial implications.
In 2023, eCommerce brands are projected to lose a whopping $18 billion in sales revenue due to abandoned carts. These unrealized opportunities can cripple businesses, making it crucial for them to address the root causes of abandonment and implement effective strategies to minimize losses.
Shopping cart abandonment can happen for various reasons, and identifying these pain points can be a game-changer for businesses. By analyzing customer behavior and feedback, brands can pinpoint the exact stage of the checkout process where most users drop off and take corrective actions.
Incentives such as limited-time discounts or free shipping during the checkout process can encourage customers to complete their purchases, lowering cart abandonment rates.
4. Checkout Optimization Can Increase Conversions by 35.62%
The good news is that checkout optimization can work wonders in reducing cart abandonment and boosting conversions. Studies show that by streamlining the checkout process, businesses can increase conversions by an impressive 35.62%. From simplifying form fields to offering guest checkout options, every improvement can make a significant impact on the bottom line.
Streamlining the checkout process involves a series of incremental changes that collectively lead to a smoother and more efficient customer experience. Removing unnecessary form fields, automating address entry, and offering multiple payment options are just a few examples of checkout optimization strategies that can significantly reduce friction and encourage more customers to complete their purchases.
5. Extra Costs are the Number One Reason Why Shoppers Abandon
Transparency is key when it comes to pricing. The number one reason online shoppers abandon their carts is the surprise appearance of extra costs during checkout. These may include shipping fees, taxes, or handling charges. To win over customers and build trust, businesses must be upfront about all costs from the beginning of the shopping journey.
One way to tackle the extra costs is to provide an estimated total cost early in the shopping process.
Adding a shipping cost calculator can allow customers to input their location and view shipping fees before entering the checkout page can eliminate surprises. Offering free shipping thresholds or prominently displaying shipping costs can also help reduce shopping cart abandonment.
6. Being Forced to Create an Account is the
Number Two Reason People Abandon
Forcing customers to create an account before completing a purchase is a surefire way to drive them away. It is the second most common reason for cart abandonment. Offering guest checkout options and providing incentives for account creation can strike the right balance, encouraging more conversions without turning away potential buyers.
Customers value convenience and may not want to go through the hassle of creating an account, especially for one-time purchases.
Offering a guest checkout option allows customers to complete their purchases without the need for registration.
Additionally, businesses can provide incentives such as discounts or loyalty program benefits for customers who choose to create an account, encouraging account creation without making it mandatory.
7. 57% of Shoppers Will Abandon if They Have to Wait Three Seconds for a Page to Load
In the fast-paced digital age, patience is in short supply.
A staggering 57% of shoppers will abandon a site if they have to wait for just three seconds for a page to load. This highlights the critical importance of optimizing website speed and performance to reduce shopping cart abandonment, retain visitors, and convert them into paying customers.
Website speed is a crucial factor in reducing bounce rates and increasing conversions. Businesses can take several steps to improve page load times, such as optimizing image sizes, leveraging browser caching, and using content delivery networks (CDNs) to distribute website content to servers located closer to users.
Regularly monitoring website performance and conducting speed tests can help identify bottlenecks and ensure a smooth user experience.
8. The Average Checkout Flow Has 23.48 Form Elements and 14.88 Form Fields
Lengthy and complicated forms on the checkout page can be a major turn-off for customers.
On average, checkout flows contain 23.48 form elements and 14.88 form fields. Simplifying and streamlining these forms can significantly improve the overall checkout experience, reducing friction and increasing the chances of completing a purchase.
Businesses can optimize checkout forms by removing unnecessary fields and consolidating related information.
For instance, combining shipping and billing address fields into a single section can save customers time and effort. Implementing autofill features for common fields like names and addresses can also speed up the checkout process and improve user experience.
9. A Fully Optimized Checkout Flow Can Have as Few as 12 Form Elements and 7 Form Fields
A fully optimized checkout flow with as few as 12 form elements and 7 form fields can be a game-changer for eCommerce businesses.
This streamlined approach drastically reduces the number of steps and information required from customers, making the entire process faster and more efficient. The impact of this optimization is significant, leading to higher completion rates and improved customer satisfaction.
To achieve such a well-optimized checkout flow, businesses must thoroughly review their existing forms and identify areas for improvement. The first step is to prioritize the collection of essential information only, focusing on what is necessary to process the order and fulfill the purchase. This means eliminating any redundant or non-essential fields that may only serve to frustrate customers.
Additionally, dynamic forms that adjust based on the customer’s location and purchase preferences can enhance the checkout experience.
For example, the form fields may change depending on whether the customer is within a particular country or region, ensuring that the required information is relevant to their location.
10. 55% of Shoppers Will Abandon if They Have to Re-Enter Their Credit Card or Shipping Information
A smooth and hassle-free checkout process is vital for retaining customers.
If online shoppers have to re-enter their credit card or shipping information, 55% of them will abandon their shopping carts. Implementing secure and convenient payment options like saved payment details can go a long way in preventing this type of abandonment.
Offering customers the option to securely save their payment and shipping information for future purchases can significantly streamline the checkout process.
Implementing tokenization technology to securely store payment data can also alleviate customer concerns about data security, encouraging repeat purchases and reducing online shopping cart abandonment.
11. 46% of Shoppers Abandon Because a Discount Code Doesn’t Work
Discount codes and promotions can be effective in driving sales, but they can backfire if they do not work as expected.
About 46% of customers abandon their carts if a discount code fails to apply correctly. Ensuring that all promotional codes are valid and easy to apply can prevent shopping cart abandonment.
Testing discount codes thoroughly before launching promotions is crucial to avoid potential issues. Businesses should also provide clear instructions on where and how to apply discount codes during the checkout process. Additionally, displaying a prominent message confirming the discount code’s successful application can reassure customers and encourage them to proceed with their purchase.
12. 39% of Mobile Users Abandoned Because of Difficulty Entering Their Personal Information
Mobile shoppers face unique challenges during the checkout process, with 39% of them abandoning due to difficulties in entering their personal information on small screens.
Implementing user-friendly and responsive design and mobile-friendly input options can address this shopping cart abandonment issue and improve mobile conversion rates.
Mobile optimization is crucial for providing a seamless checkout experience to customers on smartphones and tablets. Implementing autofill and input validation features can reduce the effort required from customers while entering their personal information.
Simplifying the checkout flow and displaying a progress indicator can also help mobile users understand the process and improve completion rates.
13. Using Retargeted Ads Can Send 26% of Shoppers Back to Your Site
Retargeting can be a powerful tool to re-engage potential customers who have abandoned their carts.
Remarketing ads can bring back 26% of these shoppers, providing a second chance to complete their purchase and decreasing the website’s shopping cart abandonment rates.
Retargeting works by displaying ads to users who have previously visited a website or added items to their carts. These ads can be strategically placed across various platforms, reminding customers of their abandoned carts and enticing them to return. Businesses can leverage retargeting to offer discounts, limited-time promotions, or personalized product recommendations, creating a sense of urgency and encouraging shoppers to complete their purchases.
14. Personalizing Retargeted Ads Can Lead to ROIs of Over
1,300%
Personalization is a game-changer in the world of marketing. By tailoring retargeted ads to match individual preferences and past behaviors, businesses can achieve ROIs of over 1,300%, proving the effectiveness of this approach in recapturing lost customers.
Personalization is achieved by segmenting customers based on their browsing and purchasing behaviors. Businesses can use this data to create targeted ad campaigns that speak directly to customers’ interests and needs.
Retargeted ads become more compelling and effective by displaying products relevant to each customer’s preferences, leading to higher click-through rates and conversions and reduced cart abandonment in the future.
15. Facebook and the Google Display Network are the Best Platforms for Retargeting
When it comes to retargeting ads, Facebook and the Google Display Network stand out as the top-performing platforms. Leveraging these platforms’ reach and targeting capabilities can significantly enhance the success of retargeting campaigns and reduce your shopping cart abandonment numbers.
The vast Facebook audience provides businesses with a tremendous opportunity to reconnect with potential customers who have previously shown interest in their products or services. Through the Facebook Pixel, a snippet of code that tracks website visitors’ interactions, businesses can segment their audiences based on specific actions or behaviors on their website.
The power of Facebook’s retargeting lies in its highly sophisticated targeting options. Businesses can create custom audiences that include website visitors, cart abandoners, past customers, or even lookalike audiences who share similar characteristics with their existing customers. By using these custom audiences, businesses can deliver personalized and relevant ads to people who are already familiar with their brand, increasing the likelihood of driving conversions.
The Google Display Network is another powerful retargeting platform, providing businesses access to an extensive network of websites and apps. The GDN spans over two million websites and reaches over 90% of internet users worldwide, making it a highly effective tool for retargeting campaigns that help reduce cart abandonment.
Through Google’s remarketing tags, businesses can track website visitors and create audiences based on specific behaviors. For example, businesses can retarget users who added items to their shopping carts but did not complete the purchase or retarget users who visited specific product pages. This level of granular targeting ensures that retargeting ads are highly relevant to each audience segment.
Wrapping up
Cart abandonment remains a significant challenge for eCommerce businesses in 2023. However, these 15 shopping cart abandonment statistics can provide businesses with valuable insights into customer behaviors and preferences.
By simplifying the checkout process, embracing mobile-centric strategies, and leveraging retargeting efforts, online retailers can reduce abandonment rates, recapture lost sales, and thrive in the ever-competitive eCommerce landscape.
So, let these statistics guide your strategies and transform your approach to cart abandonment. Embracing innovation and staying responsive to customer needs will be the keys to success in the ever-evolving eCommerce landscape of 2023 and beyond.
