Shopping Cart Abandonment has become increasingly prominent over the last few years. Not only has the rate of shoppers not completing their checkout increased in the US, but it has risen to an unspeakable amount globally. Below are six statistics regarding abandoned shopping carts. Paying attention to these aspects of your business can be the first step towards securing more customers.
Source: Barbell Apparel
The checkout procedure on your online store may come as just a formality to you, but this is an absolutely crucial part of the sales process. The sale is only completed once payment has been confirmed. Online shoppers find the last few steps of a checkout process to be a little daunting as they are now in the process of letting go of their hard-earned cash.
It is so easy for these customers to just change their minds at the last minute, purely as a result of not completely trusting the store. This is why so many stores ensure that they have trust signs located on their websites, especially all over the final steps of the checkout process. This simple placement of trust signs can give shoppers some peace of mind during their purchase.
Brand logos are also something that can garner some level of trust from website visitors. Strategically placing logos of the brands that you sell on your website will give your website an authentic feel. It's also important to note that Actual Insights conducted a survey that found out that 61% of people did not buy because they did not see any trust logos on the website.
Source: Actual Insights
There has been plenty of studies undertaken towards cart abandonment rates. All of which have managed to find different results ranging from 55% to 80%. A popular study done by Barilliance found that the cart abandonment rate in the past two years where as follows:-
The results actually show that more than 3 quarters of shoppers happen to choose to leave online stores before completing a purchase.
Source: Baymard Institute
The reasoning behind shoppers abandoning their carts isn't always a clear and definite one. Yes, some customers have blamed websites that have crashed or a complicated checkout process. However, a huge majority of people who abandon their carts are just people that are window shopping, comparing prices, or are just doing market research.
These kinds of people usually signal low intent to purchase products from your store. There isn't much your store can do to avoid these cart abandonment, except to hope that at least a small percentage of these people will either buy from you or refer a friend. You can, however, try your best to optimize your store’s website in order to make sure that it is running as efficiently as possible.
The quick answer is Yes, as cart abandonment rates differ drastically from one industry to the next. This is why it is advised to compare your cart abandonment rate with another store that is in the same industry as your store. Finance has one of the highest rates due to there being too many steps in order to complete a purchase.
About 28% of online shoppers admit to abandoning their carts due to a complicated checkout process. Complicated in the sense that there was just too many fields that had to be filled out in order to finalize the purchase.
As an online store owner, it makes perfect sense to request as much information as possible from customers. However, people are reluctant to share personal information on the internet for many reasons. It’s best to stick to the basics and continue your relationship with your customer with as little information as possible.
This way, your checkout form will be much easier for customers to fill out. And it will also establish trust with your customers as they will feel that you don't have too much of their data. The more personal data you have, the bigger the risk is for your customer if your database is compromised.
According to an infographic that was created by EYStudios, cart abandonment occurs mostly in the evenings. Especially between 8-9pm. The Infographic also states that cart abandonment is at its highest on Wednesday (85%) and Thursday (89%).
As an online store, the customer experience always comes first. This is what entices a customer to go ahead and complete their purchase. Given the statistics above, a store could work towards adding more ways to persuade customers during this period. For Example, offer shipping discounts on Wednesdays and Thursdays.
Enhancing a store for night time browsing is also a very important factor. Bright, flashy boutique stores with white backgrounds look amazing and glamorous. However, it is important to note that extravagant web designs can become annoying after continued browsing, especially at night. Try to make use of a theme that has soft and warm colors. Make the website a place on the internet where shoppers will want to browse for extended hours late at night.
Shopping Cart abandonment is something that will always occur. There is no store out there that can fully eradicate abandoned carts. Even if all procedures are followed within a website that is optimized perfectly. It’s best to just be aware of the situation and then try your best to optimize your store. You can always install cart abandonment software that can help you get back the ones that got away.